Business Intelligence: DKP’s Human Touch
July 28, 2021
Business Intelligence: DKP’s Human Touch

Ask any manufacturer and they’ll tell you launching a product takes savvy business know-how in order to be successful. But getting a special product, like a rare disease drug, or a cutting-edge therapy, such as gene or cell therapy, off the ground requires even more expert knowledge that goes beyond simple business forecasting. Common questions we hear from clients include:

  • How much should the drug cost?
  • What new state and federal laws will affect my product?
  • How do I maneuver payer policy reimbursement strategies?
  • Which insurance policies should I be focusing on?

For most drug makers, it’s difficult to know even where to start, much less how to strategically jockey in such a complex market. Thankfully, that’s where Business Intelligence can step in to answer the hard questions.

What is Business Intelligence (BI)?

Simply put, BI refers to the gathering of data and the use of that information to help make smart business decisions. BI is used in all kinds of fields in all kinds of ways.

At DKP, we focus on the use of healthcare BI for rare disease drugs and oncology treatments, including gene and cell therapies. Analyzing this kind of data well takes a solid holistic understanding of the healthcare landscape and the ability to zoom in on specifics. Our team scours massive amounts of information within pharmaceutical analytics, payer policies, government legislation, patient data, demographics, and drug pricing, just to name a few. You can use the data to glean all kinds of insights, including how to launch a product successfully into the intricate, ever-changing biopharmaceutical marketplace.

Many companies claim to utilize BI for biopharma drug manufacturers, but the problem is they often rely too heavily on computer programs to do all the work. Here’s what ends up happening: a computer program pulls data from thousands of payer plans and then this data typically gets dumped onto a client’s lap without any guidance or direction. What is a drug maker to do with all of this information? How do you make heads or tails of it all?

The solution: BI with a Human Touch

We do BI differently at DKP, and it starts and ends with humans. Yes, our team does use software to pull some data, but people, not computers, do the heavy lifting around here. When only black and white numbers are considered, clients miss out on key pieces of info like quality of coverage, the state of the market, and the context for policy changes. Adding a personal touch also helps us create a useful BI experience for each of our clients. Here’s a sneak peek into our people-powered BI recipe.

We sift through the data. With BI, an immense amount of information can be gathered from thousands of sources creating an overwhelming mountain of material. Instead of indiscriminately pulling stats from heaps of payer plans, we carefully consider which plans have the most useful data for a particular client. This narrowed focus allows us to curate applicable data points that are then further scrutinized for relevancy by an expert team member. Because who wants to be burdened with irrelevant data, after all? No one has time for that!

We translate findings into insights. With a large BI data dump, it can be hard for drug makers to know what’s applicable and what’s not. At DKP, we personally comb through every flagged data point, then pull out what’s meaningful. From there, our BI team can guide clients on what’s important, where to focus their energy, and how to prioritize for a successful launch.

We keep clients in the loop. Since the biopharma marketplace is so dynamic, it’s critical for drug makers to stay informed of the latest trends as they occur. At DKP, our team has years of experience monitoring specific payers, so we catch policy changes fast. Then using a personalized and easy-to-digest dashboard, we share market shifts with clients as they occur. Updated regularly by one of our expert BI analysts, the dashboard is also paired with executive summaries to help clients make sense of trends and changes in a timely manner.

Technology is a great resource for drug makers, for sure. In fact, our team has even created our own computerized systems for identifying market trends. But this information isn’t worth much to a client without expert eyes on it, too.

People really do make all the difference. And at DKP, we’re proud to use a human touch to set us apart from the pack—in our BI work and beyond.

Do you need help getting deeper insights about your product and the marketplace? Whether it’s deciphering analytics, guiding your drug launch, or even creating personalized metrics tailored to your needs, the experts at DKP can help. Reach out to us today.

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