Research shows that while many medical affairs professionals say they don’t lack data, they may lack a way to make sense of it quickly. Good insights reporting methodology is one of the key medical affairs strategies you can use to continuously improve work more effectively.
Let’s explore the concept of the insights loop – the notion that integrating insights from many sources results in an ongoing process of refinement. (Jump to a short video about the insights loop.)
This process goes beyond conventional data analysis, improving decision-making and validating strategies.
Understanding the insights loop
First, teams must align on what an insight is. Unlike mere data points or findings, insights represent illuminating a-ha moments.
As defined by the Medical Affairs Professional Society, insights offer action-oriented conclusions from a comprehensive analysis of various data sources.
Next, consider the difference between actionable and observational – an insightful observation doesn’t stop at stating facts. Rather, it prompts action and guides medical affairs professionals to make informed decisions based on data-backed strategies rather than assumptions.
Integrating and refining: the insights loop in action
Insights management isn’t a one-off event but an ongoing journey of refinement, validation, and evolution.
Key stages of this journey include:
- Define key insight topics and questions to set the stage for success. Outlining specific areas of interest ensures a focused approach to data collection.
- Gather insights from various sources, including group engagements, advisory boards, digital interactions, and real-world data.
- Collaborative analysis amplifies the quality of insights. Cross-functional collaboration brings diverse perspectives and enriches the analysis process.
- Refine strategies as insights evolve over time. Monitor and assess the performance of strategies to continuously refine and improve.
- Iteration. The insights management process repeats as refined strategies generate outcomes, which lead to new insights.
Embracing the insights loop
Adopting a policy of continuous refinement allows medical affairs teams to make more informed decisions based on validated insights, minimizing uncertainty and fortifying strategic value. Ultimately, a more insights-driven strategy results in better therapies that reach patients who need them.
Continuously analyzing insights also helps identify emerging trends early so medical affairs can adjust their strategies accordingly, rather than playing catch-up to the competition or needing to start from scratch. (Related: catch an on-demand webinar about bridging science and business to show true medical value.)
Teams should evaluate their current insights management and reporting processes to fully reap the benefits of the insights loop.
Technological advancements – particularly in AI in pharma – now streamline workflows and handle time-consuming analysis tasks, freeing teams to focus on strategic work. Despite the need for an initial investment, these changes ultimately result in cost savings and increased productivity.
Video: the insights loop
Elevating the role of medical affairs
The insights loop represents a transformative approach to decision-making for pharma. By embracing this process and leveraging new technology, teams can continuously validate and refine their strategies.
As the pharmaceutical landscape evolves, the insights loop becomes indispensable for staying ahead, optimizing therapies, and making impactful decisions backed by data-driven insights.
Learn more in an on-demand, in-depth discussion of how medical affairs is transforming its approach to insights management, with expert commentary by leaders from Spark Therapeutics and Idorsia. Watch the webinar.