By Danielle Johns
Hot off the press – today, we’re launching the Passport Analytics Suite, powered by Analytical Wizards, to deliver data-agnostic analytics on-demand — in other words, the intelligence you want, where you need it, when you need it.
We’re super excited about this product suite as it allows us to provide our biopharma and medical device customers with the healthcare commercial intelligence that you need to optimize your entire commercialization process – from early-stage planning to post-launch performance. You can read more about the official news here but let me tell you why I am so thrilled about this suite.
Commercial success is never guaranteed — but we can help minimize your risk
Bringing a new treatment to market is an incredibly arduous task. It’s risky, expensive, complicated and takes a significant amount of time and resources. The average cost of research and development for a new drug is estimated to be between $1 to $2 billion, and it takes more than a decade to bring a drug to market.
And there is no guarantee of an FDA approval at the end of the process. Only about 12% of drugs entering clinical trials are ultimately approved by the FDA. Even with an FDA approval in hand, commercial success is not guaranteed as 50% of biopharmaceutical products launched since 2004 have underperformed expectations.
According to research from Deloitte, the top three reasons that biopharmaceutical products underperform commercial expectations in their first year are limited market access, inadequate understanding of market and customer needs and poor product differentiation.
Life sciences organizations make significant investments in their sales and marketing programs to maximize the commercial opportunities for their treatment. Total pharma advertising spending topped $6.58 billion in 2020.
To speed up time to market, reduce your risk factors and improve your chances of success, you need answers to critical questions throughout the commercialization process. That’s where the Passport Analytics Suite fits in.
Data-agnostic analytics on-demand for life sciences customers
The Passport Analytics Suite helps life sciences organizations develop, launch and commercialize products more efficiently by delivering healthcare commercial intelligence on-demand.
And the best part – it’s data-agnostic, which means you can pull in data from any source.
Any data, from any source, can be loaded into the Passport Analytics Suite, where it’s then cleaned, linked and normalized, so you can run analytics at scale. From sales and marketing data to big data from the CDC to data from an electronic health record (EHR), no data is off-limits.
And if you decide that you want to leverage Definitive Healthcare data or our Definitive ID to make your analysis just that much better, well, of course, that can integrate into Passport Analytic Suite too. But you’re not required to use our data.
We’re really excited about the scale, efficiency and configurability of this new suite. Before Passport Analytics Suite, to get this sort of intelligence, you’d typically need a custom consulting engagement, with dozens of data scientists and a long wait for results. Not any more.
With the Passport Analytics Suite, you can configure the analytics to answer the questions unique to your business, and then tweak the questions you want to ask on your own as you learn more. No consultants needed. On the back end, our cloud-based platform manipulates all that data above in just seconds, so you can get the intelligence you need in two minutes, not two months.
Increase your chance of commercial success with the Passport Analytics Suite
Trying to optimize your global marketing mix on a region-by-region, therapy-by-therapy level? Working to accelerate your clinical trials but struggling to identify the physicians most likely to engage with you? Need a real-time 360 KPI dashboard to analyze your brand performance in the market?
The Passport Analytics Suite can do all that for you with its two products: Passport Planning & Performance and Passport Promotional Analytics. Both products are built on top of the technology that we recently acquired with Analytical Wizards.
If you’re a current Analytical Wizards customer, you’ll recognize these products as Ize and Wiz. Don’t worry — those products aren’t going away. We’re just changing the name and then adding new functionality on top of it to build the Passport Analytics Suite. The same customer service, in-depth analytics and most importantly, data security and data privacy will still be there.
If you’re not a current Analytical Wizards customer, then you should know that six of the top 10 global pharmaceutical companies (as ranked by revenue) and four of the top seven global biotech companies (as ranked by market value) are Analytical Wizards customers today— which means they’re now part of the Definitive Healthcare family – if they weren’t already. And we’re so thrilled to bring the Passport Analytics Suite to any pharmaceutical, biotech, or medical device company that is not benefiting from those near real-time insights today.
We’re so happy to add Analytical Wizards and Passport Analytics Suite to our expanding portfolio of healthcare commercial intelligence solutions.
Want to learn more? Check out our press release for all the details or visit our new Passport Analytics Suite page for an in-depth overview of the products.