Tag: healthcare analytics

pharmaceutical pricing strategy

Devising a Pharmaceutical Pricing Strategy for an Active Pharmaceutical Ingredient (API) Manufacturing Company | A Case Study

Quantzig’s Pharmaceutical Pricing Strategy: What is it all about?

Businesses in the pharmaceutical industry can drastically improve their understanding of what drives the customer’s buying decision by leveraging advanced analytics for demand forecasting, combined with a robust pricing strategy, a method used by businesses to aptly price their products/services taking into account expenses such as manufacturing, packaging and shipping, marketing, and adding a profit margin to it. Armed with data-driven insights, our pharmaceutical clients execute value-driven drug price benchmarking to optimize profits.

A pharmaceutical pricing strategy revolves around a solid understanding of the complete decision-making process, which mainly includes understanding the roles of clinicians, payers, and patients.

Types of Pharmaceutical Pricing Strategies:

  1. Value-based
  2. Cost-based
  3. Competition-based
  4. Price skimming-based

Quantzig’s experts have helped leading pharmaceutical organizations to drive better sales and gain a competitive edge. Get in touch with our experts now.

The Client

The client is a European API manufacturing company based out of Germany, well known for manufacturing biologically active pharmaceutical drugs, and is a popular name in the list of API manufacturing companies across the world. Formed just after World War II, the client has 70+ patent APIs under their label.

Continue reading to gain in-depth insights into Quantzig’s pharmaceutical pricing strategy or request a free proposal.

The Business Challenge

The client was looking forward to launching a new line of products in the US and they were facing difficulties with devising a pharmaceutical pricing strategy as they were not completely aware of the competitive landscape in the pharmaceutical industry in the new market.

They approached Quantzig to leverage their value-based pharmaceutical pricing strategy and drug pricing benchmarking solutions which would help the client successfully launch their new line of products in the US.

The client wanted to accomplish the following goals –

  1. Devise a value-based penetration pharmaceutical pricing strategy for launching their product in the US
  2. Derive a drug price benchmarking model for the new markets
  3. Analyze the competitive landscape in the European pharmaceutical industry

We help businesses to track your competitors’ pricing strategy in real-time through specially curated pharmaceutical pricing analytics dashboards. Request a free demo to know more.

Our Approach

The drug price benchmarking experts at Quantzig conducted holistic research to understand the client’s competition and their pricing strategy (drug price benchmarking), as well as taking into account the hidden factors that could impact the product’s price, such as different pharmaceutical regulations and drug pricing benchmarking in the US. This enabled the client to devise a holistic pricing strategy, allowing them to price their products differently than they do for the European market. As a result, they were not only able to successfully penetrate the US market but saw a steady rise in their profit margins as well.

Business Impact

As a result of embedding pharmaceutical pricing strategy solutions, hidden factors impacting price, and price benchmarking in their decision-making process, the client was able to define the right price of their product.

The drug price benchmarking journey also sparked a rapid change of mindset across the organization, shifting employees from being sales-oriented to value-oriented.

Quantzig’s pricing analytics solutions enabled the client to achieve the following during 2019 Q2 –

  • Saved US$12,00,000 by implementing advanced drug price benchmarking
  • Drove sales and obtained a higher return on investment
  • Improved drug pricing transparency
  • Redefined their pricing strategy across the globe
data visualization

Can Data Visualization & Health Data Analytics Transform Healthcare?

Considering today’s complex healthcare scenario, it would be right to say that there is no other data-critical field than healthcare. As such, healthcare data plays a pivotal role in healthcare decision making, especially when it comes to innovation and drug discovery. From healthcare service providers, to healthcare payers, to healthcare researchers there are several people within the healthcare space who use healthcare data analytics to discover interventions and improvise drugs that save lives and prevent the outbreak of diseases. Evidence-based interventions, drug development, and even patient adherence to treatment regimens can be tracked and improved using healthcare data analytics and visualization.

However, since the data generated by healthcare organizations is complex and unstructured data analysis and data visualization is now a major challenge for healthcare players looking to view, analyze, and act on data-based insights. This is where predictive health data analytics and advanced data visualization tools can help. The advanced and powerful health data analytics solutions and data visualization tools available today are making a huge impact by not just empowering healthcare organizations to query, view, analyze, and manipulate data but are offering critical insights to aid decision making, by employing data visualization best practices.

Request a FREE proposal to get started with data visualization and data dashboarding.

Advanced data visualization and predictive health data analytics play a crucial role in helping healthcare and life sciences organizations set the best foot forward by enabling them to scale up their processes by making the most of the technologies and advanced analytics solutions available today.

In this article, our predictive analytics experts shed light on the top three ways in which health data analytics and data visualization solutions are helping three specific roles in the healthcare and life sciences industries- Healthcare Service Providers, Healthcare Payers, and Healthcare Researchers within the Life Sciences Segment.

data visualization

How Data Visualization Helps Healthcare Service Providers

Health care service providers and healthcare organizations can leverage predictive analytics in healthcare to identify insights that benefit many departments and roles. Ready to use, easily-accessible data visualization dashboards can help healthcare service providers spot inefficiencies and monitor the supply chain on an ongoing basis to identify expiring medical products, cut down costs, and drive outcomes across the healthcare ecosystem, thereby improving the processes around drug development and services offered.

How Data Visualization Helps Healthcare Payers

Predictive analytics plays a pivotal role in enhancing the outcomes of today’s value-based healthcare delivery models. At the same time, its essential to note that healthcare payers play a crucial role in improving the healthcare ecosystem. To reduce inefficiencies and drive outcomes healthcare insurance service providers must stay proactive and quickly process claims to avoid delays in payment processing. While its crucial to identify the root causes of challenges, they must also focus on lower claims processing costs, enhance process efficiency, and identify key growth areas within the healthcare payer ecosystem using health data analytics and data visualization techniques.

Contact our health data analytics experts to learn how data visualization best practices can help drive innovation within the healthcare space.

How Data Visualization Helps Researchers Within the Healthcare & Life Sciences Segment

Visualization of data sets, particularly large, complex healthcare & patient data sets involved in life sciences and drug discovery, can impact all segments within the life sciences segment. However, the time to insight generation plays a crucial role within the healthcare sector as it forms the basis of innovation and drug development. Advanced healthcare data analytics and interactive data visualization can help reduce the time to insight generation considerably while enhancing the value of the insights generated.

Quantzig Can Help You Get Started with Data Visualization  

Quantzig works with healthcare payers, providers, and R&D firms to help them quickly gain meaningful insights while continuing to leverage the value of existing technology investments. Our advanced predictive analytics capabilities powered with powerful data visualization tools can help organizations:

  • Scale data visualization and dashboarding to meet the organization’s specific needs
  • To provide access and allow different departments within the organization to analyze and make sense of the unstructured data sets
  • To gain total authority and ownership of insights at a lower TCO

Want personalized data visualization recommendations? Request a FREE demo now!

big data analytics for smart healthcare

3 Quantifiable Benefits of Big Data Analytics for Smart Healthcare Service Providers

Given the ubiquity of healthcare data generated by business processes within the healthcare sector, healthcare data analytics and big data analytics for smart healthcare play an increasingly important role in every aspect of healthcare decision making. In such an environment, the use of solutions such as big data analytics for smart healthcare is not only crucial to analyze data generated by smart health devices but also an essential source of patient and operational information that drives decision making in the healthcare services sector.

big data analytics for smart healthcare

Why are healthcare service providers embracing big data analytics for smart healthcare service improvements? Request a FREE proposal to find out.

However, until recently, making these benefits a reality by transmitting data obtained from smart health devices in an appropriate format to the downstream systems has been a significant stumbling block. But today a new breed of healthcare technology that focuses on the use of big data analytics for smart healthcare has transformed and made it much easier to process the data generated by medical information systems (MIS). For forward-thinking healthcare service providers, big data analytics for smart healthcare has turned out to be crucial in not only capturing device information digitally but also normalizing it, providing patient context and transmitting it to downstream applications that use it in a wide range of innovative ways.

When combined with insights from BI and data visualization tools, big data analytics for smart healthcare services can help healthcare service providers to enhance operational efficiency by offering real-time information that can support decisions and deliver actionable insights.

Healthcare service providers are actively looking to address their organizational challenges using big data analytics.

Learn why you should’nt overlook such challenges in today’s complex business environment.

Benefits of Big Data Analytics for Smart Healthcare Service Providers

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Patient Journey

Patient Journey Analytics: Enabling Advanced and Optimized Patient Care

To stay relevant in today’s constantly evolving and competitive health care marketplace, healthcare service providers have started finding novel methods to demonstrate the value their products deliver and strive for innovation. Many healthcare companies provide excellent clinical care but fail when it comes to administrative experiences. By leveraging patient journey analytics solutions, healthcare companies can implement processes and programs that deliver relevant and timely information and fill gaps that cause leakages in the patient experience. This practice can be helpful in improving pre- and post-clinical engagement, as well as further health initiatives.

Quantzig’s patient journey analytics solutions help healthcare companies to reduce the cost of care and gain a competitive advantage in the market. Request a FREE proposal to gain detailed insights into our complete portfolio of analytics services.

We at Quantzig, understand the predicaments healthcare companies face while streamlining patient experience. And for over 15 years, we have helped numerous companies overcome market challenges by leveraging our industry-leading data modeling and analytics capabilities. In this article, our experts have highlighted the key benefits of patient journey analytics to help healthcare organizations drive excellence and identify indicators that may result in churn.

Benefits of Patient Journey Analytics

Benefit #1: Helps in stopping care silos

Every healthcare company has blind spots that can occur anywhere, right from appointment scheduling to point-of-care to discharge and follow-ups. Patient journey analytics helps in mapping the workflow of the organization that makes loopholes in the patient care more visible. By identifying such blind spots, healthcare organizations can avoid risks or negative patient experiences in some cases.

Whether you are a part of the marketing, product development, or customer experience team at a hospital, a pharma company, or a health insurer, patient journey analytics should be part of your toolbox for customer research. If you would like to learn more about customer journey analytics, get in touch with our experts today.

Benefit #2: Unveils pain points in patient’s journey

Patient journey analytics can unveil various pain points along the patient journey. Gaining a better understanding of the different pain points that a patient has within the journey can help healthcare organizations to create an opportunity for improvements in operations and keep a track of the patient flow. Furthermore, this can aid in advanced and optimized patient care.

Benefit #3: Make an emotional connect with patients

By leveraging patient journey analytics, healthcare service providers can better understand the patient journey. This can allow them to better empathize with the patients. Patient journey mapping can illuminate the emotion of an encounter and highlight the feeling of the patient about a specific interaction. Such insights help organizations to understand better how to connect with patients on an emotional level to meet their requirements.

Our analytics solutions provide best-in-class frameworks to assist healthcare organizations to get maximum sales and insights out of every customer relationship and interaction. Request a FREE demo below to know more.

Read our latest success story to know how our patient journey analytics solutions helped a Denmark based pharma company to identify the most effective drug and treatment pattern based on patient characteristics.  

Revolutionizing Drug Development and Patient Care Using Patient Journey Analytics – A Customer Success Story

big data analytics for smart healthcare

Factors Behind Canada’s Healthcare Crisis – Everything You Need to Know

The Canadian healthcare system is complex, but it’s built on the basic principle that focuses on providing healthcare access based on need rather than the ability to pay. The Canadian healthcare system deploys decentralized administration and service delivery systems that are accessible to all groups of people. However, despite the pros like universal accessibility and special care for special needs, the Canadian healthcare system is facing several obstacles due to changing healthcare landscape in the ageing society. In this article, our healthcare industry experts have highlighted a few critical challenges facing the Canadian healthcare system that healthcare companies must not overlook.

Quantzig’s real-world evidence-based solutions help healthcare companies with comprehensive insights into treatment pathways, patient adherence, and disease progression. Request a FREE proposal to gain better insights into our portfolio of healthcare services.

Challenges Facing the Canadian Healthcare System

Long waiting periods

Owing to the universal accessibility of the Canadian healthcare system, the number of patients is always high leading to an increase in wait times. Canadians mostly have timely access to world-class care for chronic problems like heart attacks, strokes and cancer care. But for many problems that are not urgent, they typically wait as long as many months or even years. For example, patients who need replacements of hip or knee, shoulder or ankle surgery, cataract surgery or a visit with a specialist for a consultation tend to wait for a longer period of time than recommended. At times, this becomes frustrating and can make a non-emergency situation life-threatening due to negligence and delay. Therefore, policymakers, as well as the management, should look at ways to do away with such long waiting periods.

Wondering how to improve healthcare decision-making and design initiatives to promote superior services? Our healthcare analytics solutions can help. Get in touch with experts right away.

Unrealistic fees

Healthcare providers are mandated by law to charge a certain fee or amount of money for specific treatments and medical interventions. Unless the fees are practical and they ensure that the healthcare providers can keep operating, the Canadian Medicare system will remain flawed. Most welfare schemes end up burdening the average taxpayer. However, healthcare players bear the brunt of the financial fallout with low fees which is unviable in the long run.

Our healthcare analytics solutions are specifically designed to help healthcare companies evaluate the drug treatment efficacy and cost-effectiveness of therapies to complement clinical trial outcomes. Request a FREE demo below to know more.

Accessibility in rural areas

Basically, the funding of the Canadian healthcare system is done based on the location and the demographics. Cities and towns that are more populated get adequate funding, but sparsely populated regions get fewer funds. Due to the scarcity of funds, the scope of growth and development is confined. As a result, people living in rural areas travel to cities for adequate healthcare. Several complicated health conditions cannot be attended to by rural healthcare providers and the pace at which the rural healthcare scenario is changing is not encouraging either.

Want to learn more about the challenges that the Canadian healthcare system is facing? Request for more information now!

virtual clinical trials

Predictive Analytics in Healthcare: Benefits and Challenges

The healthcare industry is going through transformations as it moves from a volume-based business to a value-added business. Organizations in the healthcare industry are facing the heat to provide value-based care with optimum outcomes to the patients. With the huge influx of data in the healthcare systems, it is really becoming very difficult for healthcare organizations to draw meaningful insights from it and utilize it to treat patients and improve the quality of services. This is where predictive analytics in healthcare comes into the picture. Also, with the emergence of value-based reimbursement, many healthcare systems have now realized the importance of predictive analytics in healthcare. It has become an important key to manage population health and deliver care more cost-effectively. At the same time, it helps healthcare organizations in reducing readmission rates and predict different types of healthcare trends. In this article, our team of healthcare analytics experts has highlighted a few benefits of predictive analytics in healthcare. Also, they have discussed the challenges that healthcare organizations face in implementing predictive analytics in healthcare.

Request for more information below to know how our predictive analytics solutions can help you improve clinical trials and interpret patient data accurately.

Benefits of Predictive Analytics in Healthcare

Benefit #1: Predictive analytics in healthcare can increase the accuracy of diagnoses

By leveraging predictive analytics solutions, physicians can utilize predictive algorithms to make more accurate diagnoses. Predictive modeling and machine learning can provide real-time information to doctors that can fuel the accuracy of predictions and can lead to better patient outcomes. Also, with the use of predictive analytics in healthcare, multiple datasets from hundreds of patients can be analyzed to build tools that find patterns in patient journeys to facilitate early diagnosis and predict negative outcomes. Furthermore, predictive analytics solutions can help in monitoring diagnosed patients and assessing how their disease status progresses in real-time. Such alerts can facilitate early intervention that can make a real difference in helping a patient avoid complications or long-term physical damage.

Benefit #2: Predictive analytics will help preventive medicine and public health

Predictive analytics in healthcare facilitates early intervention that can help in the prevention or amelioration of many chronic diseases. Predictive modeling, particularly within the realm of genomics, can also help primary care physicians to identify at-risk patients within their practice. With that knowledge, patients can be advised to make changes in their lifestyle to avoid future risks or complications. Also, predictive analytics solutions help to develop a profile for patients at risk of substance abuse and help providers anticipate how their prescription decisions might affect those patients.

Are you finding it difficult to reap clinical and financial rewards from predictive analytics? We can help. Get in touch with our experts now.

Benefit #3: Predictive analytics can provide employers and hospitals with predictions concerning insurance product costs

Healthcare organizations providing healthcare benefits to employees can input characteristics of their workforce into a predictive analytic algorithm to predict future medical costs. Such predictions can be based upon the own data of the organization or the organization may even collaborate with insurance providers to generate the predictive algorithms. Furthermore, healthcare organizations working with insurance providers can synchronize databases and actuarial tables to build predictive models and subsequent health plans. Organizations might also use predictive analytics in healthcare to determine which providers may give them the most effective products for their specific needs.

Our advanced analytics solutions help healthcare organizations to improve patient outcomes and reduce the cost of care. Want to know how? Request a FREE proposal now.

Challenges in the implementation of predictive analytics in healthcare

Challenge #1: Developing a comprehensive patient profile

Most healthcare providers already possess the data assets of their patients that are required to build a predictive model. But utilizing such information can certainly be a challenge. The difficulty increases even more when patients move between providers, health systems, or even geographical regions. As a result, healthcare organizations find it difficult to map the profile of such patients. Therefore, implementing predicting analytics solutions becomes challenging.

Challenge #2: The challenge of clinical application

As predictive analytics in healthcare has become increasingly available for real-world applications, healthcare professionals diagnosing and treating patients encounter multiple data elements apart from classical clinical data. When new data is added into the patient narrative, this information needs to be put into a framework that physicians can understand and recognize as credible. Therefore, it is important that an alert not only states that a patient likely has a certain disease, but also includes a detailed rationale as to why the analysis is making a specific prediction.

Challenge #3: Data aggregation challenges

Data of patients are often spread across many file cabinets, servers, hospitals, and government agencies. Pulling all these data together and collaborating them all for the use in the future requires a lot of planning. Every participating organization must agree and understand upon the types and formats of big data they intend to analyze.  Also, the quality and accuracy of such data of patients need to be established. This requires not only data cleansing but also a review of data governance processes.

Request a FREE demo below to know how our healthcare analytics dashboards can help you identify at-risk patients and achieve desired outcomes.

web scraping

How Can Analytics Solutions Empower Businesses in 2019?

With the changing business environment, data analytics solutions have become the key to outshine all competition. Leveraging analytics solutions effectively is the major difference between companies that fail and succeed in the competitive business landscape of today. Companies that are highly successful in the B2B marketplace are using analytics solutions to devise effective and highly specific campaigns to reach out to targeted prospects with a curated message. Data analytics solutions help business organizations to make data-driven decisions and pave the way for businesses to identify inefficient processes, spot new opportunities, and cut costs significantly. With the help of algorithms, data analytics solutions assist companies to extract actionable insights from the data and make data visualization simpler. There are various analytics solutions such as web crawling, text mining, predictive analytics, and market mix modeling that act as a silver bullet for companies operating in various sectors.

Here is a brief summary of common business challenges that can be mitigated with the aid of analytics solutions:

Challenges e-commerce businesses face and how web crawling and text mining solutions can help?

Competitor research, dynamic pricing, new product research, assessing the required data, and managing proxies to reliably scrape the web without disruption are some of the major challenges that e-commerce businesses face. Therefore, it becomes important for such businesses to consider the reliability of their data feed. Web crawling and text mining solutions can help e-commerce businesses to do so. Web crawling and data mining solutions can also assist marketers to fine-tune product portfolios, optimize price points, and customize it down to the individual level to boost profitability. 

How can analytics in healthcare help companies deal with challenges in the industry?   

Despite its promising growth prospects, companies in the healthcare sector are hard pressed when it comes to finding solutions to several complicated issues such as shooting costs, medicinal and technological advancements, changes in policy and regulations, maintaining efficient operations, and providing the best care. But this is where leveraging analytics in healthcare can help. The use of data analytics solutions in healthcare can help healthcare service providers in minimizing healthcare waste, reducing hospitals readmissions, and providing cost-effective treatments to patients.

How can B2B companies tackle growing business challenges by utilizing market mix modeling?

Today, it has become really difficult for businesses to measure marketing effectiveness. Analyzing the future impact of a change in marketing metrics and optimizing investments to drive profits is a daunting task for B2B companies. Also, the influence of operational factors and several external factors can lead to an increase in the market spend for B2B businesses. This is where market mix modeling can be taken into account to set the correct foundation for their marketing strategies and branding solutions.

Here is the list of that Quantzig Conducted on the above topics that you can watch for free:

#1: Importance of web crawling and text mining solutions to improve e-commerce business strategy: Customized web crawling and text mining based analytics solutions can help e-commerce businesses to tackle critical challenges created by the recent explosion of data. Web crawling and text mining solutions assist businesses to explore innovative techniques to collect vast volumes of online data and organize it in a structured manner. Furthermore, it helps gain better business insights, improves business planning, and optimizes decision management. Watch out the full webinar here:

#2: How can analytics bring in commercial excellence in the healthcare industry? Healthcare regulations and advancements in medicines have resulted in the restructuring of healthcare provisioning as well as diversification and specialization in life sciences. Organizations in healthcare need to develop commercial strategies that include all stakeholders. Leveraging analytics in healthcare can help organizations to gain real-world insights and maintain a single source of accurate information of customers for segmentation, targeting, and call planning. Check out the full webinar here:

#3: Is market mix modeling a cornerstone for B2B companies?  Marketers across industries are hard pressed to prove the value of their marketing investment decisions based on the performance of their business and identify opportunities for optimizing investment. Market mix modeling helps companies to develop a multi-channel strategy to execute and measure campaigns across digital channels and boost conversions. Watch out the full webinar to know more:

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real world evidence

Real World Evidence Analytics Engagement: Helping a Leading Healthcare Service Provider to Reduce Costs and Improve the Efficiency of Clinical Trials

The Business Challenge:

Real world evidence (RWE) studies have unearthed innumerable opportunities for market expansion. However, companies in the healthcare sector are expected to encounter several predicaments in the years to come that includes policy and regulatory issues, challenges arising due to technological advancements and product development challenges in clinical trial segments. Such challenges continue to loom over the global healthcare industry, but the research says that by applying real world evidence systematically healthcare companies can realize billions in reducing the cost of care across different segments of the healthcare industry. Real world evidence can play a crucial role in designing and implementation of value-based contracts and can provide valuable inputs to ensure the alignments of risk from all sides and track patient outcomes. Additionally, real world evidence has the potential to bring transparency and objectivity into the healthcare programs and can help break through various healthcare barriers existing today.

The client is a leading healthcare service provider based out of the United Kingdom. The healthcare service provider is well-known for offering the highest quality of innovative patient care, with several healthcare centers spread across Scotland and Northern Ireland. The client was looking for suitable methods to counter the rising costs in managing the avalanche of data. Also, with clinical trials getting more complicated, they were looking for solutions to maintain electronic health records and validate the patient data in real time.

Real world data analytics has the potential to extract insights from disparate data sources and transform healthcare ecosystem. Want to know how? Get in touch with our experts now.

Solutions Offered and Value Delivered:

Quantzig’s real world evidence analytics solutions helped the client to understand two critical imperatives that are driving healthcare transformation namely, cost control and improvements in clinical trials. This helped the client to proactively examine the safety, efficacy, and ethics of their clinical trials. Also, our experts successfully delivered detailed insights into treatment pathways and pricing levels by developing a customized real world evidence platform and integrating it with the clinical database. With such in-depth insights, the healthcare industry player was able to adopt a business model that helped them experience a significant reduction in the cost and improvement in the efficiency of their clinical trials in the span of less than two weeks. Application of real-world data analytics helped the client to:

  • Link patient and clinical data across disparate sources
  • Satisfy customer demands for cost-effective healthcare services
  • Accelerate time to market by 16% through a constructive marketing strategy

Our real evidence analytics solutions offer real-time feedback to healthcare companies and help them identify potential development areas. Request a FREE proposal to know more about our portfolio of services.

real evidence

Benefits of Real World Evidence Analytics

#1. Determine outcomes based on larger data sets

Real world evidence makes use of the medical data gathered from a variety of patients in real time. These data sources vary from electronic health records to social media and blogs. RWE provides an accurate data analysis that can help healthcare companies in deriving better conclusions and ascertain the effectiveness and ROI of healthcare services offered. 

#2. Improves the efficiency of clinical trials and reduces cost

Irrelevant datasets can lead to misleading results and can result in lesser reliability of clinical drug trials. This can further increase the cost of research and development. But by leveraging real world evidence analytics solutions, multiple sources of data can be integrated to determine actual patient outcomes. This can further help in deciding whether a clinical trial design will give meaningful results and will be cost effective.

#3. Respond faster to adverse healthcare developments

Real world evidence analytics helps in collecting post-trial information about a drug in real time. This can help healthcare providers to quickly identify negative reactions, side-effects, and medication errors, thereby restricting potential harm. Furthermore, the gathered information can also facilitate recommendations of medications based on the symptoms of the disease and the status of patient health.

Our customized real-world evidence platform can help you bridge the gap between technology and end-users to optimize patient empowerment. Request a FREE demo below to know more.

#4. Personalize drug treatments

Real world study helps in scouring a large number of patient records and tracking patients in real time. It helps in finding patients who can most benefit from a specific medicine due to various factors like their genetics and particulars of their illness. Furthermore, the real-world application can also identify potential side-effects and can help healthcare providers to offer personalized drug treatments.

#5. Identify potential markets and underserved patients

Real world evidence analytics provides population data based on disease trends and medical outcomes. This can help pharmaceutical companies gain insights into patterns of treatment, epidemiological trends, adherence of patient and can offer disease management opportunities. This can be further used to identify potential markets and develop new products and therapies for which market demand is really high.

Why Quantzig?

Quantzig has a team of experts that comprises data scientists and real world evidence experts who focus on real world data analysis and implement evidence-based approaches to tackle healthcare challenges. Our team of analysts works closely within a cross-functional team to guide clients efficiently deal with large real-world databases and identify various risk factors and evaluate the drug treatment efficacy to complement clinical trial outcomes. Quantzig also has the expertise in offering a wide range of analytic solutions that can help tackle a plethora of challenges faced by companies in the healthcare sector, including risk management, and patient-centric issues.

healthcare analytics

How Healthcare Analytics Helped a Client to Unravel Many Facets of the Oncology Drugs Segment to Successfully Launch a New Product | A Quantzig Success Story

The client is a leading player in the specialty drugs market based out of the United States. With several years of expertise in drug development, they were looking at leveraging healthcare analytics to make a remarkable entry into the oncology drugs segment through the introduction of a new oncology drug.

The Business Challenge

The healthcare industry today is amidst major tectonic shifts. The ongoing regulatory changes coupled with far-reaching patient protection and affordable care act in the United States are prompting leading players to change their status quo. Besides the increasing costs of regulatory compliance, healthcare players are also facing rising research and development costs. Though the increased regulatory supervision has turned out to be a major burden. Such regulatory requirements are putting in place a solid foundation for healthcare analytics, which, in turn, can be used to drive major organizational transformations. By using this opportunity organizations can extract additional value from patient data and leverage it to create a competitive differentiation.

Though the specialty drugs market continues to exhibit a massive sales growth with the introduction of more targeted therapies, it has become increasingly challenging to monitor and understand how therapies are being utilized by physicians. This challenge is further compounded by the complexity of the oncology drugs market where treatment decision options are highly personalized to each patient’s genetic profile. Facing similar predicaments, a leading pharma company approached Quantzig to leverage its healthcare analytics expertise to successfully launch their new oncology drug.

Request a FREE Demo to uncover the true potential of healthcare analytics.

Top Challenges Faced by the Client

Problem Statement 1

The client needed to adopt a sophisticated analytics-based approach to gain detailed insights into physician and customer journeys. Limited insights into market dynamics and understanding of customer decision making prevented them from gaining a complete view of the market.

Problem Statement 2

Though the new product launch strategy looked promising, the client had to gain better insights on stakeholder interactions and process data, as multiple stakeholders were involved in the oncology drugs segment.

Problem Statement 3

The company also needed to develop a post-launch analytics strategy to assess the marketing effectiveness and commercial success of the new drug. This proved to be a major challenge as it required the client to devise a long-term, holistic approach encompassing enterprise-level capabilities, technology, analytics, and data management skills.

Analyzing the Complex Pharma Landscape with the Help of Healthcare Analytics

Request a FREE proposal to gain in-depth insights into our portfolio of healthcare analytics solutions.

Solution Offered and Value Delivered

To gain the desired insights and to support the information needs of the oncology drugs segment, the healthcare analytics experts at Quantzig adopted a comprehensive three-pronged approach.

Phase 1

The initial phase of this healthcare analytics engagement focused on analyzing patient datasets to offer a comprehensive view of patient journeys. Such an approach not only helped unravel the different facets of the oncology drugs landscape but also helped the client to better understand the current prescribing and utilization patterns, which, in turn, helped them identify physician practices that presented the greatest opportunity for improving patient care.

Phase 2

In the second phase, a dedicated team of healthcare data analytics experts and data scientists were assigned the task of assessing the impacts of prescribed therapies and their clinical outcomes. Leveraging healthcare analytics helped bring about ground-breaking results by offering meaningful insights that empowered the client to further strengthen their drug development approach and improve the marketing effectiveness of the new drug.

Phase 3

The third phase of this healthcare analytics engagement focused on leveraging predictive analytics to gauge the impact of the new product launch.

The healthcare analytics solutions coupled with predictive health analytics offered timely, targeted insights that aided the client’s drug development process. Along with identifying the factors driving therapies, drug development, and treatment selection, the offered solutions also helped the client to identify barriers to utilization. Equipped with such granular insights the client was better positioned to gauge marketing effectiveness and the success ratio of its new product prior to its launch.

Why is Data Analytics Important in Healthcare?

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