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Advanced Analytics Primer for Pharmaceutical Executives  

Advanced Analytics Primer for Pharmaceutical Executives  

by Scott Reese 

The pharmaceutical industry has always been at the forefront of innovation, and in recent years, advanced analytics has been a game-changer in the industry. By leveraging data analytics, the industry can optimize operations, identify new opportunities, and make more informed decisions to improve patient outcomes. 

Advanced analytics involves the use of data mining, machine learning, and other sophisticated technologies to derive insights from large and complex datasets. The insights gained from advanced analytics can help the pharmaceutical industry to better understand patient behavior, optimize marketing spend, and improve patient outcomes. 

Advanced analytics is a collection of sophisticated data analysis techniques that utilize cutting-edge technology to extract insights from complex and large datasets. Advanced analytics tools combine mathematical modeling, statistical analysis, machine learning, and data visualization to uncover hidden patterns, trends, and insights in data. 

Traditionally, data analysis was performed by human analysts who would extract information from datasets by hand. However, as datasets have grown in size and complexity, human analysts have become increasingly limited in their ability to analyze the data effectively. Advanced analytics tools have emerged to fill this gap, allowing organizations to derive insights from their data in a more efficient and effective manner. 

Advanced analytics is divided into several categories, each with its own unique focus: 

  1. Descriptive analytics: This type of analytics provides insight into what has happened in the past. It is used to summarize data and provide an overview of historical trends and patterns. Descriptive analytics tools include data visualization and dashboards, which help users understand data more easily and quickly. 
  2. Diagnostic analytics: This type of analytics helps users understand why something has happened. Diagnostic analytics tools use techniques such as regression analysis and root cause analysis to identify the underlying causes of specific outcomes or events. 
  3. Predictive analytics: This type of analytics uses statistical models and machine learning algorithms to identify patterns and make predictions about future events. Predictive analytics can help organizations make data-driven decisions by forecasting outcomes, such as future sales or patient behavior. 
  4. Prescriptive analytics: This type of analytics involves the use of mathematical optimization and simulation techniques to recommend actions that will achieve the best possible outcome. Prescriptive analytics tools can be used to optimize operations, supply chains, and logistics, among other things. 

 

Advanced analytics is a powerful tool for deriving insights from complex and large datasets. The insights gained from advanced analytics can help organizations make data-driven decisions, optimize operations, and achieve better outcomes. As datasets continue to grow in size and complexity, the use of advanced analytics will become increasingly important for organizations looking to gain a competitive advantage in the marketplace. In healthcare, advanced analytics is used to develop personalized treatment plans for patients and to identify potential outbreaks of infectious diseases. 

One of the key areas where advanced analytics is transforming the pharmaceutical industry is drug development. Clinical trials are a crucial part of drug development, but they can be costly and time-consuming. Advanced analytics is helping to streamline the process by analyzing data from previous trials to identify commonalities and patterns, which can be used to design more efficient trials. By using data analytics, researchers can identify the most promising drug candidates and better understand the potential benefits and risks associated with them. 

In addition, advanced analytics is helping to improve patient outcomes by enabling personalized medicine. By analyzing patient data such as genetic makeup, lifestyle habits, and medical history, doctors can develop more personalized treatment plans that are tailored to individual patient needs. This approach can improve the efficacy of treatments and reduce the risk of adverse effects. 

Advanced analytics is also transforming marketing and sales in the pharmaceutical industry. The industry has traditionally relied on mass marketing techniques, but with advanced analytics, it is now possible to target specific patient populations with tailored marketing campaigns. By using data analytics, companies can identify patient subgroups that are more likely to benefit from a particular drug and create marketing campaigns that resonate with those patients. 

Real-time analytics is also becoming increasingly important in the pharmaceutical industry. By monitoring data in real-time, companies can identify potential side effects and adverse events as they occur, allowing them to take corrective action quickly. Real-time analytics can also help to optimize supply chain operations by providing real-time visibility into inventory levels and demand patterns. 

Overall, the use of advanced analytics is transforming the pharmaceutical industry. By leveraging data analytics, the industry can improve drug development, personalize treatments, optimize marketing spend, and improve patient outcomes. The pharmaceutical industry will continue to evolve, and advanced analytics will undoubtedly play a central role in that evolution. 

The future of pharmaceutical marketing lies in improved strategies, better partnerships, greater access to patient data, increased engagement, and the adoption of new technologies. With more advanced marketing strategies, pharmaceutical manufacturers can more effectively target their audiences, build relationships with health professionals, maximize the impact of their medications, and reduce marketing costs. Improved advertising strategies such as personalization, segmentation, multichannel marketing, and focused advertising will become commonplace as companies focus on engaging with their targeted audiences. An increased emphasis will be placed on digital marketing, with its ability to allow targeted messages and reach a wide audience.  

Partnerships between pharmaceutical companies and digital health companies will continue to grow and provide access to a greater amount of patient data. These patient data can be used to figure out the most effective messages to target specific customers, create highly personalized campaigns, and help physicians improve the quality of care they provide.  

Furthermore, pharma companies will be more active in engaging customers with campaigns that show empathy and understanding. This includes creating tools such as websites, virtual reality programs, chatbots, and health trackers to improve user experience and help customers access treatments more quickly and efficiently.  

Finally, the introduction of artificial intelligence and machine learning technology to the pharmaceutical industry will allow for greater automation, faster delivery of treatments, and higher accuracy of data collection. This automation can help streamline the development of new drugs and lead to more accurate patient profiles, both of which will aid in the promotion of medications and improve marketing effectiveness.  

Scott Reese 

Applied Creativity, Enhanced Intelligence, Digital Strategy  

A division of Evolution Health Group 

Meet with Scott: https://calendly.com/scottreese_blulava 

 

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SCOTT REESE

Global Head of Innovation

Scott is fortunate to bring 25 years of digital expertise to the blulava team. Scott has broad global executive leadership experience ranging from serving as the Executive Creative Director for the world’s largest digital agency to Managing Director of a Microsoft and Accenture joint venture focused on advanced analytics and artificial intelligence solutions for global clients. He has also worked with experimental media artists and creative technologists to bring to life immersive entertainment experiences. Scott has been awarded numerous patents for his analytical technology inventions. He has also been recognized widely for his creative work including Webbys, Cannes Lion, Clio, MM&M, DTC Awards and many others.

When not working to build creative technology solutions for clients, Scott is typically found in the company of musicians, artists and athletes. A highly avid skier, Scott is former PSIA ski coach in Winter Park Colorado. He is a former completive distance runner and triathlete. Any given night you may find Scott in various rock venues or music festivals.

Carl Napolitano

Vice President, Creative Director

Carl is an award-winning creative director with a distinguished career in healthcare communications, design, and marketing. Over the past 20 years, Carl has cultivated a seasoned intuition for compelling creative by showcasing the nuances of a brand’s value proposition. His artistic energy supports both the brands he develops as well as the team he leads.

From innovative digital tactics to integrated media campaigns to corporate identity branding, Carl’s creative work and dynamic leadership have been recognized with industry awards from the RX Club and the OMNI Awards.

When not at work, you can find Carl on the golf course with his son or at the beach with his family.

Chris Mycek

Vice President, Enterprise Solutions

Recognized as a top-tier strategic marketer, technologist and growth leader, Chris’ experience includes more than 20 years of experience in supporting the development of corporate, brand, and digital marketing for multi-national organizations in the life sciences, consumer packaged goods, consumer electronics, financial services, and food industries. He has designed and delivered educational content his entire career, and Chris’ clients have included MARS, Procter & Gamble, Prudential, Pfizer, Alcoa, Hasbro, Barilla Pasta, Johnson & Johnson, Unisys, Samsung, Campbell’s Soup and Harley-Davidson.

Having started his career at Johnson& Johnson on the OTC & Rx business, Chris has extensive client and agency side experience. He’s held leadership roles at Publicis and Cognizant Technology Solutions, as well as innovative emerging companies both privately held and private equity backed, and currently serves as a board advisor for multiple technology start-ups. His track record in developing category-leading business strategy has paralleled his ability to integrate new channels and technologies that create competitive advantages.

He earned a B.A. in Economics from Middlebury College, where he also studied psychology and art history. Chris lives just outside of Philadelphia near Valley Forge National Park, has three adult children who work in the Life Sciences, enjoys spending time outdoors with his wife Barbara. In his spare time, he can most often be found fly fishing and hiking with his Border Collie Winifred. He also enjoys playing various string instruments when the muse strikes.


SCOTT REESE

Global Head of Innovation

Scott brings 25 years of digital expertise to the blulava team. His executive leadership experience ranges from serving as the Executive Creative Director for one of the world’s largest digital agencies to Managing Director of a Microsoft/Accenture advanced analytics venture, focusing on AI solutions for global clients. Scott’s work has spanned industries from entertainment, retail, financial services with a heavy dose of pharmaceutical experience.

Scott has been granted numerous patents for his analytical technology inventions. He has been recognized widely for his creative work, winning awards at the Webbys, Cannes Lion, CLIO, and the MM&M Awards, to name a few.

When not working, Scott can usually be found in the company of musicians, artists, and athletes.

LEO FRANCIS, PhD

Chief Operating Officer,
Chief Medical Officer

Leo is an award-winning industry leader, twice recognized as one of PharmaVOICE’s 100 most inspiring people in the life-sciences industry. His driving focus is to frame science in a context that creates meaning and relevance for healthcare professionals and their patients across all aspects of therapeutic commercialization.

Leo is a skilled communicator and visionary, operationally robust in translating scientific ideas into organizational value. He is a consummate team worker, customer-focused, organizationally agile, and committed to improving patient care.

JEFFREY FREEDMAN

Executive Vice President

With more than twenty-five years of pharmaceutical and digital marketing experience, he is a thought leader who utilizes analytics and adult learning principles to design and develop creative, high-impact, marketing and communications solutions for the healthcare industry. Jeffrey creates programs that remove friction and create insights from the brand/pharma work process; his projects have ranged from comprehensive omnichannel, CRM and compliance initiatives to complex technological solutions that that educate and enhance communication in the healthcare ecosystem. 

Jeffrey has served over fifteen years on agency leadership teams and has headed up strategy, technology, creative, communications, and analytics groups. He has helped top brands navigate a fascinating and rapid convergence of omnichannel communications and technology, and his clients have ranged from global pharmaceutical companies and brands to emerging biotech and medical device companies.

Jeffrey received his bachelor of arts degree from Skidmore College and an MBA in international finance from the Stern School of Business at New York University. He has an unquenchable curiosity for technology and innovation.

To unplug, Jeff loves to cook and entertain family and friends, as well as listen to and travel for live music and concerts.

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