Struggling with how to best use data in your pharma or biotech company? Or, are you wondering if your current data management systems (or lack thereof) are helping or hindering?
Here are some thoughts to consider:
Data is ubiquitous in the pharma industry - a commodity that weaves an intricate web of information, flowing through all aspects of your business.
It's an amazing and unforgiving stream that immediately and permanently captures everything happening within your business operations, both internally and externally.
You could say that it's the ease of your business.
So, how do you fully leverage this data as it flows through your company, taking it from just "bytes" and transforming it beautifully into successful "business"?
By managing the data and organizing it into easy to understand.
The most advantageous way to do this is through an integrated data platform - an all-encompassing system that uses data from something binary and morphing it into something that powers the soul of your company.
We're not talking about a database or spreadsheet - we are speaking of a true commercial pharma data platform which provides the ability to maximize the power of information, communication, and decision-making within your organization.
Bringing your company to the next level.
These pharma data platforms are powerful information machines that gather data, digest, and deliver insights that drive your company forward, and they have a dynamic intelligence well beyond that of dated traditional databases.
Of course, that complexity often requires significant resources to accomplish such as...
Considering that a tremendous amount of time and resources go into such a large program, what are the benefits of building a commercial data platform in the pharma industry? Does the benefit outweigh the cost?
Well, here are a few reasons:
1. Team Enablement
A data platform gives your employees the technologically advanced capability to communicate and succeed in their roles - allowing them to make sound business decisions with more data faster which increases the speed of your business.
A good platform also provides access across your company - removing walls and boundaries and facilitating appropriate internal collaboration and forward progress.
2. Risk Standardization
One of the primary data concerns in the pharma industry is the consistency of information (or inconsistency, in many cases).
For example, a study of six clinical trials showed a variation of 20-50% in Case Report Form (CRF) elements - and this is just the beginning. Check it out here.
In many areas of the pharma industry, there is a high level of interlinking data and information and the import/export of information between various third parties and clinical trial vendors - in these cases, the risk increases exponentially.
Especially when it comes to the information and data that plays a role in your FDA reviews and approvals, consistency is key.
These clusters of information define the overall success of your program and company. Data platforms can standardize the information, reports, outputs, analytics, and more. So, your information maintains the highest degree of reliance and consistency.
3. Data Organization and Analysis
In its raw form, your data is just bytes in cyberspace until it's properly organized, analyzed and visualized.
Your data comes from various sources formats such as...
- Scientific Data
- Clinical Trial Results
- Patient Coordination
- Call Logs
- Social Media
- Mobile Devices
- And more!
The types of data are becoming endless. This depth of data are often referred to as a company's "modern data estate."
A good data platform will be "smart" enough to utilize a learning capability to provide insights, predictions and next best actions with amazing accuracy. This is where the data platform provides the secondary and tertiary framework to increase the power of the data.
Bringing that power to your business and maximizing profits.
4. Simplified Management and Reporting
A solid data platform will not only allow you to transform your company and maximize your business at a high level, but it will also provide beneficial logistics for day-to-day employee and management functions.
For example, the platform could facilitate efficient employee reporting, manage employee activities, and help them be more productive and informed in their daily responsibilities.
This gives employees what they need to succeed, and it provides management with the tools needed to assess performance and accountability - allowing you to assess and act, instead of spending time analyzing.
5. Law of Attraction
A solid commercial pharma data platform is an incredible asset to a company - building strength and agility.
The decision to fund and implement a data platform is a major decision to make, and the decision itself can be viewed positively by others in the industry.
A company that prioritizes the care and use of data can be seen as a holistic, patient-centric company with quality-based initiatives. This perception can help to attract similar clients, prospects, and partners, and also adds a positive dimension to the overall image of the company.
It becomes a win-win situation!
6. Enhanced Security
Finally, it gives your data a secure home. In this day and age, data breaches and theft are increasingly more common, so it is essential that your data is secure and protected.
In fact, its required by many government regulatory bodies, including HIPAA.
A solid commercial data platform, constructed soundly for your organization will provide the security needed to ensure data safety and maintain compliance.
Utilizing an all-encompassing data platform solution from a single vendor provides an additional bonus - having one vendor reduces the number of separate vendors who might manage data.
This means fewer hand-offs and fewer potential problems regarding erroneous imports and exports since all data is coordinated through one multi-faceted platform. Secure centralization!
It has become the trend across virtually all industries, that companies can reduce costs and drive business growth by utilizing modern data platforms.
Although the individual ingredients might differ from company to company, the formula for success is proven.
It's not just databases anymore.
The pharma industry is a mixed field of risk and reward, and playing that field takes skill, determination, and efficiency.
With data as the backbone of this industry, the key is not only to manage the data, but also use it as a foundation - making the data work for you, to enable your people, drive efficient communication, reporting, and decision making, and grow your business.
Times are changing, and the newer data platforms are driving the age of big data.
What are your thoughts on these reasons to build and use a commercial data platform in the pharma industry? Can you think of any additional reasons?
Feel free to share your ideas with us in the comments below.
If you'd like to learn more about how a custom-built pharma data platform can benefit your overall business and marketing processes, get in touch with us today for a free consultation.