JULY 2021LIFE SCIENCES REVIEW9The discipline of master data management (MDM) has gained momentum in biopharma recently· HCPs: Primary address, employment, affiliations· Products: Market baskets, indications, brands· Treatments: NDC, ICD, HCPCSIf every manufacturer sets out to solve the same problem across the same data assets, the industry is investing on the same solution multiple times on the same outcome, which does not give any manufacturer a decisive competitive advantage. This is not a very efficient use of capital. A traditional approach to an MDM solution is to use a sophisticated software system that figures out the data map as you continue to feed it data. There are a couple of challenges that this presents, including that these systems are often developed pan-industry, and they come loaded with features and capabilities that the teams barely use as they are not mission critical. These over-engineered solutions are then leveraged to solve a problem statement that should, by nature, be a solved problem. Running and managing these systems adds another layer to the already large lead-time to insight. We need a better approach. This is not scenario for an engineering solution, this calls for a business solution that leverages available technology.How payers and providers organize themselves and the capabilities they have, is often independent of a manufacturer's product or even the therapeutic area. These payers, HCPs, and providers exist and operate in the marketplace regardless of the manufacturer. There is a more universal truth that needs to be first understood and applied before applying the data assets for analysis. Industry standard reference files, with centralized stewardship and governance that contain business intelligence along with attributes that enrich the data itself, are now necessary to provide the solution than relying on systems to figure it out. These are small data coming to the rescue of the big data mire. Small data helps lakes not become swamps. Small data ensures the ROI on big data investments. Small data ensures the large systems that you built and maintain are leveraged optimally. Imagine having a turnkey data universe where the payer, provider and HCP names, relationships, and hierarchies are cross-asset, ready with all of all attributes, such as 340B institutions with in-office dispensing, EMR systems used at site of care, employer and unions tied to prescription claims, payer archetypes, and IDN maturity models from the get-go. All of this regardless and independent of the data vendor(s) you choose to purchase from. Now you are ready to derive insights. Now the data asset is primed to provide business intelligence at the speed you need to run the business. Now you can turn data into a competitive advantage.
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