Data: Are You Using It As Effectively As You Could Be?
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?
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|
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?