Inovalon Holdings Inc.

09/30/2024 | Press release | Distributed by Public on 09/30/2024 16:34

Optimize Your Commercial Strategy With Claims Data

Life sciences companies are at a pivotal moment in healthcare. The rise of precision medicine and specialized therapies is redefining how organizations approach their commercial strategies. With healthcare complexity and competition at an all-time high, it's no longer enough to rely on traditional methods.

For pharmaceutical companies, understanding patient journeys, optimizing market access, and driving brand performance requires leveraging advanced data analytics. This is where closed claims data provides a distinct advantage.

The shift to specialized therapies

Over the past decade, the focus of healthcare has shifted from primary care to specialized therapies, targeting conditions like cancer, autoimmune diseases, and rare disorders. This transition is reshaping patient care, with treatments increasingly tailored to specific populations and conditions.

Key trends:

  • 55% of U.S. drug spending is now dedicated to specialty medicines, up from 28% in 20111
  • More than 1,500 oncology drugs are currently in development, increasing competition in the field2
  • The cost to bring a drug to market has increased by 67% over the last decade, reaching $2 billion2

Life sciences organizations are under immense pressure to optimize their commercial investments. However, the differentiator lies in how well organizations can use data to understand market dynamics, customer needs, and patient behaviors.

Harnessing real-world data for market growth

The use of real-world data (RWD) is transforming how life sciences organizations understand patient journeys, treatment pathways, and healthcare resource utilization and cost. These insights enable organizations to make informed decisions around optimal intervention points, opportunities to address barriers to care, and value differentiation - and create a strategic advantage in designing successful brand strategies that drive sustained growth.

By leveraging longitudinal data on patient experiences, life sciences organizations can pinpoint optimal moments to introduce interventions, adjust treatment plans, and better serve patient populations. This leads to improved treatment pathways, enhanced access to therapies, and, ultimately, better outcomes for both patients and the business.

The power of closed claims data

One of the most powerful sources of RWD is closed claims data, which provides a comprehensive view of a patient's care journey and management and offers invaluable insights into patient and provider interactions.

Life sciences organizations can use this data to develop targeted commercial strategies that drive:

  • Early patient identification
  • Accelerated time to therapy
  • Enhanced treatment access
  • Improved adherence

Beyond improving patient outcomes, closed claims data also informs smarter decision-making within healthcare systems. This data helps life sciences teams understand how care is delivered, where there are inefficiencies, and what can be done to optimize both care and cost management.

Maximizing market performance

Inovalon's Provider Market Insights SaaS solution enables life sciences teams to generate targeted customer insights and uncover market opportunities.

Leveraging the largest primary source patient dataset in the industry, this solution integrates over 50 types of social health factors and offers a unified view of the U.S. provider ecosystem.

With this comprehensive insight, organizations can:

  • Identify and prioritize market opportunities based on actionable insights
  • Analyze provider management of patient populations to understand key utilization and cost drivers
  • Improve customer engagement and treatment access by addressing social drivers of health

The more life sciences teams understand the specific needs of providers and their patients, the more they can tailor their commercial strategies to deliver better health outcomes.

The path to strategic growth

The journey toward sustained growth begins with using comprehensive data to inform commercial strategy.

RWD and advanced analytics can help life sciences teams identify market opportunities, strengthen provider engagement, and effectively communicate their brands' unique value.

Innovative solutions like Provider Market Insights can transform brand strategy and patient access, empowering organizations to deliver tailored messaging and drive strategic growth.

Discover how to maximize brand success through data-driven insights: https://pages.inovalon.com/Webinar-On-DemandInsightsMaximizeBrandSuccesswithData-DrivenProviderMarketInsightsOn-DemandWebinar_LP.html

Schedule a demo today and learn how Provider Market Insights optimizes brand strategy.

  1. "Trends in Prescription Drug Spending, 2016-2021," Sonal Parasrampuria and Stephen Murphy, ASPE, September 2022, https://aspe.hhs.gov/sites/default/files/documents/88c547c976e915fc31fe2c6903ac0bc9/sdp-trends-prescription-drug-spending.pdf
  2. "Deloitte's 14th Annual Pharmaceutical Innovation Report: Pharma R&D Return on Investment Rebounds After Record Low," Deloitte, April 30, 2024, https://www2.deloitte.com/us/en/pages/about-deloitte/articles/press-releases/deloittes-14th-annual-pharmaceutical-innovation-report-pharma-rd-return-on-investment-rebounds-after-record-low.html

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