In a drastically changing market, Life Sciences firms are tasked with making smart therapy and acquisition decisions in order to grow their business. With rapid consolidation occurring in the biotech marketplace, firms are faced with needing to accurately track the performance of their product, while also keeping tabs on the competition.
The Business Analytics Challenge
The life science industry is constantly changing: Changes in the regulatory climate and changes in the market. Company acquisitions are continuing to
rise, new patents are becoming available and although early, future drug therapies are in the horizon. For manufactures, it is important to have the tools to understand what products are available now and what acquisitions you need moving forward. With business analytics, pharmaceutical and biopharmaceutical companies can get the answers needed to identify gaps in product, make fact-based recommendations for new product development and acquisitions, and assess corresponding drug technology. Business analytics can provide accurate and real-time information to accelerate product information and safeguard therapeutics and diagnostics for life science manufacturers.
The Business Analytics Solution
A business analytics solution can help companies make the right product and portfolio management decisions. Dashboard charts and scorecard reporting of your entire drug and acquisition ecosystem can be created quickly, as well as detailed reports such as breakdowns of each therapy’s performance. These self-service BI apps, can assist you with:
- Drug portfolio analysis
- Assessment and planning of new product development and acquisition
- Company valuations and what-if? scenarios
- Comparative and gap analysis
- Business assessment and discovery, commercialization potentials
- Intellectual property & patents analysis
- Product and brand management
- Physician affinity/loyalty analysis
- Product launch and performance
- Managed market analysis and management
- Labeling and Regulatory compliance
- In-licensing and out-licensing what-if? Scenarios
Conclusion
With the ability to analyze data faster and more effectively, businesses can react more quickly to changing market conditions, while also ensuring they are remaining compliant with evolving industry regulations. Utilizing advanced business analytics, Life Sciences companies have the tools they need to spur future growth in a competitive market.
Choosing an Analytics Consultant
There are few industries as complex and data intensive as manufacturing organizations. The Copley Consulting Group knows there are several factors to determine the right fit for your organization. When working to implement your analytics solution, Copley can provide the technology and support needed for your specific industry and business. To discuss an analytics solution for your organization, complete our contact form, call us at 855-884-5305, or email us at info@copleycg.com.