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The Changing Business Model

By IntrinsiQ Specialty Solutions

Life Science business models have changed.  Sales and marketing teams used to have to demonstrate the effectiveness and efficacy of a drug with clinical trial data and target physicians and practices to deliver those messages while dropping off sales samples. Pew Charitable Trust noted in one report that the pharmaceutical industry spent more than $24 billion on marketing to physicians in 2012.1
The process worked. It was predictable and effective. Pharmaceutical and medical device companies spent millions on training their sales teams to deliver the message. While face-to-face marketing is not dead, it has evolved.
Today, life sciences sales and marketing teams are limited to what they can and cannot say or do.  Hospitals and physician practices often dictate the amount of time a salesperson can visit, sometimes even not allowing sales into their offices. In addition, when physicians could hear about the benefits of a particular new drug at a conference or pharma event, that has changed dramatically.  How can a commercial team be sure that the benefits of their product would help a particular type of patient?
With physician practices now being required to utilize electronic health records (EHRs) and other care management solutions in order to maximize their reimbursements, the ability to gather de-identified patient data and assess physician utilization of drugs will become easier.  These capabilities can provide insight into under-dosing, lower number of cycles and poor management of toxicities.  In addition, it becomes easier to identify those practices or specific physicians who treat patients with rare conditions.
IntrinsiQ Specialty Solutions has been able to standardize and transform raw data into information that provides deeper business insights and intelligence.  SiteALERT will be able to, in a timely manner, identify targeted patient treatment patterns at the individual physician level. Additionally, the program can be utilized with your messaging platform to target the right information back to the right physician or decision maker.
With sales and marketing budgets hyper-focused on optimizing their resources, understanding clinical practices and increasing engagement with the prescribers should only help to target their investments wisely in a timely and efficient manner.