Raymond Hill, IMS
Where is the pharmaceutical/biotech industry headed at this crucial time in its history? How can your company get ahead of the curve? What are the gaps in the organization? Where can it carve out new market spaces? What skills does it lack vis-à-vis its competitors?
Focusing on the big picture
Case-based consulting has obvious value—but just as obviously, it has limitations as well. It can be very difficult to extrapolate a lesson from one company in one industry at one particular point in time (perhaps even on another continent) to another company in different circumstances. Details matter. People know this instinctively, and wonder about the applicability of others’ experiences to their own.
Most consultants work hard to master their area and give their clients good value. What their approach lacks, however, is knowledge based on hard evidence.
A relatively new feature on the consulting landscape, evidence-based consultants are still evolving—beginning as start-ups, or emerging as separate divisions within established multinational consultants, or as extended service lines from companies once focused primarily on data. Evidence-based consultants can, for example, access data rapidly, analyze it, and extract critical strategic and market insights—while traditional players are still turning to others for data and, often, insights.
This is especially relevant in the pharmaceutical and biotech industries, where multiple stakeholders—payers, patients, healthcare providers, and government—make specialized expertise necessary. In addition, the dual challenge of increasing growth rates and declining R&D productivity make maximizing performance—for both launch and existing brands—a critical imperative for every company.
With immediate access to data sources and significant industry knowledge, evidenced- based consultancies can position pharmaceutical/biotech clients ahead of the curve—and ahead of competitors by delivering fresh, evidence-based approaches and new ideas for driving short- and long-term commercial success.
Raymond Hill is general manager, IMS Health Consulting. He can be reached at firstname.lastname@example.org
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