Read the latest life sciences and data analytics news and articles, brought to you by SHYFT.
The rebirth of the pharma sales rep, by Pharmaphorum
The healthcare system is undergoing tremendous changes, so is the role of the pharma sales rep. There are three main factors which impact this job today:
- New reimbursement models
- The rise of new buyers, note: integrated delivery networks are those which define treatment protocols today and not physicians.
- Digital technology which enables patients to access new medical information, including their own data.
In fact, Accenture recently found that nearly one fourth of the direct sales force interactions with doctors have been replaced with digital ones. The salesforce has to shift with the market and tune their message so that it resonates with doctors’ goals: better patient outcomes. Today all healthcare stakeholders expect to be part of the conversation around treatment choices: physicians, patients, payers and institutional administrators. To stay relevant with all of them, reps need to switch to a new sales approach to help all involved parties achieve their objectives.
Deloitte survey of US physicians in 2014 revealed their attitudes towards the adoption of healthcare IT. Although the majority of the respondents said they were interested in mobile health and 24% of them used such technologies, most physicians are not convinced that monitoring patients’ condition or treatment adherence can be improved with mhealth. Three out of four doctors said electronic health records increase cost and do not save time. However, 70% of them consider EHRs a source of useful analytics and 60% believe that they support value-based care.
FierceBiotech’s 2015 Fierce 15, by Fierce Biotech
Fierce Biotech’s Editor-in-Chief, John Carroll looks at the last 3 years which have been quite successful for the industry: a wave of IPOs, mergers and acquisitions, and an influx of fresh capital for R&D. Carrol believes that the 15 biotechs on the 2015 Fierce list showed bravery in undertaking risks which rendered them the recognition as the top companies in the space in this special report. Companies include:
- Cell Medica
- Denali Theraputics
- Revolution Mediciines
The best-selling author Bernard Marr outlines 20 facts and predictions about big data which review it’s exponential growth and indicates it’s future impact on how businesses will function. Among the astonishing statistics are:
- More data has been created in the last 2 years than in the entire history
- In the next 5 years there will be over 50 billion smart connected devices in the world, collecting, analyzing and sharing data.
- By 2020, at least a third of all data will pass through the cloud
- With better data integration, the healthcare system could save $300 billion a year.
- If a typical Fortune 1000 company increases its data accessibility with 10%, this will result in more than $65 million additional net income.
- For a typical Fortune 1000 company, just a 10% increase in data accessibility will result in more than $65 million additional net income.
- 73% of organizations have already invested or plan to invest in big data by 2016
- Today less than 5% of all data is analyzed and used.
Based on these stats, Bernard Marr predicts that every business, small and large, will be using some form of data analytics in the next 5 years.