12 Questions Life Sciences Companies Should Ask Before Licensing Third Party Data
Do you provide your data through data-as-a-service?
How can I provide updates and corrections to your data?
Do I receive credits for my contributions back to your data, and for any information that is incorrect?
Is your data accessible directly from within data-driven applications?
Can I compare your data with other providers before I purchase it?
Can I compare your data with what I already have before I purchase it?
Can I see how it would improve my data before I purchase it?
Can I filter, search through your data by the criteria I select?
Once I find a set of records I like, can i purchase each record individually?
Am I renting/leasing your data, or do I own it?
How can we track what data belongs to you and what attributes we own?
Is your data pre-aligned/cross referenced to other related data? (e.g. do you provide a link/key to tie your customer data to transactions stored by another data provider?)
In the life sciences industry, since physicians information changes all the time. New practices, new affiliation to hospitals, out of date licenses etc. pharma companies must purchase third party data to keep up. However, the way companies get their data hasn’t changed for decades. They buy lists of HCPs and HCOs sight unseen in batches, based on a set of selection criteria, filters or demographics. IT teams then upload the data using ETL (Extract Transform and Load) tools, on a semi-regular basis (weekly or monthly). Because of this business users are often looking at stale or old data. Real-time access to data is generally not possible, and definitely not within the context of the applications that a frontline business user is actively working on.
Big companies with large marketing and sales teams often reach out and contact customers in person or via email, can get first hand knowledge around out-of-date or inaccurate data. Typically they have no easy way of getting updates back to the third party provider. The third party provider would love to be able to receive and verify those updates from their customers, because they would have a whole army of data quality experts working for them, collaborating on the data and keeping it up to date.
Reltio’s third party data partners deliver data directly to frontline business-users in sales, marketing and compliance. They can each search for and access data in real-time through Google-style search queries. The searches go across all data providers based on any criteria, allowing business users to quickly obtain the best data for their business problem. They can even preview the data in a “try before you buy” mode, and comparison shop. Once they find the data that meets their criteria, they can purchase it through a single-click, just like they were shopping on Amazon. The data is blended into their Reltio data-driven application seamlessly and Reltio tracks exactly where it came from with full lineage and history as part of built-in master data management. Reltio also provides companies with a way of collaborating on the quality of the data, and they can communicate this back to the provider in exchange for possible credits. The provider gets more up to date data, another avenue to license their data with greater exposure, and the customer doesn’t get sent bad data repeatedly in batches over and over again so everyone benefits.
Customers need freedom of choice when it comes to data. Enterprises want to bring data from both third party sources, social media, public and combine it with their own internal data from their applications within their organization. They want to be able to rely on data they purchase, and they want a seamless way of blending the data together to uncover relationships between people, products, places and more. Good access to clean data through Data as a Service (DaaS) is an imperative in this new information economy. And the data must be accessible through enterprise-class data-driven applications that business users use everyday. All of this needs to be on a rock solid foundation of modern data management Platform as a Service (PaaS) with full security, privacy and audibility. By asking 12 key questions up front, life sciences companies can get a clear picture of what to expect, without having to resort to a magic eight ball.