Data has been a key trend for as long as we have been collecting it, storing it, and trying to turn it into information – and eventually insight. So how is pharma handling the task of managing the data they are collecting, buying, or aggregating? We reached out to 15 different companies to ask them about how they handle data, manage it, and if it’s actually making an impact on areas such as patient engagement.
We’ll start with the positive news. Overall, just about 1/2 of pharma companies are “confident” their company approach to data management is working. Of note, no companies were very confident. On the other side of the spectrum, 1 in 4 have no confidence at all in how their companies are handling data – cause for concern in this age of data privacy and security.
Given the propensity of many pharma companies to outsource functions outside of the core business, we wanted to learn about how companies are managing their data – internally, externally, or a hybrid approach.
It turns out the hybrid approach is the most likely with 2/3 saying it’s a combination of approaches (internal/external) leading one to believe the type of data may also introduce requirements with management or reporting that only a third party may provide. That said, almost 1/3 of companies are managing their data completely on their own or on their own with third party platforms. As companies increase their investments in data and data management, a key question will be if they boost or increase their own internal teams and investments in proprietary platforms.
When asked about where data management sits, the most likely answer (outside of “other”) was the traditional data home IT. A few let their COE (Center of Excellence) handle it and one company reported their marketing leads data management efforts – perhaps with regard to strategy and execution with partners.
So with all this confidence and investment, is data management paying off through improved patient engagement? Not yet.
40% report their company is “poor” when it comes to the use of data and analysis to improve patient engagement – another 20% are in the “somewhat well” camp. While no company is at the top of pyramid (best possible) 20% of companies report they are doing “very well” when it comes to the use of data to impact patients. What else can be done to make the leap from data to outcome? Let’s hear from some industry experts.
CDP as a trend. Bringing 1st party data into a consumer data platform allows us to better understand our customers by connecting to multiple condition and research partners in one place. This allows us to analyze all options and determine what is best for our brand and customers.
Via Digital Health Coalition & HCB Health | Website →
In looking at the major trends for 2019, the Digital Health Coalition asked our advisors to weigh in on the question of “how is pharma managing data management?” HCB Health’s Analytics Specialist, Jennifer LoMonaco, offers this excellent summary of how to approach the various data segments properly in order to successfully impact patient engagement. Read more →
Via Digital Health Coalition | Website →
During our interviews with DHC Health Scholars for the December newsletter on 2019 trends, we spoke with Jim Lefevere about his thoughts on data management and its importance for 2019. His initial response was “Focus on patient engagement and ongoing data handling topics will continue to be front and center of topics for the industry. As patient engagement continues to increase in importance the ability to develop strategies and supporting tactics to effectively reach patients across all digital channels…” We had the opportunity to dig a little digger into that topic with Jim and have posted the interview here.
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