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PharmaVoice: Digital-Enabled Business Models

This year will see a revolution in what it really means to be data-driven, and organizations that will thrive will be those that have the platform and technologies to deliver and share information on-demand, anytime, anywhere across the enterprise, says Ramon Chen, chief marketing officer, Reltio, an enterprise data-driven applications and data management company.

“We’re experiencing good traction because people are realizing that there are three factors that have to be in one system: reliable data, relevant insights, and recommended actions delivered straight to business users,” he says.

With the increasing popularity of the cloud, smaller companies, many pre-commercial, can now benefit from continuously clean data that not only contains accurate profile information, but deep affiliation, hierarchy, and relationship details.

Gaining this level of insight used to be purely an IT discipline costing millions in hardware, on premise software, and consulting services.

“Today’s modern data management in the cloud can easily combine and clean master data across internal and external sources, correlate those profiles with transactions, big data or small, and maintain those relationships to provide a core repository from which predictive analytics can be obtained,” Mr. Chen says.

The pharma industry’s goal should be to speed processes by using technologies to provide data and interaction much like LinkedIn, Facebook, and other social media applications do, Mr. Chen says.

“LinkedIn is a consumer example of where the pharma industry needs to be, especially since today’s social media technologies have changed how people interact with data, and they have grown to expect that data are always available to them,” he says.

The industry can glean great opportunities from a digitally enabled business model, especially if it embraces the ability of the cloud, and as long as the data that are being collecting are reliable and accurate. Mr. Chen notes that this has to be the No. 1 priority of a digital system.

Reliable data has to be the foundation and more often than not people tend to make that an afterthought because it’s not really sexy,” he says.

In past years, it was very expensive to get reliable information together and only the very largest pharma companies could afford it. 

“Today with the cloud and with the new technologies that are available, even the smallest companies without an IT department, can get reliable data through platforms in the cloud,” Mr. Chen says.

Second in importance when building a system, he says, is making sure that relevant insights can be distilled down to the individual or there is no ground gained by going with digital.

This year will see a revolution in what it means to be data-driven, and companies that use technologies to deliver and share information on-demand will outperform the rest.
— Ramon Chen, CMO, Reltio

“It doesn’t matter how much you spend on BI tools and analytics, if the data has no value to the salesperson or the marketing person,” he says.  

A third step that will emerge in the future is the ability to provide decision-making tools, much like Amazon does when a consumer makes a purchase and recommendations are provided for other items that might be of interest.

“This capability is not available in pharma systems yet, but it should be,” Mr. Chen says.