The landscape for Pharmaceutical Drug and Device Manufacturers in North America is changing, especially after the ratification of the Sunshine Payments Act. There’s more publicly available data for everyone—over 25 million records and counting—and much more public accountability accompanying it.
Instead of waiting for competitors, the media, Public Prosecutors, or Civil Interest Groups to arrive at disturbing conclusions from this Spend Data, proactive Pharmaceutical Manufacturers/Distributors are employing Pharma Analytics to arrive at accurate, validated analytics on their own.
According to the results of a webinar poll we conducted, 58% of participants said they used analytics pre-submission. Another 16% said they were “Not Sure”. At 26%, less than a third of the respondent universe said they did not use analytics at all.
As we discovered during the same poll, “Do Not” is not the same as “Will Not.” When asked if they use CMS Publicly Available Data for benchmarking, comparisons, and insights, 33% said they did not use the data set right now, but “Would Like To”.
Let’s add that to the 58% who already use it. About 8% were “Not Sure”. And how many respondents said they did not, and will not use CMS Data? None.
There’s a reason growth-oriented Pharmaceutical Drug and Device Manufacturers are keen to adapt a culture driven by analytics. Along with visibility and transparency, analytics supply decision-makers most powerful tool: Data Accuracy.
During the same webinar, Paul Steele demonstrated the many ways in which accuracy empowers Transparency and Compliance Professionals: It gives them the quantified soundness with which to uphold—or prevent a risky investment. It helps them identify and flag disputed transactions in the past and so on.
To get profound and objective clarity on sales behavior across location, period, and stakeholder, data accuracy is the most important item in a Pharma leader’s toolkit.
For many of these Pharma leaders, spreadsheet software proves to be a good starting point. Increasingly—and statistics support this—they are considering embedding a more sophisticated analytics solution as a way of managing the surge of data now available to them.
