Life, Liberty and the Pursuit of Happiness…Oh, and Pharma Data Analytics
These three principles constitute as solid grounds and undeniable guidelines for the nature and character of the American nation.
In an effort to salute those values, we’ve decided to create our own 4th of July Declaration of Data Analytics Independence to serve as guidelines on how to be data-independent in the Pharma industry!
9 Principles to Achieve Pharma Data Analytics Independence
Thou shall not seize to collect data.
In the Big Data world, you can never stop making yourself more knowledgeable on changing trends, new restrictions and regulations, patient preferences and so on. It might seem overwhelming at times and you might say to yourself that you have more data than you can handle. Your problem isn’t all that data, but how you handle it. (That’s a matter for a whole different article.)
Thou shall always have a data warehouse in place.
The ability to contain, filter and organize your data is the initial step to independence, and serves as a basis for any data analysis along the road.
Thou shall never use renegade reports.
If you have a good data analytics solution, or even a BI tool, there is absolutely no reason to rely on renegade reports; why produce additional, departmentalized excel sheets to track specific sales performances, for example, when you have a sophisticated data analysis that provides you with a wider picture and puts your performance in the right business context? There is nothing those reports can produce that your analytics solution can’t produce. Work with a single coherent system!
Thou shall never fail to regard current events happening in the “real world”.
Today, more than ever, different industries influence one another; the economic situation, often linked to events happening in the diplomatic or international sphere, leads to changing dynamics in the medical and pharma industry, etc. Failing to realize the strong connection between the Life Sciences industries and actual life in the real world, might result in missing significant turning points in government attitude, growing awareness within patients, changing trends among physicians and so forth. Such a failure to stay in the heart of things might lead to failing brand strategies, major decreases in sales and other potentially harmful effects on our business.
Thou shall not rely solely on 3rd party vendors during drug launch.
Sure, 3rd party vendors are your life support when it comes to gathering data from the field. However, to get a wider, more accurate picture of reality, you have to combine your own performance data. Only then can you see where you stand, and evaluate performance in the right context and in real-time.
Thou shall always work in collaboration with marketing.
It’s crucial to collaborate with marketing in order to stick to the brand strategy, and prevent different distortions of it. The only way to properly track performance and review progress is by producing a single version of the truth out of the data. Marketing should always be the first to know in order to be able to adjust strategies on-the-go.
Thou shall adopt a holistic approach of data analytics.
It’s tempting to address burning problems with ad-hoc solutions. However, that’s not enough for a successful drug launch or for a successful brand strategy. Seeing the bigger picture is vital to address specific problems. When you adopt a holistic approach, you’re in fact investing more in selecting the best solution to address specific needs, so that when a problem occurs, you have all the tools you need in order to handle it, and still not digress from the bigger picture.
Thou shall buy a pharma analytics solution over building one from scratch.
This allows your business to invest in sales and marketing, leaving the hard work to a pharma-dedicated data analytics solution. Anyone dealing with the complexity and enormity of data in pharma, knows that the meticulous, vital job of analyzing it correctly, should be done by a professional, pharma dedicated analytics solution. Building such a solution with your own IT teams does not only exhaust your resources; it is also more expensive in the long run, and is potentially harmful for lack of data analytics professional care.
And last, most important step not only for self-reliance and independence, but for the liberty to lead and surpass the ruthless competition:
Thou shall adopt a self-service pharma data analytics solution…
Providing your business with the most up-to-date data, making you flexible enough to change and adjust strategies to address real-time trends and dynamics in the pharma market.