|28th February 2020
The right kind of insight can help pharmaceutical and healthcare companies to be truly customer-centred and data-driven. It can provide a holistic understanding of customers and different aspects of their lives that likely affect their interaction with the business. For example, met and unmet needs, how they think and feel, what they value most, and what drives their decision-making process.
That’s why collecting the right data and extracting the right insight to inform your actions can show you how to best address real customer needs seamlessly.
There is still some confusion around the difference between data and insight. At Blue Latitude Health, we define data as the raw and often unprocessed evidence, which normally takes the form of numbers and text.
Insights are extracted through the process of data analysis. We interpret the data with the context and objective of its use in mind to draw conclusions and form meaningful, actionable ‘nuggets’ – insights.
The insight you extract from your data shouldn’t be ‘static’, or a single-use, onetime view of your customers, regardless of whether they are healthcare professionals, patients or caregivers. Your customers evolve; the landscape and context in which they operate changes, and so should your insight. In that regard, even the fact that your insights are changing (or not) is a valuable insight in itself.
Generating insight is often expensive, which means it is essential to ensure the insights commissioned in one project can drive future strategies. However, in many cases, the ROI of the commissioned research is suboptimal. This is due to the negative insight lifecycle – a trap pharmaceutical and healthcare companies often fall into. This cycle results in insight being difficult to communicate, easily disregarded or stored somewhere on a server and forgotten.
|27th August 2020
Precision and personalised medicines are more than products, they are services in their own right. So, how should pharma approach this uncharted territory to ensure targeted therapies work for patients?