LONDON--(BUSINESS WIRE)--Quantzig, a global data analytics and advisory firm that delivers actionable analytics solutions to resolve complex business problems, has announced the completion of their latest real world evidence engagement for a pharmaceutical industry client. This success story analyzes the factors that enabled the client to reduce sampling costs and increase sales by 17%.
Over the past few years, companies in the pharmaceutical industry have invested considerable resources in real world evidence (RWE) analytics. Differential success rates have been observed, with little consensus on best practices or value potential. However, the most successful pharmaceutical companies have realized substantial value across the product and drug development lifecycle through real world evidence platforms and they are poised to capture sustained value. Also, a few leading pharmaceutical companies have broken new ground with their systematic approach to real world evidence analytics. Such pharmaceutical industry players are implementing real world evidence analytics solutions that move beyond narrow research-based approaches to create sustained value across the product lifecycle and drug development processes.
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The Business Challenge
The client, a leading pharmaceutical manufacturer based out of Germany, wanted to improve the existing market share of their drugs. Also, the client faced stiff competition in the market and needed to improve their reach and marketing strategy to ensure that the physicians prescribe their brand. The client faced challenges that spanned three core areas including:
- Inability to generate incremental sales and higher returns on investment
- Lack of analytical capabilities to assess the short-term and long-term impact of marketing efforts
- Inability to improve their reach and marketing strategy
“Real-world evidence analytics enables companies in the pharmaceutical industry to evaluate their ROI and develop new strategies to market products in niche markets,” says an analytics expert from Quantzig.
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The Solution Offered & Value Delivered
The pharmaceutical manufacturer collaborated with Quantzig to leverage its expertise in offering real world evidence analytics solutions to better understand the impact of sample allocation in different scenarios and identify key reasons for inappropriate sample distribution across states based on data visualizations in real-time. Quantzig’s real world evidence analytics engagement empowered the pharmaceutical industry client to:
- Increase sales by 17%
- Reduce sampling cost by 51%
- Improve physician satisfaction by 3x
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Quantzig's real world evidence analytics engagement offered predictive insights on:
- Improving sales effectiveness based on actionable insights offered on sales growth opportunities
- Evaluating drug treatment efficacy and cost-effectiveness of therapies
Quantzig’s real world evidence solutions can help you gain insights on treatment pathways, patient adherence, disease progression, market access, drug safety, and patient engagement. Learn more.
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About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
