Analytics in Pharmaceutical & Life Sciences
Pharmaceutical Industry operates under watchful eyes of different Regulations and statutory mandate. The Physician Payments Sunshine Act is designed with the objective of breaking unholy alliance between physicians and the drug manufacturers and to ensure transparency in financial relationships. The statute mandates submission of payment data by manufacturer within specific time period and review of this open payment data by the Physician about the correctness. The underline commercial objective is to increase market share and revenue of the manufacturer.
The scope of Analytics is many; one that is significantly primary is to find the correlation between the manufacturer’s payments of sponsoring Physician activities and resultant impact on the market share for a given period of time.
Other areas for analytics can benefit the drug manufacturer to focus are:
1. Reduce the drug failures and diversify with new compounds.
2. Analyze available data, see past trends and learn from mistakes, forecast the future
3. Efficiently size their sales force to increase performance, set targets and monitor performances
Drug Sales Forecasting
Pharma companies continuously try to assess as to how their brand of drug performs in the market and its market share. To what extent the market competition will impact the sale. Forecasting techniques of drug sales based on current sale help pharmaceutical manufacturer to determine the measures to be taken to expand the market share of their products and the perform in the market in given time period.