The success of a drug and its benefit to the patient or consumer is measured by the market. Real-world intelligence helps companies prepare for various market conditions by monitoring and optimising success. PHOENIX group's real-world universe comprises 150 million patients who visit the company's 2,000 pharmacies each year, as well as one of its 12,500 cooperation partners or 50,000 pharmacies that are supplied with products through the wholesaler channel.
PHOENIX understands the value that pharmaceutical manufacturers can gain from wholesale and retail data sets. The proof of concept confirms that clients can benefit from data analysis by increasing revenue, spending their budgets wisely and improving treatments. The company has integrated wholesale and retail data into one database that is synchronised daily. This real-world and real-time database is the foundation of PHOENIX All-in-One solutions, which allows pharmaceutical manufacturers to receive market intelligence.
This product also provides valuable information about market access. Responses from real markets illustrates the diversity in drug use and co-medication, which answers key questions that concern the products in a patient's treatment regimen, and whether a product is used appropriately during the course of a treatment. A recent product-specific study confirmed that almost 50% of patients were under-dispensed, and another showed that around 30% of patients picked up between five to eight other prescription products alongside the analysed product. It was also discovered that over-the-counter drugs act as a precursor to using prescription medication.
An older product's first few months on the market can indicate how successful a new drug will be; however, information that is out of date fails to take market changes into account when launching new products. The business intelligence team at PHOENIX works with clients to monitor the uptake of their product based on weekly or daily retail data readings that measure volume, patient numbers and regional distribution. For some of the company's clients, it came as a surprise that their products left manufacturing premises without reaching some pharmacy shelves. PHOENIX ensures that delivery is optimised right up until the point of sale.
The sales data provides real-life insights into the shopping behaviour and drug use of patients. Not only does it show how different dosage forms impact upon patient adherence, but this information also illustrates what steps need to be taken to enhance drug compliance. In a recent case study, alternate dosage forms were dispensed differently, and it was found that compliance was greater with one product than another.
Budget limitations present various challenges for marketing and product managers, who must spend their scarce resources effectively, while responding instantaneously to new market needs and opportunities. PHOENIX's business intelligence team study the impact of marketing campaigns by using regional data that focuses on the first two digits of postal codes for daily deliveries. By using control groups, business intelligence analysts can assess the impact of campaigns on different participants, and then follow up with guidance on where to focus future campaigns. This analysis can also measure the impact of external effects on the market.
As well as providing business intelligence solutions to manufacturers, PHOENIX All-in-One services, which includes healthcare logistics and patient services, can combine with closed loop marketing for an effective partnership. PHOENIX provides business analytics, advice on supply chain optimisation and point of sales support as part of developing marketing strategies for pharmaceutical companies, in order to benefit their patients.