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Summary
Pharmaceutical marketers used to be mainly concerned with effectively delivering their messages, and ensuring the value of the individual programs. Now, Pharmaceutical marketers are being asked to more thoroughly prove the effectiveness of their programs by quantifying exactly which messages impact prescribing the most, what the return on each sales and marketing program is, and what optimal combination of programs (and budgets) will deliver maximum prescribing (market share) results.
Traditional analytics tools that evaluate ROI, promotional response curves, marketing mix analytics and econometrics utilize historical data. Historical data is insufficient in the Pharmaceutical sales environment, where product recalls, new regulations, new competitors, legally aggressive generic competitors and other factors bring about constant change. These changes mean that using methods that rely on historical data have significantly reduced accuracy as historical reactions to promotions are no longer reliable in projecting future prescribing. The complexity of more accurately calculating return while better accounting for changes in the marketplace calls for a new breed of analytical tools.
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