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In the dynamic domain of pharmaceutical research and development, data is emerging as a lifeline where new innovations are transforming our lives every day. The pharmaceutical industry captures an enormous amount of data throughout the drug development process. According to McKinsey, impact of advanced analytics will drive between 15% and 30% improvement of EBIDTA (Earnings Before Interest, Taxes, Depreciation, and Amortization) over the next five years climbing to EBIDTA improvements of between 45% and 70% over the next decade.
Given the speed of advancements in the study and knowledge of diseases in today’s world, effective management and analysis of disease data has become the most important performance differentiator for innovative growth in the pharmaceutical industry. The quality and volume of new data collected from academic research, scientific discovery in disease analysis, and advances in pharmaceutical sciences, along with broader and more far-reaching data from epidemiological studies, clinical trial results and real-world evidence is huge.
This data cannot be managed or analyzed solely using traditional methods. Pharma R&D organizations must learn to leverage digital aids to assemble this data volume in practical ways that increase their knowledge in diseases of interest and guide their investments in medicine and device therapies. Smart data engineering, business performance monitoring, project management, portfolio risk analysis, intuitive data visualizations, and executive dashboards are becoming an integral part of successful pharma R&D pipeline innovation and delivery.
In this blog post, you will discover how decision dashboards play an important role in advancing pharma analytics, R&D project portfolio management and effective decision-making. Top-down, integrated analytic frameworks and dashboards will guide the future of pharmaceutical industry performance. We will explore how visualization and analysis tools should be tailored to meet the unique business growth objectives of strategic business analysts, commercial and R&D portfolio leaders, and corporate executives.
For a successful innovative organization, strategic R&D portfolio management is a key factor to growth. Pharma R&D has a very long development cycle and requires the commitment of significant corporate resources to gain approval to market innovative medicine and device therapies. R&D portfolio management solutions help the enterprise control and optimize the value of their investments by analyzing and effectively navigating the risks in their R&D pipelines, and wisely positioning portfolio opportunities to maximize the potential benefit for the company and for their patients.
The complexities in pharma portfolio management highlight the need for executive dashboards
Pharmaceutical companies may manage their R&D project portfolios from early-stage research through loss of exclusivity or by segmenting early-stage and late-stage development and in-line products. Either way you cut it, portfolio management demands alignment in key valuation metrics and the assembly of like for like data on timing, cost, revenue and risk data to effectively inform strategies and decisions.
In the highly competitive disease therapy market, portfolio managers analyze various dynamics such as regulatory shifts, research innovations, competitor pipeline advancements, and market trends to differentiate and promote the value of their products for patients.
Risk assessment in drug development accounts for the technical feasibility of demonstrating that a medicine or device delivers health improvements that meet or exceed a minimum criterion for the target product profile, on safety, efficacy, and stability. Beyond that, risk assessments should also account for the uncertainty in regulatory, competitive and commercial forecasts associated with delivering a product with a minimally viable commercial profile.
Monitoring the performance of projects over time and evaluating them against their baseline, against other projects, or against industry benchmarks for assets at each stage of product development can be effectively achieved through a dynamic visual portfolio dashboard. The comparison analysis enabled by the visual interface can help put focus on performance trends and areas of risk to manage.
With the ability to incorporate annotations, analytical insights, and rationales into dashboard charts and tables, portfolio investment options can be assessed with expert feedback, and the most viable portfolio development scenarios can be confidently pursued.
The use of dashboards for pharma portfolio analytics drives the value of the organization´s information assets and offers advantage to gaining a competitive edge in a very competitive marketplace. Dashboards collect data from sources across the organization and present them in an interactive and insightful manner, helping executive decision makers access, analyze and act on important information effortlessly.
A holistic, accessible, and appealing visualization of a portfolio incorporates information from distinct data sources such as project delivery milestone timing; project cost and resource forecasts; technical and regulatory risk assessments; competitive landscape analysis; and market forecasts. When presented in an integrated dashboard, these data deliver greater project insights.
Integrated decision dashboard, enabled by real-time performance data, help facilitate well-informed decision-making processes. They source plan schedule updates, resource re-allocations, and market forecast adaptations due to competitive, regulatory and market events. These timely information dashboards provide a differentiating advantage for product positioning in a highly competitive industry.
Pharma Portfolio Executive Dashboard contribute to R&D cost management by efficiently signaling cost variance from baseline, assessing ROI for trial investment and optimizing cost forecasts and benchmarks for future management of trial cost and forecasting.
Portfolio management across the pharma industry has a common objective to drive sustained business growth but each organization has its own unique approach to governing its portfolio investment decisions. Subsequently, each organization measures portfolio performance and growth objectives based on the unique metrics and composition of their portfolios. To effectively interact with their portfolio knowledge base, these stakeholders require customized, yet frictionless interaction with their portfolio data, via personalized data dashboards, with data visualizations and insights customized to manage and respond to the elements most sensitive to sustained growth.
Challenges in accomplishing Data Visualization for Data- Driven- Decision- Making
From long and complex drug development cycles to fast evolving standards of care and an ever-dynamic market landscape, the pharmaceutical industry has a complex task of forecasting a successful and sustainable pipeline delivery of innovative medicine and device therapies over the next decade. Digital solutions such as data visualization and data dashboards improve clarity and actionable insights to effectively project and plan for a sustainable future with a robust and viable set of medicine and device projects at all stages of research and development.
A core challenge that pharma and biotech companies are grappling with is data disparity. Due to the distributed nature of pharma R&D planning and execution, data is captured and maintained in different systems and in varying formats and structures throughout the project lifecycle. Maintaining data standards across systems may not be a priority for the various project data contributors and therefore it may be challenging to assure data quality and to align and join project data for portfolio analysis. This makes it difficult for the portfolio decision makers to get a reliable, consolidated view of all their project data. Manual data assembly demands patience, is error prone, and may not yield insights in a timeframe that a decision maker requires.
A crucial step in data-driven-decision-making is the ability to analyze multiple dimensions of complex project data and to make informed decisions. Dashboards and visualizations can be of immense help in bringing clarity and insight into the performance and options available to optimize a project’s development path. The ability to assess one or many projects in the portfolio, to visualize and contrast projects and development options across the portfolio, and to offer clear insights to investment choices for decision-makers is a significant advantage.
As a pioneer in pharma data analytics and visualizations, team i2e engineered Clairvoyance- a custom Executive Dashboard Application tailored specifically for the pharmaceutical industry. This application offers a consolidated view of the client’s project portfolio, providing executives with a powerful interactive tool for data-driven decision-making.
This custom solution delivers a robust data quality verification platform and offers the analysis and visualization features needed to tackle the various problems the client was experiencing.
The Clairvoyance custom dashboard platform can help the R&D leaders to align portfolio performance with their business goals.
i2e Consulting helps global pharmaceutical companies to access insights and prepare decision dashboards tailored to their unique business requirements. Embrace the power of Clairvoyance, a cutting-edge decision management solution. Contact us now and seize the future of pharmaceutical innovation by optimizing, strategizing, and thriving with Clairvoyance.