Competition is high in the pharma and healthcare market. Creating a new innovative drug, doesn't guarantee anyone will buy the medicine. For commercial success, a pharma company must not only provide value, but the drug maker must also be able to tell the value story to a specific audience(s) like the department of health, NHS authorities, healthcare practitioners and payers.
The introduction of a new drug goes through the approval process of NICE, the central approving authority for the department of health. However, for it to be prescribed, the pharma company needs to gain approval in each healthcare organisations who take independent decisions on price, doses, restrictions and approval time. This is particularly challenging for SMEs, who may lack the staff and resources to target all the groups and create targeted value propositions for each of them.
It was a complex and time consuming to obtain all the data required on both the drugs and trends in prescriptions across the country to target the areas where the drugs will be most applicable even before the COVID pandemic. It is even harder in the context of the 'new normal' working systems with ability to have face-to-face meetings. Less health service staff time is allocated to be available even for video conferences for such meetings, which severely limits the ability, especially for SMEs, to get their drugs on approved lists. This has created the need for more analysis and evidence based decision making on drug proposition, competition analysis, understanding the payer (local health authority) and why the pharma company should targeting a particular healthcare practitioner.
PHARLYTICS will provide the pharma companies with simplified access to the best quality data presented in the optimised format for targeting their innovations in the right areas and creating the value propositions to the needs of the market. Using PHARLYTICS will save the client 40-50% of their data gathering costs and 5 months in time, between £10-50K per year in cost, £40-60K in staff time and create the opportunity to increase sales.
PHARLYTICS insights supports the commercialisation of launched drugs and new launches, resulting in greater formulary inclusion and sales growth.