Inovalon Holdings Inc.

09/07/2024 | Press release | Distributed by Public on 09/08/2024 03:24

Elevating Brand Strategy in Big Pharma: The Value of Customer Insights

In the dynamic and highly competitive life sciences industry, the pathway to a successful pharmaceutical (pharma) brand strategy is paved with deep market understanding and targeted customer insights.

More than one in three drug launches fail to meet expectations,1 underscoring the importance of evolving beyond traditional marketing and target identification methods to secure a distinct and advantageous market position.

Achieving this requires a solid understanding of customer needs, market dynamics, and a strategic approach to product differentiation, market entry, and uptake optimization.

The stumbling blocks of drug launches

The journey from drug development to market success is fraught with challenges.

Analysis of 50 failed drug launches revealed six primary barriers, with multiple factors often overlapping, illustrating the complexities faced by pharma companies:

  • 50% had limited market access1
  • 46% lacked understanding of customer needs1
  • 44% had poor product differentiation1

These issues are not merely statistical footnotes but critical insights into the areas where strategic improvements can make a monumental difference in the life sciences industry.

Social drivers' influence on the pharma industry

Social drivers of health (SDOH) profoundly impact a patient's ability to access and effectively use medications. In fact, SDOH influences 80% of health outcomes.

This presents significant challenges for pharma companies, as the industry faces an estimated $76 billion in annual revenue losses2 due to access issues.

By integrating SDOH insights into brand strategies, pharma companies meet ethical obligations, strategically enhance market potential, and ensure equitable access to treatments.

Provider Market Insights: A strategic advantage

Inovalon's Provider Market Insights SaaS solution delivers advanced data analytics on social drivers of health, arming life sciences teams with actionable insights.

Leveraging the largest primary source patient dataset in the industry, this solution offers an unprecedented, unified view of patient care across 97% of U.S. healthcare providers.3

It integrates over 50 types of social health factors, providing a holistic perspective that is crucial for informed decision-making.

The solution enables life sciences companies to:

  • Gain a deep understanding of brand and competitor market performance
  • Strategically prioritize provider customers based on key performance indicators and benchmarks
  • Identify high-potential targets and allocate commercial investments effectively to maximize return on investment
  • Develop and deliver customer messaging and value propositions that resonate with target audiences

Provider Market Insights also offers critical data visualizations to enhance pharma brand performance. This includes:

  • Extensive data coverage: Access over 82B medical claims, 382M unique lives, 1.1M physicians, and 674K clinical facilities
  • Integrated insights: Gain a unified view of brand and competitor performance for deep market influence insights
  • Socioeconomic insights: Identify characteristics of patient populations at the lowest geographic level
  • Continuum of care analysis: Analyze provider management across the care continuum to understand utilization and cost implications

Driving excellence in pharma brand strategy and patient outcomes

Inovalon's robust dataset empowers teams to make hyper-targeted, highly informed decisions that enhance provider engagement, brand performance, and patient outcomes.

By integrating comprehensive data and leveraging advanced analytics, pharma companies can overcome market challenges, optimize brand strategies, and achieve sustained growth in an increasingly competitive environment.

The path forward

In a world where the stakes are high, the ability to adapt and thrive hinges on the depth of insights and the agility of strategies employed.

Developing a successful pharma brand strategy is imperative for navigating market complexities and ensuring long-term success in the life sciences industry.

By harnessing the power of customer insights and predictive analytics through solutions like Provider Market Insights, pharma companies can confidently approach the market, exceed expectations, and drive innovation.

Contact us to see how Provider Market Insights optimizes brand strategy.

  1. "Rethinking market access," Corvino, B., Elsner, N., Wagh, M., Jaeger, J., Deloitte Insights, March 9, 2022, https://www2.deloitte.com/us/en/insights/industry/life-sciences/pharmaceutical-market-access.html
  2. "Incorporating social determinants of health into comprehensive medication management: Insights from the field," Pestka, D., Espersen, C., Sorge, L., Funk, K., Jaccp, May 4, 2020, https://doi.org/10.1002/jac5.1254
  3. As of June 2024, Inovalon's MORE2 Registry® has 1.068M physician NPIs. According to https://www.kff.org, the total number of physicians in the U.S. is about 1.1M

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