Sponsored Blog by:
Business Solutions Manager
SAS Global Healthcare and Life Sciences Practice
I wasn’t the biggest fan of the movie Jerry McGuire, but it certainly had its share of memorable quotes. Who can forget “mission statement” or “show me the money!” My personal favorite was “help me help you” which brings me to the subject of this post. I am a huge advocate of the power of predictive analytics.
I believe that the timing couldn’t be better for Life Sciences companies to use this advanced technology, as they adapt to the seemingly contradictory challenges of shrinking budgets and higher revenue forecasts. Any advanced technology is disruptive and transformative at the same time. To use a medical metaphor, some Life Sciences companies (like some patients) will seek an aggressive treatment protocol to “fix what ails them”.
Others will take a more deliberate, cautious approach. Regardless of the treatment approach, it still comes down to one basic truth…that “getting fixed” means acknowledging that there is a need to change. And that starts with a self assessment of the organization’s current capabilities and its own behavioral profile.
Can it adapt to changing market pressures such as off-patent events, emerging competitors, the negative publicity around adverse events or changes to reimbursement policy in near real-time or does it take much, much longer? Is the knowledge to do so at the fingertips of decision makers or is commercial strategy a black box? If the answer to both questions is the latter, predictive analytics may be the solution. Help us help you to get better.