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A SPECIAL
ANNOUNCEMENT FROM: |
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Medmeme
Blog #1
November 17, 2016
Draft B., 11/28/16
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The Power of Insight –
How Metrics & Analytics are Accelerating Pharma Performance
By Kathy Presto
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| "Water, water everywhere and not a drop to drink." |
 | This is what it must feel like day after day for pharmaceutical Medical Affairs teams, navigating oceans of endless scientific and medical data, and yet thirsting for a trickle of the right information, that relevant evidence or element of knowledge that will help them with the task at hand: whether confirming an adopted scientific position, charting future direction, course correcting, or even just simply validating current efforts and activities. In a situation like this, what information is far more valuable than how much they can gain access to. In other words, big data isn’t the answer. Insight is.
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Because the world’s medical and scientific data is so voluminous and dynamic in nature, in order for the functional groups in Medical Affairs departments to extract key learnings and spot vital trends to perform their jobs better — namely, MSL departments, scientific communications, health economics departments, and, of course, medical directors, chief medical officers and their teams — this data must be filtered, collected, aggregated and presented in more meaningful and useful ways. And more than collected, it must be accurately vetted, which calls for Quality Control, validation, disambiguation, and normalization. This involves a tremendous amount of work, expending considerable time, money and resources. |
| But what if this data could be queried in specific and strategic ways, pinpointing precisely the right type, variety, and format of information needed? What if all this data could be analyzed via sophisticated automated algorithms, designed to pull only the essential insights out? What if configurable tools could be created to package and present these invaluable metrics in more digestible and applicable ways? How much more informed, accurate, and strategically directed would the decision-making process be within any given medical plan? The difference in effectiveness of effort, and being able to empirically demonstrate the same, would be nothing short of monumental. |
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For instance, right off the bat, these teams could end their reliance on the 80/20 rule — where 80% of the information gathered comes from 20% of potential sources. Gone is the need to make educated guesses on which international scientific and medical conferences to attend and which are okay to miss; what talks and breakouts should be audited; why one set of publications, journals, and/or authors should be combed for relevant information and not others; who the right scientific leaders are and how best to engage with them; how to increase and monitor how much scientific dissemination is conducted regarding any given drug or category of treatment — what we call Share of Scientific Voice™. In short, what if you could quantify and measure that your Medical Affairs efforts are making the impact you need in the market? No more intuiting or hoping they are, but having empirical evidence that your investments are yielding returns. |
Imagine the potential of being able to access and analyze an exhaustive array of the world’s medical and scientific thought — scouring the globe to harvest raw datapoints in real time and transforming them into insight and actionable information — accurate and credible knowledge for informing decisions, guiding medical planning, and validating the work your medical affairs department is doing. Such game-changing automated technology exists today, and it is causing a fundamental sea change in how Medical Affairs departments do what they do. |
This blog is intended to address professionals across the pharmaceutical community and beyond, sharing with you the many new and groundbreaking ways that advanced data mining and metrics analysis technologies are reshaping the industry as a whole, streamlining and accelerating the decisions that guide the discovery, development, approval and launching of a drug. We will cover a variety of such areas and subjects, as well as share insightful notes, articles, and assets along the way, helping to inform and empower the thinking and decisions you’ll need to make every day. |
I invite you to follow us on LinkedIn, to engage and respond in conversation, to suggest topics of interest you’d like me to explore, and ultimately, to share these posts with colleagues and collaborators. |
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