Given fragmented and incongruous pharma data sources, pharma marketers are disadvantaged with limited real time analytics to analyse and course correct performance in a timely efficient fashion, and are therefore in dire need of wizardry to pull them out of their misery, magically or not. To this end, New Jersey headquartered Analytical Wizards combines deep industry expertise and knowledge with AI/ML powered scalable analytical solutions to help pharmaceutical brands accelerate and deepen insights to inform their marketing strategies.
"The WIZ platform is truly an industry-leading platform in the pharma healthcare domain, but it has huge applicability across verticals"
Prevalent Roadblocks to Pharma Marketing
Pharmaceutical marketing has been historically complicated and inherently different from that of any other industry.
Strategic imperatives and Marketing objectives for brands differ based on various factors including the stage of lifecycle of the drug in question i.e. pre-launch/launch versus late lifecycle, the given therapeutic category, level of competition and other market dynamics. A drug in the early phase of launch may need data (and its analysis thereof) to identify how patients originate and where in their treatment pathway the drug can be introduced. They might also need to understand patient compliance during trials-whether patients are following clinical protocol and are taking medications per schedule and on time, for instance. For a drug that’s already in the market, pharmaceutical companies need to uncover competitive advantage and market trends and opportunities, measure the efficiency of their marketing tactics, formulate sound marketing strategies, and allocate budgets in a well-informed manner, in addition to driving brand preference, market share and patient days on therapy and patient compliance/adherence.
However, acquiring data and deriving actionable intelligence for branded pharmaceutical products turns out to be a complicated affair for a plethora of reasons. First off, a significant portion of data is disaggregated across multiple touchpoints, such as EMR/EHR, Lab data, Medical, Pharmacy & Hospital Claims, Distribution and Shipment data Accounts & Physician level sales data. In addition, patient level data sets are designed to be deidentified for patient data security and privacy mandates like HIPAA. Also the pharmaceutical ecosystem involves multiple players involved in the process, from patients and caregivers, to health care providers, from pharmaceutical companies to payers, distributors, and other entities. “The healthcare market is not a classic consumer market where manufacturers have a direct understanding of their products’ performance in the market due to the abundance of data. Due to the nature of managed care, the customer and consumer are often different entities and decision making is diffused. A Netflix marketer knows every click, purchase and viewing behaviour of individual customers, and scanner level data provides similar detailed consumer purchase data to consumer brand marketers enabling a P&G or a PepsiCo to know purchase and consumer behaviour in exquisite detail. A pharma marketer is not blessed with such abundance and continuity in data.
Our platforms leverage AI/ ML, Technology, and Pharma Domain knowledge to integrate data assets, creating real time insights for our clients to address critical business questions, accelerate business performance & optimize marketing investment
As a result, most pharma marketing leaders struggle to understand what’s going on in their market and to detect brand opportunities and challenges in real time to tailor tactics that optimize performance”, explains Jaya Subramaniam, Chief Strategy Officer at Analytical Wizards.
Acquiring data from siloed and disparate sources is just a good first step. Deriving meaningful business insights from data requires a combination of domain knowledge and the ability to integrate datasets utilizing machine learning and data science/advanced analytics expertise, as well as technology to scale solutions and accelerate speed to insights.
Unfortunately, to address these requirements, pharmaceutical companies build formidable data and analytics teams in-house and shuttle across vendors (for acquiring data) and consultants, working on each business problem in a piecemeal fashion often without the ability for integrated performance tracking. Such a piecemeal approach requires multiple resources and expensive budgets to pay multiple data vendors, consultants and project based analytical support and results in delayed, staggered and incomplete insights.
Analytical Wizards is revolutionizing this type of project-based, resource-heavy, static performance reporting and analytical approach to a more scalable dynamic real-time one by leveraging AI/ML & scalable technology. “Our platforms leverage AI/ ML, Technology, and Pharma Domain knowledge to integrate data assets, creating real time insights for our clients to address critical business questions, accelerate business performance & optimize marketing investment,” comments Ram Sharma, the CEO and chairman at Analytical Wizards. The company has designed two platforms—WIZ, an industry leading omnichannel marketing optimization platform and IZE a business performance optimization platform that enables clinical and commercial teams to achieve speed to insights, and ‘analytics on demand’ to enable real time performance tracking, dynamic targeting to proactively find new patients, accelerate clinical trial enrolment, and pre-emptively prevent patient discontinuations and non-compliance.
WIZ and IZE: The Pharma Marketing Game Changers
As an omnichannel marketing tool, WIZ helps pharmaceutical companies to optimize marketing investment and their promotional strategy based on customer behaviour. WIZ helps Brand leads optimize their scarce marketing budgets across channels, personal and non-personal, and optimize a particular campaign and or a channel. The platform is highly customizable and flexible while being scalable allowing multiple simultaneous scenarios and Marketing Mix models to run in parallel thereby increasing efficiency and speed. Also, since it has historical data for multiple brands across therapeutic areas and stage of lifecycle, it enables norms and benchmarks to interpret ROIs and provide appropriate context. Plus, it enables Pharma marketers to determine next best action at an individual customer /physician level. As such, marketing teams can make more informed decisions by tracking key performance indicators (KPIs) and optimize their marketing spend across various channels. Further, WIZ works as a “campaign enhancer” by helping marketers come up with more personalized promotional strategies based on the multitude of data typically scattered across different platforms. “We have access to the diverse data sets, including prescription data or internal CRM data, and can combine all these individual pieces to create a personalized customer journey,” says Ashish Jha, Managing Principal, Analytical Wizards. It also helps pharmaceutical brands to know and differentiate among their customers based on their needs, interests, behavior, and channel preferences, which plays a key role in formulating subtle marketing strategies.
WIZ also comes with a performance dashboard that utilizes both structured and unstructured data to reflect the performance of a given brand on national, sub-national, channel, or segment level. This enables the decision-makers to optimize budget across different markets and geographic locations or within a portfolio of brands for a given market that finally translates to better business outcome.
“Our cloud-based IZE Engine has the ability to ingest multiple data sources, apply AI/ML deep learning models and output results in a visual dashboard, after applying custom business rules” says Sanjeev Bhalla, CTO, Analytical Wizards. It enables 1) Speed to Insights 2) Proactive Performance Management through predictive triggers in the field 3) Integrated Performance Management for consistency and a single version of the truth across the organization. “From how to proactively find and target physicians/ accounts with new patients in a rare disease/indication to how to proactively pre-empt patient discontinuations, drop offs and non-compliance to how to measure brand performance & KPIs in real time and dynamically track and visualize complex Patient Journeys, the IZE Engine enables an ‘Analytics on Demand’ data layer that fits seamlessly into a client’s IT/Data infrastructure to rapidly accelerate speed to insights and enable real time and predictive /proactive performance management,” elucidates Jaya Subramaniam.
Growth Propelled by Exemplary Success Stories
The unique value proposition of IZE and WIZ, coupled with Analytical Wizards’ domain and technology expertise and service delivery model has helped them emerge as a trusted name in the market, with a rapidly expanding client base and satisfied customers experiencing enormous acceleration in insights while enjoying efficiencies in their analytical resource spend. A Boston-based biotech firm was confronting specific non-compliance issues while dealing with patients in a rare disease. The firm was desperately working on ways to proactively engage with patients and ensure that they stay on the treatment and thereby sought the assistance of Analytical Wizards. The company’s predictive modeling technology analyzed patient longitudinal data from the patient registry and specialty pharmacy to develop a non-compliance risk score at an individual patient level, and successfully operationalized the results into their patient support system. The goal was to establish proactive triggers and predict a patient’s likelihood to be non compliant ahead of the fact, enabling proactive measures to pre-empt such non-compliance. Analytical Wizards helped the firm to channel its efforts proactively to pre-empt non-compliance. The client has been successfully operating the model for the last two years, wherein it not only increases revenues and lifetime value of their existing patients by increasing patient compliance and avoiding drop offs, but also enabled cost savings through targeted interventions in Patient support activities. It enables them to reach the right patient at the right time with the right course of action/remedial measure to ensure the patient stays on therapy.
Backed by the motivation to script many such success stories and to transform healthcare analytics, Analytical Wizards is forging ahead with plans to expand its footprint across a number of Pharma & Biotech companies while expanding the business base beyond Pharma and Biotech to other verticals that are looking to optimize performance. Additionally, prominent advertising agencies have evinced interest to license WIZ the industry leading omnichannel marketing platform to help them optimize media channel spend. “The WIZ platform is truly an industry-leading platform in the pharma healthcare domain, but it has huge applicability across verticals. So that’s allowing us over the near term to expand to other verticals and serve a larger clientele,” says Ram Sharma.
Truly, these wizards have mastered the spell that can “magically” transform pharma marketing analytics to drive business performance through real time insights and proactive marketing & sales tactics.