The pharmaceutical industry and all its players, including multinational pharmaceuticals, biotechnology, and chemical manufacturing organizations, are facing several trends in the shifting global landscape. These trends include an aging workforce and population, ever-changing regulatory and compliance requirements, global innovation, and the need for education—coupled with pricing pressures and the shift in focus toward customer engagement and patient-centricity.
The integration of business intelligence into the strategic planning of every organization is another industry trend—one which not only brings various business benefits to the pharma industry, but also provides information access and an advanced platform for data visualization.
All these trends will have a serious impact on pharmaceutical companies in 2017 as discussed below.
More reasonable and accurate pricing
This 2017, pharmaceutical companies are expected to more accurately determine and calculate the costs of how much it takes to bring innovative drugs to market, and capture the value that a certain treatment provides to patients. Pharmaceutical and biotech organizations alike will need to consider the costs and challenges of research and development initiatives and how valuable their findings are. These should help pharmaceutical organizations to come up with more reasonable pricing that can cover all expenses and match the healthcare value offered by their products and services. To do so, companies should be able to integrate and make sense of structured and unstructured data from disparate sources—including social media, sales, financial, research, and clinical trials.
Increased involvement of patient advocacy groups
Patient advocacy groups or voluntary health agencies, such as the American Cancer Society, LIVESTRONG Foundation, and the National Eczema Association, among others listed in the National Health Council, aim to combat diseases and disabilities, as well as improve the health of the afflicted and help care givers with information to improve quality of life. With the help of data from patient registries as an example, these groups have started partnering with pharmaceuticals and other life sciences organizations, enabling effective collaboration through the easy sharing of data, insights and experience.
Increased collaboration between academia and other partners and stakeholders
The pharmaceutical industry will further display a continued focus on the adoption of an open innovation model, where findings from academia and medical research centers will influence the development of new treatments and medication. This will entail an increase in external collaboration between different life sciences companies, strategic partners, and researchers inside and outside the organizations, breaking down the barriers between them.
Transition toward outcomes-based contracting
“Outcomes-based contracting” is a new buzzword in pharmaceutical commercialization. This model of contracting requires manufacturers (pharmaceutical, biotech, etc.) to prove the value of their products and services to their consumers and patients. Both manufacturers and consumers would then structure a contracting arrangement based on a drug’s performance and patient outcomes. But when measuring success, this method relies on patient-level data that are stored in multiple disparate systems or information silos. To make this transition, pharma companies will need the aid of a platform that can connect large volumes of data between disparate sources, integrate them to flow smoothly between applications, aggregate them across sources, and harmonize them to be consistent and easy to use.
Evidence-based management capability
Evidence-based management capability is critical for all players in the pharma industry. To be able to emphasize not only the value of a therapy, but the safety and effectiveness, pharmas need evidence, or data. They must collect and manage pieces of evidence and share it with healthcare stakeholders and regulators, enabling parties to understand patient reactions and behaviors, as well as gauge the effectiveness of new products, treatments, and interventions.
Increased patient engagement
Along with the increasing focus on patient centricity, healthcare providers are also focusing on patient engagement. As is the case with hospitals, where patients obtain better outcomes if they have greater engagement in their healthcare decision-making process, patient engagement in the pharmaceutical industry will result in better products and therapies. Given that a growing percentage of patients are taking more control of their health and searching for information online and via social media, pharmas have an opportunity to more closely engage with them to enhance how, where and when they provide information.
The Liaison advantage
Liaison’s ALLOY™ Platform for Healthcare connects large volumes of data between disparate sources; integrates it to flow smoothly between applications; aggregates it across sources; and harmonizes it to be consistent and easy to use. Data from any number of sources – internal or external – can be woven together for analysis and modeling. By combining information from electronic health records; public health data; organizational, financial and sales reports; research partners; and social sources, Liaison’s ALLOY™ Health can provide insights into product performance, consumer behavior and opportunities for new products or markets.
Liaison’s ALLOY™ Health supports faster time-to-market by enabling access to disparate, previously siloed data. Not just the right data where and when you need it – but data that is high quality and reliable, including meaningful context, ready to be modeled and analyzed.
What trends are you seeing?