Whitepaper: Aiding Strategic Decision-Making in the Biopharmaceutical Industry
The biopharma industry is collecting and acquiring more data than ever before, due to regulatory burdens, economies of scale and advances in IT, and from a plethora of sources.
Some of these sources are market research, prescription sales, tiering in formularies, post-marketing studies and, of course, clinical trial data for drugs in the development pipeline. Much effort and hope have been pinned on the ability of insights derived from these vast amounts of data to inform decisions that drive innovation, improve commercial execution and, ultimately, create competitive advantage.
This has turned out to be far less trivial an exercise than anticipated. More often than not, organizations find that the effort required to extract insights from the amassed data is unsustainable and that these efforts infrequently produce actionable or timely insights. The typical, “bottomup” approach taken, i.e. starting with data collection, sifting data for actionable insight after the fact, and ending with scorecards tailored from the data, is time-consuming and counterproductive. Relevant information cannot readily be pulled, and thus, presented for informed decision-making. Modern Program and Portfolio Management theory and practice suggests that superior insights are obtained when the business’s strategy is integrated into the data management, analytics, and visualization implementation.