Businesses are thirsty for a competitive edge. Harnessing the power of predictive analytics in bringing medicines to market can provide valuable insights to drive that advantage, and when put into practice, can have far reaching implications to the future of life sciences. Predictive analytics in the life sciences industry has long struggled to cope with the challenges of identifying and decoding the complexity of human behavior and its changes over time; however, if used correctly today, it can help optimize commercialization with planning, production, and distribution. The basis of a valuable predictive analysis lies in its handling of seemingly “unexplainable” events – events whose impact on the desired response is difficult to estimate and extract. For example, when trying to estimate the impact of field calls on product sales, it is important to understand and extract the impact of unexplainable environmental factors such as political events, market trends, seasonal trends, etc. away from the desired impact of field calls. In order to discover the true patterns of such underlying opportunities as Rx trend or behavior, one must remove or minimize as much as possible the impact these unexplainable events have on the analysis, keeping in mind the primary measurement of success for predictive analytics is how well it reflects reality. From a life sciences commercialization perspective, promotion response has been a chronic victim of these persistent unexplainable events inadvertently influencing the desired response. Proper modeling with panel analysis can largely alleviate any undesired impact and yield a more accurate promotion response. Click on link to read more.
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