More Data, More Problems, More Potential
In the November PM360 magazine feature, EVERSANA’s Robert Blank provides insight into the benefits of more data and the trends that hold the most promise for pharma marketers. To read the full article, click here.
As the healthcare industry shifts from volume-based care to a value-based reimbursement structure, data analytics will be critical in shaping the future of the pharmaceutical industry. More so than perhaps any recent industry trend, value base contracting is positioned at a unique intersection between various disciplines in the pharmaceutical industry.
Clinical data informs market research, underpins contract negotiation and drives performance terms, while transactional data reinforces the financial viability of deal structures and serves as the basis for financial projections. In aggregate, these data sets can be used to build, maintain, and advance holistic models which can assess the impact of different contracting scenarios and trace back to original assumptions when evaluating results. In this manner, they can be used to attain precision both in measuring post hoc contract success, as well as predictive validity in both the efficacy and cost of care. While appealing, such initiatives require consistent resource allocation and organizational investment. Interested parties need to assess their own capabilities, select appropriate partners, and obtain clinical input to determine how to proceed in the marketplace. Companies that do so will be well positioned at the forefront of a new wave of opportunities in data analytics and operations.