As of 2018, 90% of pharmaceutical companies rely on third-party data for sales forecasting and product decisions, but many are wasting valuable resources. Poor-quality data leads to inaccurate predictions, which can mean missed opportunities in product development and sales.
Why Quality Third-Party Data is Critical
For pharmaceutical companies, better data means better decisions. By using high-quality third-party data, pharma companies can:
✅ Make better manufacturing decisions based on accurate data
✅ Increase sales through more reliable sales forecasts
✅ Improve product development by understanding real-world patient behavior
How It Works
🔹 Integrate internal sales and advertising data with third-party data on patient demographics, clinical pathways, and buyer behaviors.
🔹 Enhance forecasts by analyzing patient lab results, genetic profiles, and clinical notes to predict demand and trends.
🔹 Refine predictions using advanced analytics like Monte Carlo simulations and cluster analysis.
Real-World Impact: Better Data, Better Results
In a Brazilian budget analysis, pharmaceutical costs for rheumatoid arthritis treatment were overestimated by 463%—leading to inefficiencies in planning. By using better data, pharmaceutical companies can avoid such costly mistakes.
Get the Right Data to Make Smarter Decisions
Pharmaceutical companies that invest in high-quality third-party data have a competitive edge in both sales predictions and product development. Don’t let poor data slow you down—optimize your forecasting with real-world insights.
📩 Want to learn more about how better data can improve your sales forecasts? Let’s talk!
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