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In today’s competitive pharmaceutical industry, effectively tracking, analyzing and reporting key parameters of all sales and marketing channels as well as promotions, sales, perceptions, prescriptions, demographics etc gains prime importance in order to grow and maintain the competitive edge.
The large number of disparate data sources (both in-house as well as sourced) used by pharmaceutical companies make tracking and reporting exercise extremely complex. Moreover, there is an added challenge of disseminating the right information to the right people in the right form at right time and across various levels of management.
Most of the time, the information dissemination process takes so long that the window of opportunity to make tactical decisions based on that information passes by, causing a huge opportunity loss due to slow response. In such scenario, it is imperative to have a solution that can help pharmaceutical companies to integrate, analyze and disseminate information in such a way that they can leverage these insights for better planning and decision making.
marketRx Offering
With deep domain expertise and technology driven proprietary tools, marketRx has been able to effectively tackle these challenges and has developed robust solutions that can help pharmaceutical companies to accelerate their brands' performance by implementing true ROI based targeted marketing.
marketRx provides brand and portfolio level tracking, measurement and reporting solutions that enable brand managers to create and execute effective marketing strategies in line with the business objectives and upcoming market events. iTrak™, our web based product management suite, enables all key stakeholders to:
- Integrate information from various primary and secondary channels
- Institute consistent KPIs across brands and at various stages of their lifecycle
- Analyze the impact of various promotions across multiple channels in terms of ROI
- Leverage field intelligence to create timely and actionable tactical plans
iTrak™ tracks and displays all relevant KPIs, covering behavioral, attitudinal, patient dynamics as well as promotion response; areas that have previously not been covered by any business intelligence solution. Role-based access controls ensure that no effort is wasted in collecting and disseminating information across different levels. The solution enables sales operations and product management to track performance across multiple facets and provides product-specific competitive intelligence reports.
iTrak™ frees up customer resources for strategic work, and provides flexibility to add channels and reports even after roll-out with immediate updates available across the broad set of users. The dedicated research and technology teams at marketRx ensure continuous solution improvements.
Our solution helps you to:
- Create an integrated repository of all relevant performance and brand tracking information
- Implement systematic measurement of Key Performance Indicators
- Implement a platform to enable both pull and push based information delivery medium
- User-friendly and customizable platform to foster adoption and facilitate information access and sharing
iTrak Advantages:
- Analyze promotional activity using a variety of segmentation criteria, so that you can identify specifically where programs are effective.
- iTrak™ can display data from a wide variety of sources giving you a single, comprehensive view of all of your promotional and sales channels.
- Real-time access to data allows you to uncover key product trends and dynamics as they occur, putting you ahead of the competition.
- Web-based application allows instant delivery of your choice of thousands of reports and charts.
- Advanced security features allow you to distribute your choice of reports to field & management.
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Case Study Example: Tackle data challenges and identify KPIs to successfully launch a new product in a competitive market
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| Objectives |
The client wanted to tackle the data challenges like lack of a single system to track KPIs; and lack of visibility in promotion, perception and behavioral areas. Further, the client wanted to build the capability to compare performance against competition before launching a new product in a highly competitive market.
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| Key Points |
- marketRx team first identified all the data channels and designed an effective data management system
- It was followed by identification of key metrics and reports defining actionable recommendations
- Next step involved systematic identification and implementation of the solution enabling easy tracking and measurement of KPIs across segments
- Finally, all research data was integrated and reports’ formats were customized across countries into one single solution
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| Key Outcomes |
- A web-based dashboard for tracking, analysis and reporting
- Integration and analysis across disparate data sources
- Email delivery of key insights to senior management
- Real time access to sales rep detailing, competitive intelligence and customized reports
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