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Pharmaceuticals

Pharmaceutical Solutions - Overview
The Pharmaceutical Industry is facing a sea of change - Budgets have been slashed, staff has been “right-sized” to a skeleton crew and there is a hiring freeze in almost every company. In parallel, sales quotas and market share targets have shot up, 'e' initiatives have begun to enter the fray, closed loop marketing is becoming standard and there is not a single aspect of the business that isn't controlled by legal or regulatory authorities. Fewer drugs in the pipeline, with the potential to become blockbusters, are receiving FDA approvals and 'cash cow' drugs are coming off patent in large numbers.

This intensified set of demands and pressures on brand teams today have resulted in a need for external marketing management support like never before! LatentView's analytics offerings challenge the conventional wisdom about pharmaceutical marketing and provide alternative selling strategies to deal with the crisis at hand.

ANALYTICS OPPORTUNITIES IN PHARMACEUTICAL MARKETING



Physician Targeting

Getting the most out of your sales force and promotion relies on precision: targeting the right doctor, with the right message, the right promotional material, and the right rep at the right frequency. Traditional methods of using past prescription levels or intentions through surveys for segmentation and targeting come up short for identifying and classifying physician targets in the field.

LatentView’s Targeting Framework takes a comprehensive view of the Physician, Payor, Product and Patient to understand the drivers of prescribing for physicians across territories, therapeutic areas and brands.

Sales Force Effectiveness

A Pharmaceutical company’s sales force can be its most lucrative asset or its greatest liability. Companies should focus on tailoring sales strategies to ensure they are getting the expected returns. The slowing economy and rising cost of travel are pushing companies to reevaluate the way they organize their sales force and conduct business. The escalating cost of a direct sales force should act as an impetus for pharmaceutical companies to take a long term view of their selling practices, address inefficiencies, and add new capabilities.

LatentView’s Sales Force Effectiveness (SFE) solution will provide invaluable insight into the effectiveness of messaging, materials, sales tactics and reps on prescribing behavior.

Territory Planning - Optimize sales strategy across territories developed using advanced predictive models to evaluate sales force effectiveness by varying size, structure, workloads and incorporating business rules and constraints.
Performance Forecasting – Estimate contribution of Sales reps by studying the effectiveness of their sales tactics on physician prescriptions.
Compensation Planning - Evaluate all combinations of compensation plans across the sales force structure to create the most optimal plan across channels by linking it to resource based forecasts.

Marketing Management

The only way for a brand to grow effectively is to improve the bottom line effectiveness of each marketing dollar. The approach of simply modifying the previous year’s marketing plan by a few percentage points is flawed as this assumes that the impact of activities will basically be the same as the previous year, which is rarely true. The management of the promotion mix in a marketing context, with an application to the prescription pharmaceutical industry, is tricky. It is important to know the effect that Direct-to-Consumer (DTC) ads have in encouraging patients to seek treatment, and whether non-brand specific ads are more effective than brand specific ads in influencing the patient treatment incidence decision.

LatentView’s analytical approach using promotional response curves and econometric models will give your company the competitive advantage by identifying the best marketing optimization approach. 

Marketing Mix Modeling – Define ideal marketing mix through advanced predictive models that translate physician attitudes towards promotions into a reliable prediction of prescriptions, taking into consideration the marketing budget.
Direct to Consumer (DTC) Analysis – Calculate ROI on DTC spend by estimating effectiveness of DTC advertising - branded and unbranded - on drug sales.
Sample Allocation – Optimize sample allocation by understanding the impact of samples on physician prescribing behavior, isolated from other drivers of prescribing.