JULY 2021LIFE SCIENCES REVIEW8NEXT-GENERATION COMMERCIAL DATA MANAGEMENT SYSTEMS FOR BIOPHARMACEUTICALSow often is there a business-critical problem statement that requires analysis of various data assets that you have invested time and money to procure and manage, and you hear from the team that:· The data don't really talk to each other that way· You need to hire consultants to make sense of the data· The data aren't organized in a way to answer that question· It's going to take a few months to get the system to generate the results the way you need toThe speed to insight is one of the most common challenges decision makers face in an age where we are inundated with data. Teams often spend more time cleaning and organizing the data assets than generating insight from them. Why is it that when we have infrastructure to store large data and enterprise platforms for visualization and reporting, as well as advanced analytic teams, that we still struggle to meet these needs?By Ashwin Athri, SVP, Precision for ValueHThe answer may actually lie in small data. Counterintuitive?The discipline of master data management (MDM) has gained momentum in biopharma recently. There is a lot of activity in the space, with companies developing sophisticated systems and IT departments implementing the solution across organizations. Across the Biopharmaceutical industry, the data assets that are commonly leveraged for commercial business insights and analytics include:· Third-party: Prescriptions, medical claims, patient longitudinal, formulary coverage and restrictions, shipment, distribution· Second-party: Contract rebate submissions, specialty pharmacy, copay card redemption, EMR· First-party: HUB, CRM, media; such as web, mobile, email, medical devices, sales, and territory alignmentsThere are a few key aspects of the data assets, common to all manufacturers, which need to be organized across these types of data sets to enable insight generation and innovation. A few of these parameters that we need to master and leverage for integration are:· Payers: PBMs, health plans, employers, unions· Providers: Hospitals, practices, IDNs, infusion centers, cancer centersIN MY OPINION
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