Pharma analytics is arguably one of THE most powerful resources that a company can leverage to learn from their past efforts and optimize for the future. It’s almost like being able to predict the future.
No matter what industry you’re in, sales are the lifeblood of your company, but gains in sales and operational productivity do not unfold on their own. Achieving a healthier bottom line requires a long-term systematic approach to sales and operations. However, that is often easier said than done.
It goes without saying, that clinical trials are an incredibly important aspect of the pharmaceutical industry as a whole. But, unfortunately, they are the furthest thing from inexpensive or easy to manage.
The Internet of Things (IoT) has had a massive effect on many industries worldwide. But, the pharmaceutical industry has been rather conservative in adopting technological change, so the effects haven't been felt as strongly across the pharmaceutical and medical device industry yet.
Nearly 70 percent of Americans take at least one prescription drug, and more than 50 percent take two. That’s a staggering statistic, but few industries can touch the lives of that many people; transcending race, geographic location, socioeconomic status, or any other demographic that differentiates us.
What is driving pharma to the cloud? Sure, it is value-driven, geared to consumers, specifically patients, who take active roles in their health care and want information at their fingertips instead of waiting for it to trickle down through the maze of doctors, tests, and procedures. And yes, it's driven by constantly changing healthcare regulations, finances, digital initiation, and integration. It's also driven by individual companies that want more efficient ways to gather, disseminate and manage their patient data.
HUB services have been around for about a decade now. In the past, pharma companies were beginning to recognize that there was more involved in bringing new drugs to the market than just getting the dosages into distribution channels.
In addition to more common concerns, pharma was experiencing more and more restrictions from payers. Particularly, from the Prior Authorization (PA) form. This was very time-consuming and had to be filled out ahead of time by the prescriber.
Therefore, the HUBs focused more on reimbursement and prescriber support. Initially run in-house, as the use of HUBs broadened "prescriber support" to "patient support," third-party HUB service providers began to enter the market.
To date, this vertical industry shows no sign of slowing growth.
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