How to grasp a significant stake of your pharma market?

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How to grasp a significant stake of your pharma market?

From effective strategy to efficient execution

The pharmaceutical marketing landscape is extremely dynamic and ever-evolving, with shifts drastically influencing how pharmaceutical companies opt to optimize their patient/caregiver-company communications and drug promotion strategies. With the industry’s digital transformation, the development and distribution of the Covid-19 vaccine, increased investments in next-generation medical protocols, and a growing global market presence, the time to strive for commercial operations effectiveness – the ability to efficiently and effectively seize opportunities with minimum effort and wasted resources – is now.

As the global pharmaceuticals market is expected to grow from $1228.45 billion in 2020 to $1446.1 billion in 2022, attaining commercial effectiveness to precisely target the right customers and caregivers with the right promotional content at the right time, is in any pharmaceutical company seeking to grasp hold of a significant stake’s best interests.

Commercial operations effectiveness and ‘Big Pharma’

In the pharmaceutical world, commercial operations effectiveness pertains to the use of large, updated, recent, personalized, and relevant data sets to manage a medication’s lifecycle, predict investment and other needs, and create focused and effective marketing messages accordingly. Advanced Machine Learning technologies leverage data and apply micro-segmentation and dynamic targeting to make better, data-driven decisions that best reach, engage, and convert diverse target audiences with unique challenges and needs – patients, caregivers, health care professionals, payers, and sales teams – at local and global levels and across indications.

As opposed to several months-old data that is traditionally used when relying on consulting firms, in-house AI and ML-based systems constantly track and monitor collected data, so that pharmaceutical companies can adjust, improve, and course-correct their content and its deployment, as required. In doing so, they are able to personally engage with HCPs with timely, relevant messaging, driving commercial excellence, while providing a far better customer journey and experience than is traditionally achieved through mass marketing campaigns.

The model works as follows:

Reach the right HCPs with relevant content about a product> reach HCPs whose patients need the product > increase sales > > increase satisfaction > reduce churn > reap the benefits of more effective commercial operations.

Effectiveness vs. efficiency in commercial operations

It would be remiss to discuss this subject without stressing that effective does not always mean efficient. While efficient operations are those that are performed quickly and efficiently, they are not necessarily effective enough to move the dial on the “progress meter.” Namely, the same results are obtained faster, smoother, and more automated than they were before.

Conversely, when operations are effective, the proof is in the pudding. The landscape is clearly understood and the right decisions are made to generate new, better, and more satisfactory results. Even if the path to profit is less direct, it is clear that this is the “north star” worth navigating towards.

Pharma commercial operations best practices

To achieve the desired level of commercial operations effectiveness, the various teams within the pharma industry must work together and rely on data scientists to supply them with the data they need to succeed. These commercial teams include personas such as brand managers, marketing managers, commercial ops, sales ops, and more.

It is in these teams’ best interest to leverage AI and ML algorithms to craft the best marketing strategy and tactics for the company. It is this integration that will take the best products and strategies from an execution that is efficient, to one that is maximally effective, as the masses of collected data from multiple structured and unstructured sources are constantly changing and must be updated to empower complex, data-driven decision making.

Closing remarks

To make a difference in the pharma industry, effectiveness is key. Using advanced, focused, data-driven solutions to understand market changes within the therapeutic landscape, as well as what does and doesn’t work for each segment will enable you to present them with the right messaging they want and need to hear.

Discover how you can boost the effectiveness of your commercial operations with Verix’s data-driven decision engine.