Are You Using Data As Effectively As You Could To Inform Life Science Product Strategy?
There is a tremendous amount of data out there, are you using it to inform your product launches? Every life science professional is well aware of Rx data, ICD-10, CPT codes, and procedure volumes. They are also quite familiar with all the clinicians that focus on a disease state. The question is do you understand the landscape outside of these traditional metrics?
Diverse and relevant data to build picture of therapeutic market
We have built a practice that involves using a multitude of non-traditional data inputs to inform and accelerate product launches. These can also be linked to the traditional metrics. In certain cases, we have used over a hundred different sources to inform decisions and increase product acceptance. Below is just a small sample of the diverse types of data that we have used from a multitude of sources.
|U.S. Census Data||Associations||Hospital Rankings||Community Resources|
|Clinical Trial Sites||Public/Private Partnerships||Sunshine Act Data||Geriatric Emergency Departments|
|Nursing Home Minimum Data Set (MDS)||Medicare 5 Star Advantage||Metropolitan Statistical Area Data||Veterans Per Area|
|Income Level||Support Groups||Investigators||NIH Grants|
|KOL Data||Centers of Excellence||Medicare ACOs||Competitive Product Data|
|Clinical Trial Sponsors||Hospital Infection Rates||Domestic Violence Groups||Insurance Formulary Committee|
The power effective use of data to understand clinical markets
This data can be used to provide insights that are unique and targeted for a particular product. These may include, but are not limited to:
- What are the best areas to place clinical trial sites?
- Which hospitals have high levels of infections rates that might be amenable to a new product?
- What KOLs are working with various companies around which products?
- Which is a leading center of excellence and which clinicians are associated with the institution?
- What is the best professional society or patient advocacy group to work with around a given disease state?
- What are the relevant support groups within 15 miles of a target area?
The questions that can be posed and the answers that may be gleaned will be vast if you are willing to simply move beyond the traditional tools. So, I will close with are you leveraging all the tools in your bag?
Snowfish has been partnering with pharma, med device, and biotech companies for almost two decades and using data to build clear pictures of the markets in which they need to function. We have a unique ability to identify, integrate, and leverage the data to make your strategy most effective. To learn more about Snowfish, reach out to us at snowfish.net.