The evolution of the traditional patient journey mapping approach to a more connected, data-driven approach has helped healthcare organizations to track and analyze factors that drive patient engagement, impact treatment decisions, and uncover innovative ways to position themselves for commercial success. A modern approach to patient journey mapping is one that offers deeper insights into stakeholder interactions, illuminates intervention points for drug manufacturers, and offers a strong foundation to develop strategies for the impactful activation of commercial markets.
With a keen eye on exploring future growth opportunities within the cardiovascular drugs segment, the client, a well-known pharmaceutical company based out of the United States wanted to evaluate the potential impact of pursuing multiple future cardiology indications for drug discovery and label expansion. Owing to the alternative therapies and multiple treatment options available to patients today, their current offerings were exhibiting a plateaued performance with no signs of growth in the concerned market segment.
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Considering the growing competition in the cardiovascular drugs market, the client needed to analyze where they stand to develop an optimal launch plan for new patient segments. This is when they approached Quazntig as they wanted to leverage an integrated approach to patient journey mapping to skilfully capture patient perspectives and analyze the treatment pathways, disease flow, and key points that impact therapy/drug selection.
A detailed analysis of the client’s challenges revealed that a targeted launch plan for the introduction of the new drug to specific patient cohorts was crucial to the success of their initiative. To help them succeed, we adopted a multi-step approach to patient journey mapping- one which focused on analyzing patient data sets to visually represent treatment pathways and disease progression. This success story is an example of a modern patient journey mapping in action. Details of the solutions offered are described below.
Realizing the issue, the client set out to address this problem by leveraging patient journey analytics. It was clear that they needed a robust solution that would help them understand patient journeys and commercialize new drug applications.
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Step 1: Data Discovery
The initial phase of this patient journey mapping engagement focused on improving data quality and data accessibility. Our experts conducted a comprehensive data audit to analyze data sets and system infrastructure to bridge gaps and identify the required transformations.
Step 2: Data Processing
The second phase of this patient journey mapping engagement focused on conducting a qualitative and quantitative analysis of the gathered data sets to uncover key factors that impact patient journeys.
Step 3: Data Analysis
An in-depth analysis of the real-world data including electronic health records, insurance claims, and treatment pathways helped uncover discrepancies in provider perceptions on the efficiencies of drugs.
Step 4: Patient Journey Mapping
The final phase focused on mapping the patient journey to analyze their journey and draw conclusive insights on the progression of diseases and the prescribed drugs.
A structured approach to patient journey mapping helped layer primary and secondary research data with behavioral data sets such as medical records, EHR, and DRG to identify areas of unmet needs across multiple patient populations. This not only helped the client to prioritize their trial activity but also provided a foundation for targeted launch planning. The areas of unmet needs were further hypothesized based on an analysis of patterns found within the patient data sets, and this hypothesis drove a rapid iterative approach to the qualitative analysis uncovering the fact that this unmet need was largely unacknowledged due to the standardized methods of care.
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Quantzig’s patient journey mapping engagement served as the basis for the client’s new drug launch initiative by providing the necessary evidence and setting the groundwork for devising action plans around the clinical trials, drug launches, product positioning, and patient journeys. Establishing a robust patient journey mapping strategy helped them devise a roadmap that helped them make crucial decisions right from the clinical trial phase through launch and beyond. Our multi-step approach to patient journey mapping aided the client in gauging the impacts and prioritizing the commercial activities based on treatment pathways, disease progression, and the associated impacts.
The four-pronged approach to patient journey mapping helped the client to:
- Discover and quantify the key transition points along the continuum of care for patients
- Analyze the common patient treatment pathways and the drug discovery process from the provider, patient, and payer lenses
- Capture perceptions on different drug therapies in target cohorts and required evidence to change the standard of care
- Identify and analyze potential leverage points to impact the use and prescription of the new drug
- Devise a roadmap for underpinning future value propositions
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The client- A renowned medical products manufacturer, Revenue- $8 billion, Area of Engagement- Supply chain management
The current healthcare industry is witnessing the proliferation of partnerships, relationships, and joint ventured initiatives to meet the growing healthcare expenditure and deliver value to the customers. Despite political uncertainties and sluggish economic growth, the medical products manufacturers are planning to invest in innovations to redefine their business models and create a value proposition for the customers. The rapid transformation in the medical products manufacturing space is fueled by the aging population, proliferation of chronic diseases, and increasing emphasis on quality of care and treatment.
Amid the rapidly changing economic conditions, small and large players have been compelled to adapt and find new opportunities for development. Let’s look at some of the factors the may influence the growth of the industry.
- Cost of product development: The increasing complexity and sophistication of devices are further increasing the R&D expenditures, which, in turn, is increasing the cost of product development. Also, the growing demand for medical products among the consumers is increasing the need for reducing capital in the manufacturing process while negotiating on the expenses.
- Ensuring product quality: Medical products manufacturers need to ensure that they maintain quality in their products to avoid any issues related to product recalls. For any medical products manufacturer, product recalls can have a negative impact on the brand reputation and the company’s overall bottom line performance.
- Regulatory compliance: The growing safety standards and regulatory compliance are compelling medical products manufacturers to offer reliable and quality services to the end-users. Besides the regulatory guidelines, manufacturers of medical devices should garner government support to improve research and development and offer favorable tax reimbursements.
As medical products manufacturers are shifting from a transaction-based approach to a value-based approach that focuses on creating value for providers and practitioners, it becomes essential for the medical devices companies to go beyond the traditional business models to ensure better supply chain visibility. With the rising aging population and increasing health concerns, companies need to rely on supply chain management to grow by leaps and bounds and meet the demands of the end-user segments.
The Business Challenge
In 2012, the top twelve companies in the medical devices industry contributed to approximately 45% of the overall global market.
With operations becoming complicated, a renowned medical products manufacturer faced the need to increase the efficiency of their operations across the supply chain to remain competitive in the market space. With the growing concerns related to delayed shipments, inefficient plants, and inconsistent suppliers, the medical products manufacturer wanted to reduce operational costs to improve supply chain responsiveness and the product quality. In addition, the medical products manufacturer wanted to gain insights into the healthcare trends in terms of the people, processes, assets, and the entire value chain.
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The Solution Benefits and the Business Impact
Strategies that we recommend to improve supply chain visibility and ensure efficiency.
The supply chain management solution offered by Quantzig helped the medical products manufacturer gain relevant insights into the medical devices sector and the opportunities in the medical devices manufacturing space. The client was able to leverage the use of supply chain management to enhance their supply chain visibility, demand forecasting, and further improve the overall merchandising capabilities. In addition, the solution helped the client consolidate metrics into the overall supply chain to help the business optimize their networks and improve efficiency.
Supply Chain Management Predictive Insights
The client was able to gain better visibility into the supply chain process and increase efficiency, improve service levels, and reduce inventory levels. The solution offered end-to-end visibility into the supply chain from the procurement of raw materials to the distribution of medical products to the end-user segments. In the midst of the global competition, the medical products manufacturer was able to develop effective supply chain strategies and logistical capabilities to serve the needs of the customers in a timely and an efficient manner.
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About the Client
The client is a Fortune 500 prosthetics manufacturer based out of San Diego, well-known for offering a wide range of customized solutions for people of all ages. Their offerings include high-tech, advanced prostheses, braces, and other such devices that are designed to promote mobility of patients.
The Business Challenge
Despite its promising growth prospects, identifying the right channels to target customers is of utmost importance for healthcare companies today, as ‘marketing’ as a core business function has turned out to be more customer-centric and value-driven. With leading manufacturers of prosthetics striving to strike the perfect balance, many are unaware that advanced marketing mix modeling solutions can help them target the right customers and drive greater profits by optimizing marketing spend.
With the marketing spend highly concentrated in specific local market segments, the client- a leading prosthetics manufacturing company realized that it lacked a consistent spending structure due to which they were unable to quantify the success of their marketing campaigns. To tackle this issue, they needed a full-suite marketing mix modeling solution for their offerings in the American market segment. By leveraging marketing mix modeling solutions, they were looking at quantifying the impact of their online and offline sales channels, gauge ROI of their promotional activities, optimize spend, and gain insights into cross-channel attribution between digital and traditional marketing platforms.
The challenges faced by the prosthetics manufacturer included:
- Complex and non-granular marketing spend data
- Uneven and inconsistent data in multiple formats
- No set approach to data normalization
- Lack of an unbiased estimate of marketing effectiveness
- Lack of effective territory alignment
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Solutions Offered and Value Delivered
Quantzig’s dedicated ‘Analytics Centre of Excellence’ with a team of 20+ data scientists, domain experts, and analysts designed an innovative three-pronged approach to mix modeling to tackle the challenges faced by the client. The marketing mix modeling solutions leveraged machine learning techniques, advanced algorithms, and probability theory which focused on bridging data gaps and quantifying the impact of standalone marketing activities on revenue, sales volumes, and price of similar products in the market.
The first phase of this marketing mix modeling engagement revolved around leveraging domain knowledge to identify data gaps and estimate the localized spending of each channel at a more granular level.
Based on the insights obtained, in the second phase of this marketing mix modeling engagement, we focused on appending demographic and psychographic data sets to assess the impact of different market segments and their contribution to the marketing effectiveness.
In the third phase of this marketing mix modeling engagement, our experts leveraged advanced analytics and deployed interactive dashboards to uncover the relationship between sales and spend for each channel. This helped them to determine the optimal investment and optimize spend budget for each channel.
Quantzig’s marketing mix modeling dashboards also empowered the client to simulate various scenarios and gauge incremental sales by performing a deep dive analysis of sales data. Furthermore, the use of regression techniques empowered the client to extract key information and insights from existing data sets.
MARKETING MIX MODELING ENGAGEMENT OVERVIEW
The Business Challenge
In today’s dynamic pharma market scenario, being able to target your promotional activities towards market segments that drive higher profits is crucial to succeeding in the long-run. Businesses that leverage market segmentation analytics to do so have been successful in driving higher returns by concentrating their marketing efforts toward specific, high-potential market segments. Our advanced market segmentation analytics solutions designed for the pharma sector focus on leveraging advanced analytics and statistical techniques to identify market segments with high growth potential.
With diverse drug categories and multiple channels to market them, pharma companies may find themselves in a fix when it comes to targeting specific market segments. Quantzig’s value-based market segmentation analytics solutions empower businesses to understand their customers better thereby helping them identify the right customers to target through the right channels. This helps organizations improve customer engagement through smart marketing programs thereby optimizing spend and improving RoI.
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Though the European pharma industry continues to thrive, several challenges are poised to hinder the pharms industry’s growth in the coming years. With the drug prices at an all-time high, players in the pharma industry have just begun to scale up their R&D initiatives to develop new drugs and address the issues arising due to the disruptions in healthcare. The client, a specialty drug manufacturing company based out of Europe faced several challenges due to the growing popularity of biosimilars and the costs associated with drug manufacturing. To tackle such challenges the client decided upon leveraging market segmentation analytics. To do so, they approached Quantzig to leverage its expertise in market segmentation analytics and ensure they cover core variables such as demographic, geographic, behavioral, and psychographic segmentation.
The challenges faced by the client included:
- Growth of biosimilars
- Sky-rocketing costs
- Dynamic business landscape
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Solution Offered and Value Delivered
To help the client address their challenges we adopted a comprehensive three-pronged approach that leveraged market segmentation analytics to segment the target market based on various factors such as demographics, geography, and behavior. This helped the client to segment their target markets to identify its true potential and devise suitable strategies to drive growth. The market segmentation analytics solutions offered also enabled the client to improve reach and achieve a 3x improvement in the ROI generated from target market segments.
Market segmentation analytics also enabled the pharma client to:
- Invest in R&D and focus on developing new drugs to cater to the needs of different market segments
- Drive ROI and value from each segment
- Target individuals based on their requirements
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Business Benefits of Market Segmentation Analytics
The Business Challenge
To grow and achieve their business objectives, every company irrespective of the region in which it operates has to find a way to tackle the inevitable challenge of making sense of large customer data sets. By doing so, businesses can better understand market needs and cater to the specific needs of their customers. The pharma company wanted to find suitable ways to accelerate growth and gain a winning edge in the global marketplace. They wanted to leverage Quantzig’s customer segmentation solutions to develop homogenous clusters and analyze the needs of their customers.
Using geographic customer segmentation solutions, they wanted to-
- Improve customer acquisition strategies with targeted customer segmentation
- Achieve better results by narrowing your customer focus and targeting distinct segments
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Solution Offered and Value Delivered
We adopted a four-step approach to help the client address their challenges. The initial phase focused on data discovery followed by data cleansing and the creation of customer profiles and finally the validation of those profiles using advanced predictive analytics techniques.
In the first phase of this geographical customer segmentation engagement, we analyzed the objectives of the project, collected available data, and developed a detailed roadmap to address the core challenges faced by the client.
In the second phase of this geographical customer segmentation engagement, our analytics experts integrated, cleansed, and harmonized data obtained from disparate sources and then finalized the input metrics for the predictive model. We worked with the client to choose the specific variables which could be included in the segmentation algorithm. The objectives of our study and the output of the analysis determined the choice of variables.
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We created customer profiles based on consumption patterns, demographics, geography, and customer lifestyle. Hierarchical clustering analysis also helped us segment the customers into different homogenous groups based on their location and needs.
In the fourth and final phase of this geographic customer segmentation assessment, we leveraged predictive techniques to validate the clusters and devised suitable strategies to cater to the needs of different customer groups.
The geographic customer segmentation solutions offered also empowered the client to develop growth strategies, according to the geo-economic clusters that we had identified.
Why Choose Quantzig as Your Geographic Customer Segmentation Solution Provider?
Our portfolio of advanced customer segmentation analytics solutions empowers companies to devise suitable customer segmentation strategies to address the growing needs of their customers. Leveraging analytics to segment the customers into homogenous groups based on the geographic location puts you in a better position to make crucial decisions related to product development, marketing, and delivery of services.
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What are the Types of Customer Segmentation?
The Business Challenge
In the face of stagnant healthcare budgets, an ever-growing demand for care, advanced pricing analytics techniques have the potential to drive value across the pharma value chain which included companies, payers, patients, and providers in advanced health systems. But to unlock the true potential of pricing analytics techniques, pharma companies must consider the outcome and factors that impact profitability before setting the new launch prices.
To devise an optimal pricing strategy in today’s competitive business scenario, businesses must possess a strong understanding of market dynamism and key value drivers that impact profitability and growth. Without a detailed understanding of such factors, businesses might fail to identify the optimal price for their drugs. Today most pharmaceutical companies struggle when it comes to leveraging pricing analytics techniques to identify the optimal price for their drugs. This, in turn, leads to poor launch performance which might seem quite challenging to overcome especially, in a scenario where sales expectations are higher than ever for new drugs.
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While preparing for the release of a new drug in the US market, a leading pharmaceutical company chose to partner with Quantzig to leverage its pricing analytics solutions to develop a robust pricing strategy. Being an orphan drug and the first indicated treatment for a rare cardiovascular condition the client lacked a basic understanding of the factors that impact pricing. They were looking at exploring the potential of pricing analytics techniques to set optimal prices.
The Solution Offered
We adopted a comprehensive three-pronged approach to help the client tackle the above-mentioned challenges.
The initial phase revolved around conducting in-depth internal and external interviews to understand and analyze the importance of clinical and commercial factors impacting the payers’ decision-making process.
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The second phase of this engagement focused on analyzing and testing the acceptability of different price points and price structures to establish the key psychological thresholds. Also, by testing several pricing analytics techniques, it was possible to evaluate the impact of a price change on the prescribing behavior of physicians and payer restrictions.
The final step in our pricing analytics engagement focused on developing a pricing roadmap to align the obtained insights with the client’s business objectives keeping in mind the future needs of the business.
The pricing analytics solutions also enabled the client to:
- Make strategic and tactical pricing decisions
- Prioritize three pricing analytics techniques to implement during the drug launch
- Identified the optimal price that returned maximum revenue
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Benefits of Pricing Analytics
The US healthcare industry today comprises of several healthcare service providers and medical councils that focus on offering value-driven patient care. This has resulted in the generation of huge volumes of data sets that cover different aspects of business operations. Also, the US healthcare industry is fast transforming, driven by the aging population and rising costs of healthcare services.
Several such factors have provoked players in the US healthcare industry to adopt leaner business models, one which adapts to the fluctuating healthcare market trends and technological advancements. To do so, healthcare service providers in the US healthcare industry are now focusing on offering personalized services, while also analyzing the health of the global population to proactively respond to the changes in market dynamics. However, it’s crucial to note that these objectives can be met only by leveraging advanced predictive analytics to assess patient data.
Our advanced analytics capabilities help US healthcare industry players in accurate decision making and execution. Request a FREE proposal now to gain in-depth insights into our portfolio of advanced analytics solutions.
Though our client had access to troves of patient data, it’s open-ended, unstructured nature posed numerous challenges that prevented them from producing viable business outcomes. Other factors like lack of analytics expertise, cost management, and lack of access to relevant technologies further restrained them from maximizing data utilization.
This is when the US healthcare industry player decided upon replacing their existing data management system with an advanced analytics-driven system that could help them analyze complex patient data sets in real-time. They collaborated with Quantzig to devise an advanced data management framework, given its strong expertise across healthcare workflows, data mining, big data processing, and predictive analytics use cases in healthcare.
Solution Offered and Value Delivered
The US healthcare industry client was looking at leveraging Quantzig’s expertise in offering advanced analytics solutions to make better healthcare decisions and drive business outcomes through the implementation of a robust data management system.
To help the client tackle their challenges, we put together a team of analytics experts and big data professionals who performed an in-depth analysis of their existing data management framework and assessed the changing landscape of the US healthcare industry. Based on the analysis, our experts designed an advanced analytics-based solution using MapReduce algorithms and big data technologies. This, in turn, helped the client to develop a robust data model to integrate and analyze healthcare data.
US Healthcare Industry: What’s in store for 2019?
Quantzig’s customized analytics solutions have aided leading players in the US healthcare industry to identify issues and replicate successful deployments across different parts of the organization. Get in touch for in-depth insights.
By partnering with Quantzig, the client was able to:
- Leverage our big data expertise to build a configurable data model capable of processing high volumes of data
- Reduce the dependency on legacy systems and build a data repository model with standardized data
- Leverage BI tools and advanced analytics to generate powerful reports with rich visualizations
- Analyze key big data processing and advanced analytics use cases such as health reporting and point of care decision support
The Business Challenge
The healthcare industry is in the midst of a major paradigm shift due to which players are swiftly moving away from fact-based decisions to the discovery of insights with an emphasis toward empowering a data-driven healthcare system. Though biopharma companies are continuously challenged to leverage innovative methodologies to demonstrate the value of their offerings, most of them lack the basic capabilities and analytics skills to do so. Patient journeys are generally strategic which signifies that in a competitive and highly regulated environment like biopharma, understanding patient journeys can make a significant difference which can literally make or break the success of their drug launch initiatives. While recognizing that patient journey analytics is often more essential for biopharma companies than for other players, it’s imperative for businesses in this sector to leverage patient journey modeling to transform patient experiences.
Determining the right approach to patient journey analysis can be challenging. Request a FREE proposal to learn how our patient journey analytics experts can help.
With a keen eye on exploring new drug development opportunities, a multinational biopharma company approached Quanztig to gain a comprehensive view of the patient journeys and their overall experience. Dealing with an unstructured patient database proved to be a major challenge for the client given the inefficient nature of their data management systems. Additionally, with patient data being captured and stored from multiple interactions points the client found it challenging to monitor and track individual patient journeys to arrive at a conclusion.
Solution Offered and Value Delivered
An in-depth analysis helped us better understand the complexities of the client’s datasets and the challenges faced by them. Our patient journey analytics experts leveraged natural language processing and advanced algorithms to parse through the troves of unstructured patient datasets in order to extract sentiments and meaningful insights from them. This, in turn, helped the biopharma client to identify the most effective drug and treatment pattern based on patient characteristics.
The growing challenging of integrating patient data from disparate sources can be daunting owing to privacy concerns, data use rights, infrastructure, and resource constraints. This is where patient journey analytics can help. Contact our experts today!
Quantzig’s patient journey analytics solutions also offered predictive insights on:
- Communicating the potential benefits of a drug to enhance its value among patients and stakeholders
- Building action plans to address issues through patient journey mapping
- Rolling out patient support programs based on real-time patient data and advanced patient journey analytics
- Categorizing and prioritizing important patient segments