Why Emerging Biopharmas Need Early Master Data Management

Data produced across R&D and commercial activities continues to grow exponentially, but often sits in silos, fragmented across departments, impeding scale. As a result, it's becoming more common for emerging biopharmas to prioritize master data management (MDM) earlier. Proactive MDM adoption helps growing life sciences companies manage the rate of data generation, set the stage for commercial business processes, and support scalable growth.

MDM provides companies with an essential data foundation to enable all areas of their business. While MDM can often compete with more visible initiatives like closed-loop marketing and omnichannel engagement, the reality is that these business processes rely on quality master data to be successful.

Set the stage with unified data

To build a strong data foundation, it's important to establish a data backbone early on. This provides a clear picture of the customer landscape across departments. For instance, combining master data with other data sets, such as medical claims and key opinion leader (KOL) sources, helps you create key stakeholder influence maps and a go-to-market strategy.

Recognizing the need for MDM too late drives up implementation and change management costs required to untangle manual workarounds. These workarounds to address missing MDM capabilities often lead to fragmented, inefficient, and non-compliant solutions.

Maximize CRM adoption and impact

With a data backbone in place, you can focus on ensuring CRM adoption and impact across medical and sales teams. These teams rely on up-to-date and correct customer data; without it, they spend time fixing data rather than engaging and educating customers.

Frequent and timely healthcare professional (HCP) and healthcare organization (HCO) data updates in CRM ensure data is accurate for the medical and sales teams. Outdated customer data and lengthy data change request processes can threaten CRM adoption and the quality of customer interactions. MDM facilitates a frictionless data flow to the CRM, enabling agility crucial for emerging biopharmas.

Expand MDM's role across the business

The value of MDM continues to increase as your organization grows more complex. Its benefits extend well beyond sales use cases to marketing, compliance, market access, and, for some companies, clinical.

MDM supports companies in managing complex datasets, including payer and plan information, product data, and competitor insights. By centralizing information into a single source of truth, organizations can make informed decisions, optimize market access strategies, and enhance product offerings.

Through MDM, biopharmas can streamline processes, from verifying HCP registrations on brand portals to managing multichannel consent and ensuring compliance with data privacy regulations. MDM seamlessly integrates your clinical and commercial data and builds a better 360-degree view of the customer.

Hear how Idorsia has simplified master data management with Veeva Network.

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