As a pharma leader, you direct your team to spend time and budget gathering data, observations, and information. Your objective? To gather as much relevant information as possible and enable informed decision-making. But despite your best intentions, you’re likely still missing important information. We call this missing information the insight gap, which already affects every life science company – in fact, research tells us that just 9% of pharma teams use most of the data they collect to generate insights.
Determine your insight gap risk
The reality of insight-gathering is complex. Channels are multiplying, and data accumulates faster than humans can process or analyze it (though AI in pharma offers intriguing possibilities). Most of your competitors are engaging the same key experts as you, and patients have just as many demands on their time as busy HCPs. All of this in a time of strict budgets with a mantra of doing more with less – when innovative therapies are in high demand from an aging population.
Given this challenging backdrop, how can you close your organization’s insight gap? What do you need to ensure you can cover multiple channels, collate data, engage stakeholders efficiently, and use all that information effectively?
The power of insight – and what’s holding it back
Insights are powerful – they can open new geographic markets, generate opportunities to use targeted messaging, strengthen relationships with KOLs and patients, accelerate product development and other project timelines, and even help you identify up-and-coming experts in niche areas. Without adequate insight, pharma leaders tell us they risk product launches, budget overruns, and missed internal and regulatory deadlines.
However, using these potent insights is difficult if you only get part of the story. This can happen at three key inflection points:
Monitoring and understanding the disease community
Most medical affairs teams know their disease community well, but technology can reveal new and valuable information. The increasing popularity of social media monitoring in pharma allows you to be in two places simultaneously: conducting your regular insight-gathering activities while keeping track of important online conversations among HCPs, researchers, and patients. These unscripted and unfiltered conversations can give you powerful information on your brand and competitors and insight you might not get from the average ad board. This tactic can also be a means to discover experts and influencers who can introduce a valuable new perspective.
Traditional engagement methods, including in-person advisory board meetings, will always be part of how life science teams get insights. But the industry must now account for a multi-channel world where insights come from social listening, field discussions, and virtual spaces, as well as the need for more diverse input from traditionally overlooked audiences. Done right, this is a remarkable opportunity to carve out a competitive advantage in a challenging market. Our data shows that well-designed, skillfully moderated asynchronous discussions yield up to seven times more high-quality feedback than in-person or typical web conference meetings that aren’t designed to support pharma industry workflows.
Watch and share a short video to understand how a lack of insights can impact your organization.
Other teams are discovering a meaningful difference in expert engagement by expanding beyond traditional bibliometrics and looking at influencer networks through a tech-enabled lens. Learn about the invisible college and how pharma teams use it to pull away from competition.
Analysis and reporting
Pharma insights reporting is where the rubber meets the road: digging into all the data and observations you’ve collected to identify trends and next steps. Many teams get stuck, spending hundreds of hours looking for information, having meetings without consensus, or starting from scratch because there’s new data or something was overlooked. You can accelerate this process by investing in technology that eliminates tedious analysis and provides clear direction on next steps – freeing you to focus on strategic work rather than manual analysis that doesn’t move the needle.