Looking ahead, life sciences companies should focus on making full use of analytics to translate insights to action, given that the industry is undergoing a transformative shift.
Over the past few years, life sciences companies have been able to make more sophisticated and precise advances. Yet instead of changing decisions, their insights remain diagnostic. In 2018, leading brands should keep investing in infrastructure and rapid experimentation to generate prescriptive analytics.
Both patients and physicians are looking for information related to their specific needs and brand engagement. Though the current technology advances understanding of the customer journey, it is not enough. The industry should learn from the financial services and retail industries, which are leveraging small-scale tests to inform broader pivots and maximize results, in order to improve the customer journey.
Scaling analytics is also a key to the life sciences industry, as one-off analyses will not be sufficient. Scott Beauchamp, vice president at APT, wrote on PharmExec.com:
"The ability to scale up this rapid, data-driven decision-making structure is key. In the era of big data, patterns are everywhere, but companies must ensure they do not confuse correlation and spurious trends with true cause-and-effect. Scale is another area where life sciences companies can look to other industries for best practices."
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