Big Data Isn't Just For Big Pharma. How Small Companies Can Benefit, Too
To enable their science to change the world, pharma companies need an in-depth understanding of their market, including doctors, potential patients, and payers, as well as a plan on how to navigate it most effectively. This includes understanding their target audience, as well as the relevant channels they need to utilize in order to engage with that audience.
How can small pharma companies leverage big data?
Small pharma companies can leverage big data by tapping into large, anonymized databases and utilizing advanced data technology to identify target patient populations and healthcare providers. By applying AI and data analysis, these companies can efficiently market their products, even with limited resources, and increase the effectiveness of their campaigns by up to 30% while reducing costs by around 25%.
What challenges do small pharma companies face in drug commercialization?
Small pharma companies often face challenges such as high research costs and difficulties in understanding market access strategies. According to Deloitte, over a third of new drug launches in the U.S. fail to meet expectations, largely due to insufficient market understanding and the ability to demonstrate clinical and economic evidence to stakeholders.
How can partnerships enhance small pharma's marketing strategies?
Collaborating with AI companies or research institutions allows small pharma firms to access cutting-edge technologies, larger datasets, and specialized expertise without the need for extensive in-house development. This partnership can help them refine their marketing strategies, enabling real-time data utilization and more targeted outreach to healthcare providers and patients.
Big Data Isn't Just For Big Pharma. How Small Companies Can Benefit, Too
published by ODP Business Solutions, LLC
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