BI Solutions in Marketing and Market Intelligence for Pharmaceutical Industries
The use of BI solutions in the pharmaceutical industry is a great help for companies in the field to achieve great results. With technology, better segmenting customers, understanding market perspectives, and maximizing business results, making informed decisions with insights is easier.
Finding strategies and opportunities to promote branding with unique marketing actions is something that BI can do for the pharmaceutical industry. Reaching consumers when they need it and with the product they expect is another of the advantages of applying this solution in this type of business.
In this article, we’ll show you why this is so interesting to companies in the pharmaceutical field, how the use of the solution works within this type of organization, and what benefits you can get with Business Intelligence. Check it out!
Why invest in BI solutions in the pharmaceutical industry?
The success of a product, be it a medicine or a new treatment, is conditioned to the delivery of the right message to who can promote it among the final consumers. To do this, companies have always sought to feed their Marketing departments with data in order to help them better understand the consumers profile.
After all, discerning which professionals are most likely to adopt a solution and prescribing it to patients means that your company does not have to spend so much time trying to convince them to change brands or to try out a release.
Business Intelligence is a great business partner in doing just that. Applying information on demographics, psychology, behavior, and customer consumption profile that the brand intends to capture, it points out ways for the pharmaceutical industry to achieve the best results.
How does Business Intelligence work in the pharmaceutical industry?
In this industry in particular, Business Intelligence solutions are used to increase customer success rates through strategies such as market segmentation.
Without this feature, it is up to the sales representatives to know customers well enough to identify who is interested in the solutions offered, which medicines are prescribed most often, and where the consumer makes the purchase. All of this information is difficult to maintain manually and has enormous impact on operational performance.
With BI solutions, you can enhance systems that guide industries in managing the customer catalog, distributing resources to win new business partners, and identifying the strategies that work best in selling a product.
The main value they bring to the companies in the industry are higher investment returns, which consider the main variables in the market and anticipate the results of each sales initiative.
BI solutions also provide visibility to better understand audit results such as targeting and planning reports from organizations such as Close-Up International and IQVIA. They bring clarity to information, allow standards to be identified in them, and inferences are made so that professionals in the pharmaceutical industry can close more deals.
When well-used, Business Intelligence solutions give companies a 360-degree view of how doctors, distributors, and pharmacies relate to the product they sell, and what actions, when adopted, impact marketing and profit on medicines.
How to apply BI in marketing and in the market intelligence of pharmaceutical industries?
Among the various ways of applying Business Intelligence in the pharmaceutical industry, market intelligence deserves more prominence. It is the resource that gives companies more decision-making power because it shows when and why drugs have the greatest output.
Some drugs lose market penetration due to the fact that more modern competitors reach doctors and are prescribed instead of outdated medications. Others because the actions of the pharmaceutical industry are not enough to make them known among decision makers (doctors and pharmacists).
In order for the company to get around this, betting on data-driven systems with the objective of understanding which approach could make the medicines reach the final consumer is what brings the best results.
Missing communication with doctors? Are they informed of the benefits of the product that the brand delivers? In which regions does the medicine sell less and why?
A BI solution will deliver the answers to these questions. It will outline how public needs can be explored by the pharmaceutical industry and what organizations should do for better returns — through point-of-sale, ad campaigns, or referral campaigns to promote products in pharmacies.
A good BI solution for the pharmaceutical industry is one that:
- understands well the market in which it is inserted;
- knows the main audits available in the market (MDTR, DDD, PMB, others);
- has the latest technology to access and compile the data available to companies;
- knows how to automate and optimize these tasks so they bring results.
Each project will be different from others and customized in relation to the goals and challenges of the company that requested it. What is important is that, in addition to increasing the availability of information, systems work to provide predictability and guide decision making.
The more experience the solution provider has, the better it can serve the pharmaceutical company. With the expertise acquired in previous projects, it is possible to shorten the development cycle and put a solution in operation in a shorter than expected period.
Benefits of BI solutions in the pharmaceutical industry
Most pharmaceutical companies already work with Business Intelligence solutions, however, not all of them get the best of the product they use every day.
It is a constantly evolving market, and audits often change its parameters and complexity. Continuous work must be done to optimize the systems and data with which you interact daily, always reducing manual labor.
Among the many benefits that BI brings to the pharmaceutical industries, the approach of professionals who prescribe medicines is the most impacted.
Knowing well the profile of the patients they serve, what type of prescriptions they normally give, and how effective the recommended solutions are, pharmaceutical companies are able to create a more efficient business approach and ensure that their products will be prescribed.
They are also able to compare the performance of the company and that of its competitors, measuring which actions are most effective in conquering new markets. They serve, in this sense, to detect opportunities and point out tendencies that must be observed to sell more.
They are also a competitive differential for a business to survive pharmaceutical audits, pointing out the quality parameters observed in them and identifying what needs to be done for the company to adapt.
Did you like the applications and benefits of BI solutions in the pharmaceutical industry? Talk to one of our consultants now and find out how we can help you achieve all of these results!
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