This blog aims to introduce budding Brand Managers to IQVIA and some of its data columns, to help them understand how IQVIA data helps Brand Managers in the pharmaceutical industry achieve their objectives.
IQVIA, as its official website introduces, ‘is a leading global provider of advanced analytics, technology solutions and clinical research services to the life sciences industry dedicated to creating intelligent connections that deliver unique innovations and actionable insights’. We have also written similar articles on Kantar and Nielsen data, which you can find in our blog section.
Brand Managers in the pharmaceutical industry use IQVIA data to develop innovative strategies and drive brand sales and adoption. As we mentioned in a similar blog ‘Know Your Nielsen Data’ becoming a Brand Manager requires superior data handling skills and a pragmatic approach to data, where one can arrive at high-quality, real-life conclusions looking at hard numbers.
Just a word: Explorazor is supporting Brand Managers big-time with respect to analyzing their data. More on that later. And yes, Explorazor differs from Power BI.
IQVIA helps Brand Managers in the pharma industry:
- Take decisions regarding brand expansion and advise ways how they can go about doing it, like analyzing growth potential, evaluating pipelines, understanding risk-opportunity ratio, the investment landscape, and more
- Adhere to market requirements, identify regulations, licenses, valuations and any potential market hurdle that may arise
- Address customer needs better, by sharing information on the market behavior, competition’s performance, customer psychology and behavior, and even mapping a customer’s purchase journey
- Achieve brand differentiation through timely delivery of evidence-based insights from across the globe. IQVIA’s competitive tracking processes cover and share information from more than 75 markets worldwide
- Other ways that IQVIA data helps Brand Managers include risk evaluation and mitigation, networking with experts across clinical functions and obtaining intel & tracking of 45,000+ drug profiles and 10,000+ drugs
SOME DATASETS THAT BRAND MANAGERS DEAL WITH – IQVIA DATA
1. Sales Data
As with all other industries, the first thing that a Brand Manager in the pharmaceutical industry will look at is the performance of their Brand in the market, thereby referring to the sales data. There are 3 components to the IQVIA sales data:
- Sales Value
- Sales Volume
- Market Share
This sales data received from IQVIA is already classified geography-wise and product-wise as prescribed by the company.
2. Prescription Data
- Prescriptions Count
These are the total number of prescriptions via doctors recorded for a product
- Prescriptions per doctor (P/D)
P/D refers to the avg. numbers of prescriptions for a brand. It is captured specialty-wise, for example, General Physicians, Diabetologists, Oncologists, etc., and bifurcated on a Zonal level. The P/D ratio lets you know about the key specialties that contribute to the sales of your brand in the market.
3. Supply Chain Manager
From the manufacturer to the wholesaler to the final chemist or the outlet location, this dataset helps Brand Managers track end-to-end product flows. Logistics is a highly lucrative industry in and of itself if done right, and such datasets hold massive monetary implications for the company. It also helps the company be available where customers need them, where the market is thriving, or where there’s a gap to be exploited
4. Longitudinal Patient Data (LPD)
LPD data provides pharmaceutical companies with an understanding of disease treatment and how General Physicians are prescribing cures for them. This helps in new product development, as well as the evolution of current products in the portfolio. Another strong benefit of such a dataset is realized when formulating effective sales strategies for the on-field reps.
There are many such datasets that Brand Managers work on. But here’s an important point:
DATA IS ONLY AS GOOD AS ITS LEVERAGE
We see from the above points that data literally can potentially impact everything – sales, customer service, supply chain infrastructure, competitive environment, etc. What’s left is to
- Extract the best possible insights from it
- In the minimum time possible
- Another key element is to extract a higher number of high-quality insights from data within the same time frame.
Explorazor by vPhrase helps Brand Managers do all of the above.
LEVERAGE DATA OPTIMALLY USING EXPLORAZOR
Instead of multiple files from different data sources, the company’s own data sets, etc. what Brand Managers can do is simply choose to view a single, all-inclusive/integrated dataset on Explorazor, query it via simple keywords, and receive data pivots – at their fingertips.
Let’s just put some of the benefits in pointers, for easy reading:
- The dataset is standardized, so manual labor is saved there
- One can start using Explorazor within the day, so there are no hiccups in adoption
- Due to the integrated dataset, the extracted insights are high-quality
- The lightweight design interface is custom-built to deliver speedy responses
- All of this culminates in a Brand Manager wanting to dive deep and test out more hypotheses than before
- Speaking of deep dive, Explorazor also supports drill-down and drill-across into a particular data point. Simple click-and-dig, that’s all. See the image below
Some additional benefits:
- Tables can be converted to charts, graphs, and multiple other handsome-looking visuals (did we say handsome instead of beautiful? Oh well!)
- Any data pivot can be transported to Excel by downloading it as a CSV
- Any data pivot can be pinned to the ‘Dashboard’ for easy viewing
- In-project collaboration with team is possible via tagging/assigning of activities
And most important of all,
Custom made for Brand Managers, and that too primarily in FMCG and pharma. Of all the designations, we chose to dedicate our skills to help Brand Managers ease their daily activities, ironing out many data-related inconveniences they face. Explorazor continues to develop and provide a niche solution for Brand Managers.
Explrazor is a product of vPhrase Analytics. If you want to try out Explorazor for yourself, contact us at support@vphrase.com. It’s free, and it’s fun.
Take an Interactive Product Tour of Explorazor.