whitepaper 5-Minute Guide to Analytics in Pharmaceutical Emerging Markets
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1 5-Minute Guide to Analytics in Pharmaceutical Emerging Markets
2 5-Minute Guide to Analytics in Pharmaceutical Emerging Markets At-A-Glance In next five years, two-thirds of sales growth in the pharmaceutical industry will come from emerging markets Growth in U.S., European, and Japanese pharma markets is predicted to remain at three to four percent Rising income levels in emerging markets has generated strong demand for chronic therapy from growing middle classes Companies must be able to determine under-represented or non-represented products and develop pricing models for the different countries given diverse socio-economic/political conditions To accurately measure performance, national variations for form, strength, currency and market conditions must be taken into account Over the next five years, two-thirds of pharmaceutical sales growth will come from emerging markets. While this presents enormous potential, how can organizations compete to capture new opportunities? It all comes down to the data. Emerging markets present fertile ground for growth, but each must be well understood to break into and capture potential. For organizations that rely on outdated or balky business intelligence systems or are ill-equipped to make full use of their data, venturing into these markets will be a challenging trek. Stuck in pre-configured data, these systems cannot assess each market in detail fast enough to stay competitive. By the time the following critical questions are answered, better-equipped competitors will have already made their move: Which markets are likely to blossom, wither, or burst? Which should be developed first, second, and third? Where are the hidden opportunities in those already entrenched with competitors? What distribution channels exist already or have yet to be created? New markets, strategies, and portfolios require smarter, more flexible tools. What follows are several key considerations for analyzing and deriving intelligence from pharmaceutical data in emerging markets. Critical Areas to Consider 1 Spot opportunities with relevant data, deftly analyzed To get the best lay of the land, pharma strategist must be able to integrate all relevant data as needed without waiting for IT. While it s critical for mash-ups to include sources that are internal i.e. sales, marketing and finance data external sources are equally as important, such as data syndicated from IMS Health. Business intelligence capabilities should enable strategists to slice and dice data as well as provide rich visualizations to make meaningful discoveries at a glance. Able to segment by physician, hospital, brick, country, team, and/or territory, they can then freely probe for opportunities, risks, and competitor weaknesses in a dimension-free data discovery environment. 2
3 By doing market analysis of how a competitor s drug for a non-communicable disease is doing in a comparable market, for example, pharma strategists can determine if the same strategy would work if tailored to a new market. Even further insights unfold as predictive and event-driven analytics can be used to perform things such as the impact analysis of pricing of products in various markets. Example: Emerging Marketing for Pharmaceuticals in Africa 2 Monitor performance worldwide Emerging markets are hardly candidates for management by walking around. Instead, executives depend on insight from disparate locations to identify markets with the highest potential, determine the competitive landscape, and customize a diverse, multichannel product portfolio tailored for local health demographics and medical practices. To measure sales performance, it s imperative for analytics tools to demonstrate performance for reimbursement (private out-of-pocket, social insurance, publicly subsidized programs) and account for national variations for form, strength, currency, and market conditions. It is also important for managers to share knowledge about local and global markets with a wide variety of peers, partners, and suppliers. Such contextual collaboration is useful for capturing and socializing moments of insight, ideas, and hypotheses that help produce decisions that are better informed and more transparent. 3
4 Analyze sales trends across multiple emerging markets and sub-markets 3 Align, communicate, and equip across the enterprise Enterprise-grade technology gives everyone from executives and managers to suppliers and customers the information they need to align, communicate, and equip operations. If sales reps, for example, can approach physicians, hospitals, and governments with solid evidence of medication benefits and the pain caused by their loss, such data might help a government official understand the consequences of an unreasonable price limit and reconsider it. Performance data can also prove useful when it flows easily to local general managers, as well as regional and country managers. Health economics analysis, comparator effectiveness, observational research, product quality and authenticity data can lead to easier penetration and a stronger edge on competitors. 4
5 The winners will be the first to actionable insight As promising as emerging markets are, they are no place for the naive or ill-equipped. To break into and succeed, companies must enter each market with a precise understanding of local conditions and competition insight that s only possible with the proper analytics tools. Pharma strategists can succeed if they rely on the right analytics platform to identify opportunities. All relevant data is available to them to seek out the highest potential without hindrance of IT delay. They overcome diverse local conditions with flexible pricing strategies, aimed accurately. They ensure viable beachheads with the best reconnaissance possible, dimension-free data discovery. On the ground, field representatives are equipped to use relevant data for the most persuasive appeals to local physicians, hospitals, and government entities. Where governments regulate drug prices for the benefit of local generics, strategists discover the best possible approach. The advantage goes to the one with the details. The team that s fast-to-insight will be the first-to-action. TIBCO Software Inc. (NASDAQ: TIBX) is a provider of infrastructure software for companies to use on-premise or as part of cloud computing environments. Whether it s efficient claims or trade processing, cross-selling products based on real-time customer behavior, or averting a crisis before it happens, TIBCO provides companies the two-second advantage the ability to capture the right information, at the right time and act on it preemptively for a competitive advantage. More than 4,000 customers worldwide rely on TIBCO to manage information, decisions, processes and applications in real time. Learn more at TIBCO Spotfire 212 Elm Street Somerville, MA US: EMEA: Fax: spotfire.tibco.com 2013, TIBCO Software Inc. All rights reserved. TIBCO, the TIBCO logo, and Spotfire are trademarks or registered trademarks of TIBCO Software Inc. in the United States and/or other countries. All other product and company names and marks in this document are the property of their respective owners and mentioned for identification purposes only. 5 exported21jun2013
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