Today for companies in the pharmaceutical industry, it has become very crucial to shift from a sales and marketing-focused model to an access-driven commercial model. 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.
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The client, a leading pharmaceutical company, was facing serious challenges in tracking the market share and updating static reports frequently based on changing stakeholder requirements. Moreover, with the complexity of multiple lines of therapy, a high degree of specificity was required to help physicians determine the right therapy and drug combination for different patient segments. The client collaborated with Quantzig to leverage its expertise in offering real word evidence analytics solution for tracking and monitoring the market share and simulating outcomes for physicians.
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Solution Offered and Value Delivered
To help the pharmaceutical industry client tackle their core business challenges, real world evidence analytics experts adopted a three-step holistic approach. In the first phase they designed a rule-based algorithm (leveraging multiple predictive algorithms) to arrive at the best treatment option for particular patient profiles. The second phase of this engagement focused on integrating medical and pharmacy data at patient level to offer the pharmaceutical industry client a complete market picture including (physician, diagnosis, procedure, prescription date, pills / days). In the third and final phase, the experts developed a rule based optimal treatment algorithm to predict the best treatment option based on cancer progression and risk of surgery.
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The solution offered helped the pharmaceutical company to track the market share and sales trends of the drugs in real time and ensure reporting at multiple levels (region, physician etc.) for all metrics.
Quantzig’s real world evidence analytics also helped the pharmaceutical industry client to:
- Develop new therapies and differentiate their brand from the market
- Design multiple Hidden Markov Models to arrive at the best treatment option for particular patient profile
- Increase market share by 3X
Learn more about the benefits of real world evidence analytics solutions in the pharmaceutical industry.