Insights

Why Pharma must Invest Heavily into Data Interoperability

August 31, 2015

Megatrend #14: Pharma must Invest Heavily into Data Interoperability to Reach Mulitchannel Maturity

The value of gathering and collecting online data from patient and HCP interactions can deliver rich, real-life behavior information that goes well beyond classic market research. When combined with meaningful segmentation, content can be customized quickly in digital channels to deliver relevant messaging and content to the right customer via their preferred channel, increasing the likelihood that they will respond.1

To date, no pharma company has achieved full, multi-channel marketing maturity. The process involves six distinct steps, from having no closed loop marketing (CLM) implementation or planning, to having full multi-channel closed loop marketing (MCLM) with all channels fully integrated, leveraging analytics to rapidly update marketing assets and using robust segmentation to deliver customized campaigns.1

CIOs need to identify emerging cloud technologies that will provide interoperable systems that save money and can be tailored to the unique needs of life sciences firms. C-Suite leadership must embrace this transformation by jointly setting priorities and driving the renewal process forward. Putting information technology to work in life sciences requires optimizing each key parameter involved in the process: Storage & Platform, Application, Interoperability and Analytics.2

Pharma executives recognize that interoperability is necessary to improve workflow speed and performance, and break down siloed behaviors that inhibit efficiency. The current state of redundant data, lack of central data repository, multiple views of what constitutes “the truth,” and maintaining and managing co-existing systems add unsustainable complexity and cost to the business.

Future state goals would streamline these processes by providing integrated application suites that deliver a single view of “the truth,” a common, enterprise-wide data repository, cloud-based accessibility, security and compliance protocols built in, global access control to accommodate separate business needs and an intuitive user experience. However, no third party will offer enough applications to become a single source.2 In addition, there is a need for transparent standardization for data collection and interchange in order to reap optimal value from collected information.3

Implementing a CMS is a “must-have” for global pharma firms. When robust CMS functionalities are properly implemented, costs are driven down while efficiency and stakeholder engagement rise. The CMS becomes the set of tools that allow global pharma firms to overcome the primary obstacles of control, security and timely execution.

The trend is a product of an evidence-based research study undertaken by the Healthcare Division in Valtech to map the pharmaceutical landscape of digital mega trends. The research study provides essential insights on how Pharma companies could utilize digital engagement to break down stakeholder barriers, impact stakeholder behaviour and demonstrate more cost-effective outcomes. The research study is based on information from 100+ trusted sources and has resulted in the identification of 14 mega trends.

Reach out to gain an understanding of how to execute on the underused digital opportunities

The Healthcare Division in Valtech has developed an analytical framework that can identify the engagement potential of your brand.

Please contact Healthcare Director Conny Carlzon for further advice or to set up an informal meeting.

If you want to read more about Megatrend #14 you can download more information here.

Make sure you did not miss the 13 previous blog posts on pharmaceutical megatrends:
Megatrend #1: Pharmaceutical CEOs Lack Confidence to Act
Megatrend #2: Transforming to a Digital Business: A Fundamental Paradigm Shift
Megatrend #3: The “Trust” Gap: Leveraging Digital to Reconnect with Stakeholders
Megatrend #4: Reinventing the Marketing Function for a Digital Environment
Megatrend #5: Follow the 20-20-20 Rule for Digital Budgets
Megatrend #6: Big Data, Mobile and Social Create a More Level Playing Field; Pharma is Slow to Respond
Megatrend #7: In the New Era of Quantified Self, Patients Want Pharma on Their Side
Megatrend #8: Achieving Long-term, Sustainable Growth Starts with Meeting Patient Expectations
Megatrend #9: The Majority of HCPs are now Digital Natives; and they Expect Pharma to Follow
Megatrend #10: Pharma Must Deliver a Seamless Cross-channel Experience When, Where and How the HCPs Want it
Megatrend #11: Pharma is in Prime Position tu use mHealth Across the Entire Value Chain
Megatrend #12: Pharma Must go Beyond Facebook and Twitter to Tap Into Social Media's True Potential
Megatrend #13: Pharma Must go Big on Collaboration to Close the Loop on Big Data

Sources:
1. Capgemini. Tim Moore et. al. (2012). Multichannel Closed Loop Marketing. Digitally Transforming the Life Sciences Industry. www.capgemini.com
2. IMS Institute. Murray Aitken et. al. (March 2014). Riding the information technology wave in life sciences: Priorities, pitfalls and promise www.imshealth.com
3. IBM.Heather Fraser et. al. (September 2013). Analytics across the ecosystem. A prescription for optimizing healthcare outcomes. www.ibm.com