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Developing IQVIA’s positions on key trends in the pharma and life sciences industries, with a focus on EMEA.
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Developing IQVIA’s positions on key trends in the pharma and life sciences industries, with a focus on EMEA.
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EMEA Thought Leadership
Developing IQVIA’s positions on key trends in the pharma and life sciences industries, with a focus on EMEA.
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Your world is unique – and quite different from pharma. In the U.S., decision-making has shifted from individual physicians to integrated networks--GPOs, IDNs and payers. These groups have heightened the focus on proving your solution’s value, demanding outcomes analyses and putting pressure on pricing.
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Blog
Bad Commercial Data Can Cost You
Why building quality data into your commercial tools from the beginning matters
Sep 26, 2023
Those of us in commercial roles are increasingly relying on data (direct/internal, indirect/external). We rely on tools with advanced algorithms and artificial intelligence (AI) and machine learning (ML) applications to support our customer segmentation and targeting efforts, and to provide deep customer insights, all in an effort to optimize our sales effectiveness.
Data is table stakes, and when it comes to AI/ML-driven applications, we know: “Garbage in, garbage out.” In a 2017 edition of the MIT Sloan Management Review, the authors stated that “The cost of bad data is an astonishing 15% to 25% of revenue for most companies.”
Mind blowing. Yet we know that especially in the medical device and diagnostic industries, many companies are often relying on obsolete, poor-quality data. In a MedTech-focused VOC research study sponsored by IQVIA in 2021, sales leaders of large medical device and diagnostic companies lamented data recency. “The problem […] is, that a lot of [external] data is usually at least a year or two old. So, we are constantly getting old data and we are not getting real-time data,” stated a Regional VP at a large medical device company. “Most of the time, we can’t get a full understanding of what last year looked like, and we don’t know how accurate all [the] data [from our vendor] is” stated a Market Access leader at yet another large medical device company. Worrisome and not good enough.
Data accuracy, recency, and relevance
Accuracy and recency of your data sources must be thoroughly evaluated to ensure investments in commercial support tools (e.g., SaaS) and data that feeds into internal CRMs via APIs or connectors are yielding the results and returns you want and need. Sales teams must be able to rely on and trust the data in order to integrate these tools and investments into their routines and be effective in their roles. Forbes authors said it best in 2021: “With data volumes steadily rising, the importance of maintaining data quality has never been higher.”1
Identifying the right customers based on deep, relevant, and reliable customer insights is becoming increasingly essential as access to healthcare providers has changed along with some of the product selection dynamics. Approaches by medical device and diagnostic sales teams must change accordingly and should be supported by relevant and reliable customer insights data.
78% of business leaders in a 2023 Oracle study complained that they are being bombarded with more data than ever before. Decisions are more complicated; not less.2
What MedTech commercial teams need is the right data at the right time to engage with their customers through the right channels with the right message.
Where to start…
It can be as simple as augmenting existing commercial processes and tools with reliable and specific/custom procedure and diagnosis code data. Add on high quality customer reference data. Introduce an easy-to-use targeting and customer insights platform built specifically for MedTech companies on the same trusted and reliable data assets that includes opt-in emails to optimize engagement and response rate. Explore additional options pertaining to incorporating digital behavior data of your customers, trigger e-mails, Next Best messaging, and Next Best Action recommendations.
All of these are options today to optimize the effectiveness of commercial teams at the pace that makes sense for the business. At the core of it all, however, must sit trusted, timely, quality data.
Read more about IQVIA’s newly launched MedTech Market Activator commercial intelligence platform as well as its trusted, underlying medical claims and reference data offerings. To learn more about IQVIA’s digital behavior data and omnichannel services, click here.
References:
- Flying Blind: How Bad Data Undermines Business (forbes.com)
- “The Decision Dilemma”, Oracle, 2023.
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Medical Devices and Diagnostics
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