Launching a new drug product is a complex and time-sensitive process for any pharmaceutical company.
It comes with numerous challenges with dozens to hundreds of employees working cross-functionally to ensure everything is in place from manufacturing and quality to IT and data systems.
For the Commercial Operations & Analytics team, data is the backbone for how decisions are made effectively from enabling the sales force to determining territory alignment and segmentation.
Core Architecture: Purchasing and Sourcing Data
When defining the data strategy for a new product launch, there’s a common playbook to follow for establishing the core architecture – most of which involves purchasing and sourcing data such as:
- National, Subnational, Payor, Insights and other key data sets from a company like IQVIA
- Specialty pharmacy or other unique data sets from the providers that will be dispensing the drug
- Marketing and survey data to understand the sentiment of the healthcare provider (HCP) target audience and how they are viewing the content that has been published for the new drug
- 3PL, ex-factory, and wholesaler data to help inform your sales forecasts
- Sample and call data from your CRM, such as Veeva, to align with your Rx (TRx, NRx, RRx) sales data to understand sales force performance and drive sales strategy
Commercial leaders who have been through multiple launches understand the fundamental data sets needed to effectively enable their teams to do their jobs.
Yet even with the commonalities between so many launches, establishing a scalable data architecture and management platform tends to be difficult.
Data Management: The Issues with Outsourcing
Oftentimes, there’s a lot of outsourcing the establishment and maintenance of these data platforms to third-party providers, like a SaaS offering but for their data.
In theory, this sounds good – especially to Commercial teams that do not have dedicated IT resources – because it reduces the amount of data handling and management.
However, in the long-run outsourcing data management ends up causing more headaches than it does solutions:
- Data is not timely
- No subject-matter expert the Commercial team can rely on
- End results are riddled with errors and more time is then dedicated to troubleshooting than deriving value-added analysis and insights
- Lack of customer service as you are just another number in the sea of companies the vendor is supporting
On top of all these challenges, pharmaceutical companies are paying huge yearly costs to these vendors because these vendors are heavily relying on manual labor for validating and managing these data platforms.
This is where the power of Snowflake, an industry-leading data platform, can come in to help mitigate these challenges that companies are now seeing time after time.
Snowflake and IQVIA for Data-Driven Commercial Optimization
Snowflake and IQVIA have partnered together to simplify data management for commercial pharmaceutical companies.
The Snowflake Marketplace allows companies to directly access critical IQVIA data sets without having to receive files from IQVIA, download them, upload them, and then transform them in your data warehouse.
With Snowflake, you can directly plug into the Marketplace and receive the data in a standardized format while also removing all the extra steps, reducing data processing time and potential points of failure in the data integration process.
You only have to pay for the implementation once and can reduce your costs to just a managed services fee with a consultancy that is transparent and puts your priorities first. Bringing your data in-house will save you millions of dollars in the long run, empower you to own and control your data, and minimize complexity.
Reach out to Stratos today if you’re interested in cutting your costs and reliance on third-party, outsourced data warehouse and integration vendors.