Even with Limited Available Data, Small and Mid-size Pharma Companies Can Greatly Benefit from a Data-driven AI Platform

, , , ,

TL;DR: Thanks to today’s advanced AI/ML solutions, even smaller pharma companies can use technology to make the most of their data and avoid business mistakes.

When it comes to making smart decisions for your pharmaceutical business, data is your most important asset. Data on patient needs indicates whether you’ve achieved product-market fit. Data on HCP preferences indicates whether your marketing is on-target. Data on payer requirements often indicates which market segment to choose, and how to position your product. In today’s day and age, where digital data is everywhere, and in the masses, those who collect, integrate and act upon all these types of data will swim, while others will surely sink.

Smaller businesses face greater data-related challenges

Small and mid-sized pharma companies, with tight budgets and limited resources, must be selective about which commercial data assets they invest in. Many of these organizations are further constrained by the lack of in-house capabilities to utilize and run advanced analytics on the data they purchase and own, due to a lack of sufficient and/or appropriate infrastructure and data science personnel. Furthermore, the collection of internal brand data depends on the brand’s commercial lifecycle stage– a pre-launched brand will collect less data and quite differently compared to a mature brand. Therefore, smaller pharma companies may have trouble collecting sufficient data and pivoting their data collection strategies.

But so are the potential rewards

Advances in the field of artificial intelligence are changing the way pharma companies understand and make use of their data. From supporting and optimizing the commercialization of advanced medicines and therapies, to more comprehensive information sourcing and endless customization opportunities, AI is empowering a new level of creativity for the pharma industry as a whole.

Thanks to the power of AI and ML, even limited amounts of commercial data sources can be culled together, using purpose-built models that are smart and effective enough to make a positive impact – and get your business’ marketing and sales “ball” rolling. Continuously, as a solid foundation of data is established, predictive models get fine-tuned to ensure your output is accurate and insights are impactful.

Is there any way for smaller companies to leverage AI innovation with their existing data to make smarter, data-driven decisions, and effectively compete in a crowded and growingly complex environment?

With Verix, you can accomplish more with less and gain a competitive edge

Pharma companies of all sizes can harness the power of the Verix AI/ML platform to gain unprecedented data-driven insights and predictions. This is true even for small and medium businesses with limited data!

Based on a thorough understanding of the pharma industry’s needs and deep domain expertise, Verix’s decision engine generates insights for virtually any therapeutic universe across various pharmaceutical areas (including specialty pharma, oncology, and rare disease). The Verix platform’s pharma-specific ML models enable users to analyze even the smallest amounts of HCP data and limited patient volumes, to provide valuable insights that drive your business forward. Practically speaking, the models continuously learn from past events and historical cases and identify similar patients as relevant audiences, with automated course corrections steering you in the right direction, at every given moment.

Fill out this data assessment questionnaire and see the potential value Verix can deliver to your business  –  https://www.verix.com/data-assessment-questionnaire 

This could be you!

The Verix platform has already demonstrated market success. One particularly interesting case study involves a pharma company in a rare-disease therapeutic area. This company owned a limited amount of data and mainly relied on market claims data to feed their decision-making process. However, the company found itself in a challenging situation; they wanted to predict, which HCPs are more likely to prescribe their brand and which patients were more likely to start using their brand, but they feared that their low number of positive cases would put a damper on their ability to build and train ML-based models. As such, they found themselves following outdated business rules that were based on a single-dimension analysis of HCP size and prescribing volume.

Verix’s solution enabled the company to benefit from advanced AI and ML-based technology and its associated analytical capabilities, such as cross-validation and case enrichments based on historical cases. As such, the company discovered that they were better able to analyze and predict which patients were likely candidates for their medicine. Reliable and accurate, the model empowered the company’s increase in marketing and sales efficiency, generating a 4% increase in HCPs prescribing their brand.

You too can leverage your existing data to create big value for your pharma brand, regardless of its size. Want to learn how Verix can help you achieve this goal?
Fill out this data assessment questionnaire and see the potential value Verix can deliver to your business  –  https://www.verix.com/data-assessment-questionnaire 

or Schedule a call with our experts to see the solution in action- www.verix.com/request-a-demo