Lifesciences IT - 2011 Yearbook
IT in the Drug Discovery Value Chain will Play a Key Role for Pharmaceutical Companies
IT plays an important role in the drug discovery process. Various IT tools have evolved to become core components of the modern drug discovery process. Advances in IT enable researchers to screen drug candidates, predict drug responses quickly and lower failure rates. IT has also reduced the costs, increased the speed, and improved the productivity of the drug discovery research and development process. IT applications in drug discovery help pharmaceutical companies to increase their competitiveness in the global marketplace. The major benefits of IT enabled drug discovery are as follows:
- Improved target identification and lead validation
- Reduced research and development (R&D) costs
- Reduced attrition rates by predicting efficacy and toxicity accurately
Electronic Data Capture will Witness High Investments for the Next Five years
CTMS and EDC will attract the highest investments in the future, followed by data mining, electronic submission tools and RFID. Legacy data and virtual patients will have the lowest investments. Computational tools are expected to witness an increase in spending after two years as pharmaceutical companies are slowly realizing the benefit of these tools.
Predictive Modeling Helps Companies to Comprehend the Attitudes, Beliefs and Value criteria in a Specific Segment
According to the present market scenario, most of the pharmaceutical companies have invested in customer relationship management (CRM) tools and have ignored investment in predictive modeling. Subsequently, companies only have data repositories but no real-time decision making intelligence to strategize. If predictive analytics are implemented, all pharmaceutical companies can correlate the insights from CRM to provide an all-round view of doctors’ prescribing habits.
Pharmaceutical companies with limited IT resources will either host a solution, or engage a technology consultant to develop the in-house skills and capabilities to develop the predictive analytics unit. By hosting a solution, the technology provider maintains the predictive models and a secure infrastructure. However, the company supplies the data, collaborates on the predictive framework and owns the deliverables/results. With an increase in experience, operations could be shifted in-house.
Dashboards are Developed to Function as a Balanced Scorecard of Metrics Covering Sales Force Effectiveness and Sales Force Efficiency
The leading and lagging indicators are usually covered in the dashboard. Multi-channel engagement/follow-through is about deepening the customers’ engagement with the brand. It is about understanding business performance and results as an achievement objective and gauging whether customers are satisfied and open to further communication and engagement.
Leading indicators will measure the sales representatives’ performance on their given responsibilities. Lagging indicators will measure the customer response. These metrics should be overseen by the managers of each of the sales representatives. Sales representatives should also compare their benchmarked performance against their peers’ averages to improve.
All of the metrics should closely align with the incentive compensation scheme, whether activity-based, objective-based or others. Training and coaching should focus on how sales reps can improve their performance relative to their business objectives, as measured by the sales force effectiveness dashboard.
Pharmaceutical companies have to consider "management by exception." Instead of overwhelming sales reps or managers with many data points, the dashboard should provide them with alerts when metrics go above or below set threshold boundaries. Using one to three metrics per category in the balanced scorecard will provide a dashboard that gives enough data points to allow informed decision-making without overwhelming users with too much data.
GBI Research, the leading business intelligence provider, has released its latest research, “Lifesciences IT - 2011 Yearbook”. It provides key data, information and analysis on the Lifesciences-IT that is being implemented by pharmaceutical companies.GBI Research expects that information technology (IT) in the lifesciences industry will become a trendsetter, helping pharmaceutical companies mitigate current and evolving industry challenges. IT solutions utilized in the value chain of pharmaceutical companies help them to operate effectively and efficiently. GBI expects an increase in the adoption of IT by pharmaceutical companies looking to remain competitive in the market place.
It is built using data and information sourced from proprietary databases, primary and secondary research and in house analysis by GBI Research’s team of industry experts.
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