You may have seen charts like this one before. It shows how, over the last 15 years, data volumes have increased almost 100-fold.
– Worldwide data growth in zetabytes (Statista)
Extrapolate this chart further into the past – pre-digital revolution, say – and the comparison becomes even more stark. Data collection, storage, and analytics has exploded in the recent past, and this trend shows no signs of slowing down.
The ‘data age’ provides both challenges and opportunities. Pharma companies have access to larger volumes of data than ever before – allowing them to access new insights and understand their patients, customers, competitors, and markets with greater accuracy and reliability. But amidst such rapidly-growing data volumes, the various data sources and streams can often become siloed – meaning valuable insights get lost in the noise.
This article examines the importance of integrating diverse data sources to gain a complete perspective and make strategic decisions with clarity and confidence.
The problem
In the life science sector, small-to-midsize businesses (SMBs) face a host of challenges related to data and insights. Unlike larger, more established pharma companies, these organizations often have limited IT architecture – making it difficult to collect, analyze, and act on diverse data sources. More often than not, they’re also operating on restricted budgets, which means they lack access to the advanced tools and opportunities afforded to larger companies. These SMBs are trying to make waves in often crowded markets, where their competitors are both more established and better resourced than they are. The insights contained in diverse data sources are critical if they are to compete with their larger rivals, but these SMBs simply aren’t well-positioned to access them.
Each data stream – claims data, social listening data, HCP data, and others – represents a different piece of the puzzle that informs strategic planning. But on their own, none of these individual pieces reveal the whole picture. And to make matters worse, these diverse data sources are often siloed in life science SMBs – so medical and commercial teams never get to see the completed puzzle. They’re basing their strategies off isolated pieces.
“Data silos are a common problem for organizations that can lead to fragmented data and hinder decision-making processes. Silos are created when data is collected and stored in separate systems or departments, making it difficult to integrate and analyze data effectively. The issue is compounded by the exponential growth of data and the increasing demand for real-time insights.”
Medical affairs data
Medical affairs teams rely on numerous data streams to inform strategic planning. HCP data gathered from MSL field interactions helps to ensure clinical relevance and validate findings from claims data, social listening, and other data sources. Healthcare professionals provide a critical perspective, with their experiential feedback helping to close the gap between data-led conclusions and the real world – enabling teams to align their strategies with what’s actually happening on the ground.
Congress data helps teams to identify potential KOLs in attendance at important medical congresses; provides an insight into what various experts think about the different speaker sessions and announcements; and offers a window into competitor activity. Publication data is another way of identifying KOLs and keeping abreast of scientific exchange – but it’s far from the only or even the best means of expert identification.
The challenge for medical affairs teams is to put these disparate pieces together, and uncover the whole story the data has to tell them.
Commercial data
Commercial teams have access to a whole host of data sources to help them better understand the markets they’re launching into. Claims data helps to reveal patterns in healthcare utilization: where services are being used, which patient profiles are using them, what those services cost, and more. Claims data reveals insights into the patient experience that can inform launch strategy, and shows areas of inefficiency that can be addressed to enhance health outcomes.
Combining social listening with sentiment analysis allows commercial teams to gain real-world evidence from online discourse. Listening into the real, unvarnished views of patients, HCPs, patient advocates, and digital opinion leaders provides an invaluable lens into what these people really think about your brand, therapies, or competitors. These insights can help teams better understand the existing treatment landscape and address unmet needs, while accurately gauging public sentiment.
These data sources, although critical to informing strategy, are really just the tip of the iceberg. Numerous other sources, including clinical trial data, patient data from various EHRs, and different forms of real-world evidence all have a say in how commercial teams approach strategic planning. Each source is its own piece of the puzzle.
The power of integrated insights
“Technology can serve as a powerful enabler of silo elimination. By facilitating seamless data sharing and collaboration, technology can break down barriers and accelerate innovation.”
– Medium
When assembling a large and complex puzzle, each individual piece gives little away. A swatch of green here, a patch of sky there, maybe a hint of clothing or hair – nothing much to suggest what the finished image might look like. The data sources we’ve just explored are like that. Each source is integral to the finished picture, but in isolation you’re only getting a fragment of the puzzle.
It’s only by combining these data sources to deliver integrated insights that pharma SMBs can begin to see the whole picture for what it really is. Within3’s Insights Management Platform breaks down data silos to consolidate both internal and external data sources, delivering aggregated reports that provide an actionable foundation for strategic planning. Combining data sources to provide integrated insights delivers numerous, tangible benefits, including:
Enhanced stakeholder engagement
Combining data sources for integrated insights helps to encourage deeper, more productive stakeholder connections by ensuring medical and commercial strategies resonate with patients, providers, and payers.
Real-world outcomes
A unified data approach provides organizations with the insights they need to effectively pivot strategy in a number of ways. They can design interventions to address unmet needs, improve health outcomes, or optimize the allocation of resources – resulting in measurable real-world impact.
Concluding thoughts
As the landscape of life science evolves through new market pressures, changing patient expectations, regulatory updates and technological developments, small-to-midsize organizations will become increasingly reliant on accurate, actionable insights. And with data volumes expected to propagate even further, combining data sources into a single source of truth will be critical if these organizations are to gain a complete picture of treatment and competitive landscapes.
If you’d like to experience the power of integrated insights for yourself, schedule a demo of the Within3 Insights Management Platform today.
