Emerging biotechs know and understand the importance of data not just in helping them innovate with new treatments, but in enabling them to ensure the success of the products once they arrive on the market.
They have access to more post-launch evidence and other data from more sources than ever before – from physicians around the world, from patients and their caregivers. Collating and analyzing it all efficiently is essential if they are to harness it effectively to support their product.
However, due to their size, biotechs often don’t have the resource or expertise to achieve the level of data capture, and synthesis required, nor to analyze it for vital insight and make changes to strategy. Matt Lewis, Global Chief Medical Analytics and Innovation at Inizio Medical, explores how AI (artificial intelligence) is crucial to support biotechs in meeting their data analysis needs.
The importance of data
For emerging biotechs, a data-centric approach is crucial to successful commercialization. This data can include information about market conditions, competitor performance and about healthcare provider (HCP) and patient needs or demands, as well as post-launch data about the progress of the therapy in key territories. All of this can provide valuable insights to enable biotechs to create a strategy to target their limited resources to maximize the effectiveness of their product launch.
Despite the value of this kind of evidence-based strategy, too few organizations invest in gathering and analyzing data.
A wealth of knowledge can be gleaned from this information:
- Identifying competitor activity which may require a tweak in proposition or messaging
- The product may be performing better than expected in one market, suggesting that more resources should be directed there to maximize success
- Determining sentiment among opinion leaders, media and customers which may dictate a requirement for new or different PR initiatives
- Supporting content may need to be rethought to provide HCPs and patients with the information and guidance they need
- More support may be required in some key markets to ensure the product is achieving its full potential
A unique challenge for emerging biotechs
The amount – and the quality – of data available to pharmaceutical companies is greater than ever before. In addition to traditional information from HCPs and medical databases. It’s now possible to engage directly with and gain insight from patients via digital channels, like TikTok and Snapchat. All of this data provides opportunities to redirect resources to where they are most effective.
Failure to analyze all data effectively could mean valuable opportunities to change campaign direction could be lost, with ramifications for return on investment. This is a crucial issue for emerging biotechs. They have finite resources, so need to use them judiciously to ensure their business continues to thrive.
However, many emerging biotechs don’t have the time, the resources or the team of expert specialists to collate and analyze all of the information available to them to extract useful insight, in spite of the value of the exercise.
They need help doing the data collection and analysis to harness it effectively.
The value of AI
There are tools that emerging biotechs can use to help them overcome data challenges to take a more evidence-based approach to commercialization. Artificial intelligence (AI) in particular can allow them to automate the collection of insights from all sources, and use linguistic analysis to help structure and filter information to streamline analysis.
Augmented intelligence solutions in particular support human experts in managing data so they can then study relevant information to draw useful and actionable conclusions. These, in turn, can be used to power better decisions and more effective strategies post-launch to ensure limited resources are utilized as effectively as possible.
The value of expert support
AI tools, supplemented with human expertise, offer considerable potential to support emerging biotechs in making the most of their resources to maximize the success of their discoveries.
However, investing directly in AI solutions may be out of reach for many companies. Strategic partnerships with data experts that offer AI-enhanced analysis is essential to enable biotechs to reap the benefits of augmented intelligence. The sooner they engage these partners in the commercialization process the better to ensure they are truly making the most of the value of their asset.
Inizio: data solutions that help you make the most of your asset value
Inizio Biotech understands the value of data in helping your product to succeed across your target markets. Providing best-in-class AI-augmented intelligence, our biotech solutions help you to harness data to power better strategic decisions that will maximize the value of your assets. Find out more here.