When to Start Looking at Data—and When to Stop
Let’s face it. Nowadays, data are everywhere and power everything we do. They’re absolutely vital in healthcare marketing, but how are biopharma companies supposed to use them? More importantly, when do they start using them?
Fingerpaint's Chief Analytics Officer, Rommel Fernandez, recently participated in a webinar panel discussion with Endpoints News that touched on this very topic. The panel spoke about the much-needed role of data early in the commercialization process and agreed on several key points.
It’s never too early to start
In the biopharma industry, there’s almost no such thing as collecting data too early in the approval process. In fact, it’s a vital part of laying the groundwork for a successful marketing strategy. Drug launches take years, and last-minute setbacks and surprises can tack on even more time. Going down the wrong strategic path before approval can cost companies more than just money; it could mean patients who really need the drug may not get it in time.
More isn’t always better
In healthcare marketing, there’s a popular belief that more data are always the answer when it comes to commercialization. “In our opinion, this isn’t always the case,” Fernandez told the panel. He went on to explain that sometimes more data just mean more noise—and that can mean less insight. Rather, Fernandez explained, “It’s about finding the rightdata.”
With analytics, there’s never a one-size-fits-all solution. Launching a product in the acne space looks a lot different from launching one in the rare disease category. That’s why it’s crucial to understand exactly how your product or technology fits into the wider landscape of patient and HCP needs.
There are many limitations as to what manufacturers can do and say before their product is approved. However, there are ways to shape the market and build brands during this time. Unbranded disease education and advocacy campaigns can gauge both patient and HCP interest. In addition, clinical trials can provide invaluable insights into how participants think and feel about the drug. Analyzing data ahead of your approval date can keep you on track and ahead of schedule.
Don’t discount the small stuff
Sometimes what seems like a minor detail can change the course of your entire campaign. For instance, an offhand comment made during a patient or HCP interview may seem insignificant within the big picture. But if your gut is telling you to explore it a bit more, go for it. Minor details often reveal major insights, which can help you connect with your audience in a stronger, more meaningful way.
Trust, but verify
In the biopharma world, there’s never a shortage of great ideas, groundbreaking science, and new opportunities. There is, however, a finite supply of time and resources. When it comes to your product’s marketing or branding strategy, go with your gut—but make sure your decisions are backed by data. In the end, it’ll save you time, money, and a lot of headaches.
The healthcare marketing landscape doesn’t seem to be slowing down any time soon, especially with analytics. Staying competitive within the landscape means fast and complex decision-making, and those decisions need to be informed by the right information. After all, this industry was founded on improving outcomes.
To hear more of Fernandez’s thoughts on the use of analytics in healthcare marketing, watch the full webinar discussion.