From adapting to COVID-19’s new normal to creating value for patients and healthcare professionals (HCPs) to embracing technological advancements – the pharmaceutical landscape has indeed witnessed a lot in the past couple of years. Nevertheless, even in such challenging times, business continues to thrive, and as a result, it is currently on course to break the $1 trillion mark in 2023. Now is exactly the right time for pharmaceutical leaders to stay ahead of the game by revisiting their existing long-term operational and marketing strategies.
In the same way that every coin has two sides, this constantly shifting environment offers a wide range of opportunities as well as a multitude of global challenges. It is up to industry leaders to transform these challenges into potential opportunities by leveraging current industry trends and technology.
As the industry moves toward patient-centric care to develop a product's value story and provide business insights to make relevant decisions - it is crucial to place a higher emphasis on HEOR, RWE, and RWD. These contribute to addressing key concerns, including product safety issues, clinical trial design, cost justification, optimal formulary positioning, and brand adoption strategies. Having real-world data and evidence illustrates the actual situation your drug would face in the real world, allowing you to convince all stakeholders of the worth of your drug and successfully plead your case.
There are numerous underlying challenges in this rapidly evolving sector that we often overlook, including drug quality control, constantly shifting HCP accounts, data silos, and data reliability. Mitigating these risks requires agile, comprehensive, and integrated data management solutions to help you navigate and manage data successfully while deriving precise insights to formulate an action plan that better serves your business requirements.
One such product is Vortex, a cloud-native commercial data & analytics platform that delivers the right data at the right time and the right place.
People today are active participants in their own care, thanks to easy access to health literacy. Pharmaceutical companies were driven by this change in patient attitudes to investigate the benefits and drawbacks of both new and existing medications for non-communicable and rare diseases. Invest in innovation by increasing your research and development efforts and opting for value-based market research approaches to create new treatments that patients can benefit from for the rest of their lives.
Are you ready to leverage new opportunities by tackling these challenges in 2023? Gauge how prepared your organization is by asking yourself the following questions:
KMK partners with you right from early product planning through post-launch performance monitoring. We collaborate across marketing sciences, forecasting, sales force effectiveness, and data management practices to help you develop integrated analytic solutions addressing your specific commercialization requirements — comprehensively, efficiently, and effectively.