Home Insights The role of AI in a data-centric approach to biotech commercialization

The role of AI in a data-centric approach to biotech commercialization

Emerging biotechs are increasingly recognizing the significance of data in driving innovation and ensuring the success of their products in the market. With access to a wealth of post-launch evidence and data from various sources, such as physicians, patients, and caregivers, effectively collating and analyzing this information has become crucial for these companies. However, due to their size, many biotechs lack the resources and expertise required for comprehensive data capture, synthesis, and analysis, hindering their ability to make informed decisions and adapt their strategies accordingly.

The importance of data

A data-centric approach is essential for emerging biotechs to achieve successful commercialization. This includes gathering information on market conditions, competitor performance, healthcare provider and patient needs, and post-launch data on therapy progress in key territories. By leveraging these insights, biotechs can formulate targeted strategies to optimize their limited resources and maximize the effectiveness of their product launch. Unfortunately, despite the value of evidence-based strategies, many organizations fail to invest in data gathering and analysis, missing out on valuable insights.

Gleaning insights from data

By effectively analyzing the available data, emerging biotechs can gain valuable insights that can shape their strategies and improve their product’s performance in the market. These insights include identifying competitor activities that may require adjustments in proposition or messaging, redirecting resources to markets where the product is performing exceptionally well, understanding sentiment among opinion leaders and customers to inform PR initiatives, refining supporting content for healthcare providers and patients, and identifying the need for additional support in key markets.

The challenge facing emerging biotechs

Emerging biotechs face a unique challenge when it comes to managing and analyzing data. The volume and quality of available data have increased significantly, encompassing traditional information from healthcare providers and medical databases, as well as insights directly obtained from patients through digital channels like TikTok and Snapchat. Failing to effectively analyze this data can result in missed opportunities to adjust campaign directions, leading to potential setbacks in return on investment. Given their finite resources, emerging biotechs must judiciously utilize data to ensure their continued success.

Harnessing AI

To overcome data challenges and take a more evidence-based approach to commercialization, emerging biotechs can leverage tools such as artificial intelligence (AI). AI enables the automation of data collection from various sources and utilizes linguistic analysis to structure and filter information, streamlining the analysis process. Augmented intelligence solutions further support human experts in managing data, empowering them to draw actionable conclusions and make better-informed decisions. By harnessing AI, emerging biotechs can optimize their limited resources and drive more effective strategies post-launch.

Discover how by providing best-in-class AI-augmented intelligence, our biotech solutions help you to harness data to power strategic product launch decisions that help maximize the value of your asset:

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