Tag: pharma companies

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Top Pharma Marketing Trends to Watch Out for in 2019

Pharma companies are facing several predicaments such as slowed market growth, aggravating drug prices, patient-centric approach to healthcare, Brexit, and much more. The capabilities required for pharma companies to overcome these challenges and connect with key audiences need to evolve. In recent years, pharma marketing companies have witnessed a splurge of technologies such as automated machine systems, artificial intelligence, voice assistants, interactive responsive UI, data accuracy, e-detailing, high-quality management systems, and much more. All these technologies have changed the pharma marketing ecosystem. But what’s there for pharma marketing companies to embrace in 2019 and how will it help them to boom in the years to come? In this article, our analytics team has uncovered some of the upcoming pharma marketing trends that pharma companies should stay up-to-date with:

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Top Pharma Marketing Trends

Pharma Marketing Trend #1: Consumer behavior

Consumers of today have become more informed and have taken control over their own healthcare. Today, every consumer searches for a more convenient way to procure medical services. They expect to have the same level of experience from every brand. However, companies in the healthcare industry struggle when it comes to utilizing consumer behavior to improve care and service offered. But if pharma companies want to stay ahead of the curve, they need to focus on customer experience to improve the relationship journey and this is one of the most important pharma marketing trends.  It can also help pharma marketing companies to create awareness and drive sales. Furthermore, this can help pharma marketing companies to influence the experience for the end patient or consumer.

Our healthcare analytics solutions help pharma companies to address predicaments like reducing costs, gaining a competitive market advantage and analyzing pharma marketing trends. Request a FREE proposal to know more about our portfolio of services.

Pharma Marketing Trend #2: Connections with physicians

Today, it has become difficult for sales reps in pharma marketing companies to reach out to the physicians. To reach out to the physicians, pharma companies must advance their approach to target them and become more sophisticated in their multichannel marketing efforts. Evolving pharma marketing trends demand pharma marketers focus on crafting messages that they need to deliver to the physicians as the recent research shows that physicians don’t entirely trust the information sent by pharma companies. Effective and well-crafted messages can help in better and personalized pharma marketing.

Healthcare analytics dashboards can help pharma companies to improve their marketing strategy by gauging Pharma Marketing Trends in real-time. Request a FREE demo below to know more.

Pharma Marketing Trend #3: Social media interactions

Social media provides an immense opportunity to companies in all industries to connect and engage in dialogue with their customers effectively. Pharma brands that are most successful on social media are generally the ones that share content based on the company values and its customers and not on brands or products. The most successful pharma brands on social platforms are the ones that focus on sharing content around the values of the company and its customers, not just on products or brands. Conversation with consumers and healthcare service providers on social media is one of the most rapidly evolving pharma marketing trends that offer an opportunity to pharma companies to connect directly with consumers. This helps in better pharma marketing and improves customer retention.

Pharma Marketing Trend #4: Emergence of electronic health records

Electronic health records have become one of the most booming pharma marketing trends for pharma companies this year. This is because these records help in developing a focused campaign and improve the engagement rate of pharma companies with their consumers. Consequently, it improves the sales of products and most importantly helps in building trust among the consumers for the particular brand.

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Is Real World Evidence A ‘Life-Saver’ For the Healthcare Industry?

The advent of new, life-changing drug necessitates the need to ensure that the right treatments are being provided to the right patients. Real world evidence (RWE) is a great tool to ensure better patient outcomes and drug efficacy. Information collected outside of a clinical trial such as electronic medical records, medical charts or medical claims data, with patient identity markers removed to maintain patient privacy are useful data sources for real world evidence. Furthermore, this data is known to complement the knowledge gained from traditional clinical trials.

Real world evidence in patient care

Controlling costs and ensuring enhanced quality are two critical imperatives driving healthcare transformation. This can be achieved to a large extent with the help of real world evidence. Clinical trials are crucial to examine the safety, ethics, and efficacy of new therapies. Best practice clinical interventions, which can offer an improved means to prevent, screen for, diagnose or treat a disease are also equally important. Real world evidence represents a paradigm shift in how research is conducted by using data from actual events in heterogeneous populations that occur in clinical practice. It can include pragmatic trials in diverse clinical practice settings with everyday patients and clinicians. Real world evidence is derived from examining several factors when testing Request Proposalhow FDA-approved interventions affect targeted patient populations, particularly those with unmet medical needs, to create best practices for existing as well as new treatments.

How does RWE benefit providers?

Most providers have been engaged in some sort of clinical trial. These engagements look narrowly at the effect of a therapy, usually a drug, with a homogeneous population that is being treated in a controlled setting with specialized personnel. But in reality, the front-line clinicians are the ones truly driving these therapies forward across a diverse range of healthcare settings. Real world evidence research is focused on short- and long-term outcomes, cost implications, patient-reported outcomes, and other data. It helps hospitals and health systems enhance clinical practices and drive greater value around targeted medical approaches – examining the efficiency and the quality of these interventions and how they impact short- and long-term patient outcomes. 

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How is RWE changing the healthcare industry?

Real world evidence is a science and data-driven best practice that provides a meaningful assessment of costs when delivering new and innovative treatments. Based on patient outcomes, real world evidence can also lay the foundation in establishing effective risk-sharing agreements between manufacturers, payers, and providers. The advent of electronic health records has proved to be a favorable step for real world evidence. Mergers and acquisitions are garnering greater importance in the healthcare landscape. Providers and life sciences companies in the healthcare industry should seek out partners with robust clinical and financial healthcare databases to provide easier and quicker access to insights derived from real world evidence.


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Pharmacovigilance and Its Importance in Healthcare

What is pharmacovigilance? 

Pharmacovigilance also known as drug safety, refers to the detection, assessment, understanding, and prevention of adverse effects or any other possible drug-related problem. Here ‘adverse effects’ refer to any untoward medical occurrence which happens to either a patient or a subject in a clinical investigation when a pharmaceutical product has been given to them. This includes any signs which are unfavorable and unexpected for the patient or subject, including any abnormal laboratory findings. Information received via pharmacovigilance agreements (PVAs) from patients and healthcare providers, as well as other sources such as the medical literature, plays a critical role in providing the necessary information for undertaking pharmacovigilance. In fact, in order to market or to test a pharmaceutical product, most countries have mandated the requirement for adverse event data received by the license holder (usually a pharmaceutical company). This data is required to be submitted to the local drug regulatory authority. Let’s examine some of the key importance of pharmacovigilance in healthcare:

Importance of pharmacovigilance 

Clinical trial regulation

One of the importance of pharmacovigilance is that it facilitates clinical trial regulation. The recent years have witnessed a skyrocketing increase in clinical trials in the United States alone. Furthermore, the increase in the complexity of clinical trials is leaving regulators with several challenges to face. Clinical trials are mostly contracted to clinical research organizations and patient recruitment agencies. These agencies act as intermediaries between the sponsors of the study, the investigators, and the patients. The importance of pharmacovigilance can also be established from the fact that it enables improved and more rapid changes in labeling or even withdrawal of a new drug from the market. Furthermore, a standardized reporting system for safety concerns arising during clinical trials can be established. Pharmacovigilance also plays a vital role in ensuring patient safety and strict compliance with prescribed regulatory requirements that would substantially improve standards of clinical trials.

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Monitoring post-marketing safety

A part of the process of evaluating drug safety should ideally take place in the post-marketing phase. Safety monitoring is not only limited to the cases of new drugs or significant therapeutic advances. The importance of pharmacovigilance is notable in the introduction of generic medicines, and in the review of the safety profile of older medicines already available, where new safety issues may have arisen. Spontaneous reporting is a cornerstone of pharmacovigilance in the regulatory environment is indispensable for signal detection. The need for more active surveillance has also become increasingly clear in recent years. Without reliable and autheRequest Proposalntic information on utilization and the extent of consumption, spontaneous reports do not make it possible to determine the frequency of an ADR related to a product or its safety.

Promotional activities

There has been an increased spending in direct to consumer advertising by pharmaceutical manufacturers. This results in national regulations on advertising to become ineffective. Several websites now enable buying and selling of prescription drugs such as benzodiazepines without controls. These developments in communication have a significant impact on the safety of medicine. Such issues suggest the need for more thorough monitoring of drug safety and scrutiny of advertising. This highlights the importance of pharmacovigilance.


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Top 5 Challenges Facing the Pharmaceutical Industry and Solutions to Combat Them Effectively

There have been several speculations about the stationary growth of the pharmaceutical industry, but recent technological advancements are expected to encourage the growth of this industry in the years to come. Click To Tweet

The recent population shift to urban areas and increasing accessibility of people to healthcare services has opened the doors for companies in the pharmaceutical industry to a broader target market. These emerging markets are becoming extremely important for pharma companies. However, for companies in the pharmaceutical industry, it becomes very essential to shift from a sales and marketing-focused model to an access-driven commercial model. Additionally, with healthcare becoming a priority for governments in several countries, the pharmaceutical industry seems to have a bright future. But on the flipside, there are several factors like consumer attitudes, drug availability, affordability, policies of governments, which might not entirely be in the favor of pharma companies and are challenging the growth of pharmaceutical industry. In this article, we have talked about several critical challenges faced by the big players in the pharmaceutical industry. and have highlighted steps that will help companies to combat each of those challenges.

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Real World Evidence: Driving Excellence in Pharma Companies

What is real world evidence? 

As the world of healthcare is constantly evolving, medical companies have started looking for new ways to get the best treatments for patients. One way to attain this is with the help of real world evidence (RWE). Real world evidence refers to the clinical data that is derived from multiple databases of healthcare companies. Studying this data helps to gain a better understanding of how they can relate to more traditional clinical endpoints and also identify the long-term benefits of a product. One of the key high points of real world evidence is that it will not only tap increasing volumes of data, but weave together different sources of data, including genomic data, clinical data, and socRequest Solution Demoioeconomic data, to produce a clearer picture of individual patient’s characteristics and improve medicine’s ability to treat individual patient needs.

Key benefits of real world evidence in pharma companies

The use of real world evidence in pharma companies involves the analysis of large data sets to determine the performance of new drugs beyond the scope of clinical trials. Here are some of the key benefits of incorporating real world evidence in pharma:

Outcomes based on larger data samples

 As opposed to the narrower and smaller range of patients who typically participate in traditional clinical trials, real world evidence uses medical data garnered from tens of thousands of patients in real time. Apart from EHRs and medical data, data sources can be as varied as patient forum, social media, and doctors’ notes. This gives a vastly larger and more accurate data sample on which medical professionals can base their conclusions and ascertain the effectiveness and ROI of a medication.

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Get Ready for These Pharmaceutical Industry Trends in 2018

Companies in the pharma industry have been growing exponentially over the last couple of years. In order to cope up with these changing market dynamics, pharma companies must reassess strategic direction, anticipate and absorb change, and move with deliberate speed. In this new era, top pharma companies will have to become more proactive to meet the demands of a wide swath of consumers. The sale of goods will undoubtedly be a priority, but pharma companies will also have to emphasize greatly on delivering positive results, which includes the well-being and optimal management of illness among targeted groups in the new health economy. HerRequest Solution Demoe are some of the pharmaceutical industry trends that you need to certainly keep track of this year:

E-services

Technology will positively impact pharma companies in the years to come. Pharmaceutical industry trends such as e-services have begun to automate processes across the patient journey, often resulting in improved speed and customer experience. In fact, e-services have proved to be a major platform for the growth of companies in the pharma industry.  Going forward, brand teams should have technology conversations as a part of every launch strategy and specific conversations about opportunities to converge e-processes in the name of better customer experiences.

Patient-centricity

Factors such as the restructuring of the U.S. healthcare delivery system, competitive landscape of dynamic costs, and the stringent regulatory demands are challenging the pharmaceutical industry. Differentiation has become one of the key aspects of focus for top pharma companies. As such, changing the way in which players in this industry reach out to and extend patient care is one of the top pharmaceutical industry trends to watch out for this year. By using a relatively new technique known as the blue ocean strategy, top pharma companies are revamping the manner they approach their patient access strategies and product launch. Blue ocean strategy suggests that lasting success comes not from battling competitors but from creating “blue oceans” of uncontested market space ripe for growth.

Increased collaborations

Innovation will also be driven by an increase in collaboration across top pharma companies in the sector. To thrive in the ever-increasing competition in the market, pharma companies will have to work together to develop new and innovative products, services, and solutions. These companies will also greatly benefit from sharing each other’s skills and expertise. Recent collaboration between AbbVie, a research-based biopharmaceutical company, and the Google-backed life sciences firm Calico is an instance of collaboration being one of the noteworthy pharmaceutical industry trends in the recent times. Calico’s technical expertise was used to establish a new R&D facility, and AbbVie used its commercial expertise and scientific and clinical development support and to bring discoveries to market. In this manner, the two companies hope to discover, develop, and market new therapies for patients with age-related diseases and cancer.

Frequent product launch

Nearly 200 new drugs are expected to be introduced into the market in the next five years. Which means that this will be a continuation of the second wave of innovation, similar to levels seen in the mid-2000s. Furthermore, the number of medicines receiving the FDA’s Breakthrough Therapy Designation is skyrocketing. This is contributing to an acceleration of approvals. However, the global availability of these new medicines to patients varies significantly depending upon the country and disease.


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Uncovering the Latest Trends in Pharmaceutical Packaging

Advanced Analytics in Pharma: Benefits You Might Not Have Known

Challenges That Players in the Pharmaceutical Industry Need to Keep a Close Watch On

 

 

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Uncovering the Latest Trends in Pharmaceutical Packaging

The global pharmaceutical market is evolving, driven by greater international regulatory requirements for improved quality as well as local healthcare policies. The pharmaceutical packaging and labeling market is predicted to feel a boost from the maturation of the biologics market and its new therapies. Pharmaceutical packaging particularly needs reliable and speedy solutions that comply with a combination of product protection, tamper evidence, quality, patient comfort and security requirements. Constant innovations in pharmaceuticals, such as blow fill seal (BFS) vials, anti-counterfeit measures, snap off ampoules, plasma impulse chemical vapor deposition (PICVD) coating technology, two-in-one prefilled vial design, unit dose vials, prefilled syringes and child-resistant packs have a direct impact on the packaging.Request Solution Demo

Let’s take a look at some of the pharmaceutical packaging trends that are on our radar this year:

Sterilized labeling

Sterilization is one of the pharmaceutical packaging trends that will continue to be a driving force.  Several suppliers have introduced technologies to enable serialized printing on primary packaging and even on finished dosages. New serialized labeling technologies on display include printing 2D barcodes directly onto vials and onto pills and capsules. While these pharmaceutical packaging trends have been more widely adopted in Japan, they seem to be trending ever-increasingly in the Americas too.

New biological drug formulation

The rising popularity of new biological drug formulations continues to fuel some unanticipated packaging challenges. These new drugs are quite different from traditional small-molecule formulations, and in some cases, there have been some instances of drug interactions with packaging materials. Ergo, the growing demand for new formats and materials is one of rising pharmaceutical packaging trends of today. The glass vial is an example of a format that is undergoing changes that reflect the market’s demands. Some novel biologics have properties that reacts with glass and causes unwanted glass flaking in solutions. Manufacturers are now investigating how vials are formed in the heating process so that flaking can be mitigated.

Abandoning the ‘big factory’ model

A decade ago the pharmaceutical industry’s primary goal was to handle bigger production lines and attain exceptional productivity and product outcomes. Today, the industry seems to have taken a different direction. Today, there are filling lines that are smaller, more modular, and flexible, with shorter lead times. The primary industry drivers for this move away from the big factory model has been the growth of personalized medicines, the need for smaller batches, and the increase in regionalized manufacturing markets. Today, the pharmaceutical packaging trends capturing the limelight are off-the-shelf performance modules that enable drug manufacturers to select components with shorter lead times. This also aligns with the growth of personalized medicines in which batches are smaller.

Contract packaging

 As the market changes and regulations stiffen, pharmaceutical manufacturers are hard-pressed to keep up with the latest pharmaceutical packaging trends. Pharmaceutical packaging itself is increasing in complexity. That’s why more pharmaceutical manufacturers are turning to specialized contract packagers (CPs). This will help ensure a higher level of speed and accuracy in the packaging operations. Such pharmaceutical packaging trends give pharma companies the opportunity to focus on their core competencies —developing drugs— and leave the mounting complexities of pharmaceutical packaging to the experts.


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Advanced Analytics in Pharma: Benefits You Might Not Have Known

Top Trends: Demand Forecasting in the Retail Industry

Challenges That Players in the Pharmaceutical Industry Need to Keep a Close Watch On

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Pharmaceutical Retailing Client Leverages Inventory Optimization Solution to Optimize Service Levels for Different Product Categories

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LONDON: Quantzig, a global analytics services provider, has announced the completion of their latest inventory optimization for a pharmaceutical retailing client. The pharmaceutical retailing industry is concerned with businesses that engage in retailing prescription drugs or patent medicines, toiletries or cosmetics, and prescription medicine dispensing. The pharmaceutical retailing industry is expected to show a significant growth trend in the years to come, as the average age of the consumer for this sector is increasing rapidly. With the rise in the need of the aging population for enhanced healthcare and prescription, there is a constant growth in the customer base of pharmaceutical retailing.

 

“Inventory optimization solutions can help businesses eliminate out-of-stock situations, improve efficiency, and curtail inventory costs. Furthermore, with the help of the solution, companies can gain optimized service levels for different product categories. Additionally, companies can better define processes and monitor and manage high-risk categories.” says an expert at Quantzig.

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The solution offered helped the pharmaceutical retailing client devise advanced processing capabilities to estimate product redeployment between stores and adopt a tiered strategy for providing services. The client was also able to make changes to staffing, fulfillment, and delivery processes to centralize products and inventories with the help of the solution provided.

Additional Benefits of the Inventory Optimization Solution

  • Improve working capital efficiency and reducing inventory while maintaining service levels
  • Reduce inventory costs by carrying the right product at the right time to the right place.
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Advanced Analytics in Pharma: Benefits You Might Not Have Known

For long, pharma companies have relied on empirical data to identify patterns, test theories and understand the efficacy of treatments. Innovations, when it comes to launching new products , is a key strategy for pharma companies to maintain their operating buffers. But improperly designed clinical trials, unsuitable patient population, and lack of competitive differentiation are some of the key factors fueling drug failures pre- and post-launch. Advanced analytics has the power to transform the growth strategies of pharma companies. By mapping patient trends to identify target markets, narrowing down on test sites with high patient availability , and to highlight gaps in the efficacy and safety of current drugs, advanced analytics can significantly accelerate drug discovery and development. Pharma companies benefit from adopting advanced analytics for their sales and marketing functions. Analytics tools can be used by players in this sector to improve the sales force effectiveness. Sales executives are adopting digital communication tools to share information with physicians, and also using analytics to develop tailored messages and more meaningful interactions. Here are four ways in which pharma companies are using advanced analytics to drive innovation and value:Free demo

Drug discovery and development

With the help of advanced analytics, pharma companies can intelligently search vast data sets of patents, scientific publications, and clinical trials data to help accelerate the discovery of new drugs by enabling researchers to examine previous results of tests. Analytics techniques such as predictive analytics help players in the pharma industry to gain the relevant information and also gain insight into the avenues are likely to yield the best results.

Marketing and sales performance

Pharma companies can quickly identify the new, niche, and underserved markets by using advanced analytics to interpret information from various sources such as social media, demographics, electronic medical records, and other sources of data. Furthermore, by analyzing the effectiveness of sales efforts and recording the feedback received by the sales team during client visits and using it effectively can help pharmaceutical companies gain an edge on their competition.

Better safety and risk management

Data gathered and analyzed from a range of sources including social media, customer feedback, and Google searches can act as an early warning signals for pharma companies about product safety issues. Furthermore, pharma companies can think of ways in which this type of unstructured data can be used more efficiently. Players in this industry can undertake advanced analytics techniques like web scraping, where they can draw down lots of various hits or posts from the Internet and then analyze that data. This will help companies to see a larger picture of the public sentiment towards the brand and its products.

Target specific patient population

A vast array of patient data are available than ever before to pharma companies from medical sensor data (a device that can be worn and track physical changes in an individual during treatment) and electronic health records. Pharmaceutical companies can dig into the causes of specific conditions and realize that one size indeed does not fit all. Within any disease or condition, different patients will respond differently to treatments. Data from these various sources can allow drug companies to spot trends and patterns that will enable them to come up with more targeted medications for patients that share common features.


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