The amount of data we generate and collect every day is unprecedented. This has led to a rise in big-data analysis, which can be used for many different things like improving business efficiency or healthcare practices.
Data is one of your company's most valuable resources. Specialty pharmacies gather and offer data analytics about the specialty medications that are prescribed to treat patients. Data insight not only provides visibility into the day-to-day operations and the journey of each patient, but it also helps pharmacies meet contractual obligations while providing performance improvement and progress throughout the industry.
Data is captured through documentation platforms and patient management systems. From referral to discharge, capturing additional information about the patient and their experience offers significant value. In addition to specialty pharmacies collecting data analytics, specialty hubs can receive enrollments directly from prescribers. Hubs collect data insight about the patient, the prescriber, and the payer, depending on the level of service they provide. Hubs can also collect metrics regarding utilization, like which services their patients and prescribers are taking the most advantage of.
Real-time decisions and Forecasting
Data reports are currently offered as a daily, weekly, monthly or quarterly analysis. Instead of dealing with patient care in past-tense form, real time data analytics offers a view of patients at any point in time. In order to conveniently offer real time data reports, specialty providers are able to capture real time data and share it through a dashboard or portal. This type of integration allows for capturing data insight within a workflow instead of it being an afterthought.
Better patient care
Even more important is the use of advanced analytics by large specialty providers. Foresight reporting of predictive and prescriptive analytics allows providers with large sets of data to predict events that happen to their patients. Using a hindsight approach with past data allows for the possibility of intervening some of those events, reducing adverse events, increased retention and enhanced patient care.
How Pharmaceutical Manufacturers Leverage Data
Technology is making it possible for specialty pharmacies to collect clinical and financial data electronically from patients. Given all the real-time, predictive information collected, here are four ways to use data insight for your benefit.
It is vital to report the performance and the outcome of a drug used to treat the diseases it was prescribed for. Data on the performance of a positive pharmaceutical manufacturer's drug can be used to share with patients and providers who are treating patients with the same disease. Vise versa, discontinuation data is also important, giving you the chance to reformulate your drug, reduce the pill count and improve adherence depending on the feedback. Capitalizing on the data insight captured is essential in your commercialization plan.
Demonstrate value to payers
Buyers want the best outcomes for the lowest cost. In the event that your drug and a competing pharmaceutical manufacturer produce similar outcomes, data analytics on your therapy can be useful to a biopharma company. If fewer of your patients are in need of a hospital or emergency care and have fewer side effects, then patients have lower long-term costs, meaning value for payers.
Build brand loyalty with prescribers
The biggest value to prescribers are positive outcomes which depend on adherence. Collecting data flags the causes of negative outcomes and provides for better solutions, strengthening your relationship with prescribers and building brand loyalty to your drug and your pharmaceutical manufacturer.
Strengthen your drug’s therapeutic value
Most importantly, specialty pharmacies are able to improve the value of therapy for patients, leading to better outcomes.
Where does a Specialty Pharmacy Fit In?
Specialty pharmacies perform many patient management services and support programs for you and the prescriber.
Data & Reporting
Includes inventory, dispense, demographics, patient, payer referral status, competitive data, clinical assessment, triage, and enhanced services
Senderra collaborates with HUBS
Senderra offers HUB-like services
Formalized pharma contracting office/process in place to review contracts quickly
Redlines reviewed and returned within 5 business days
Transparency throughout entire process
Quick implementation turn around less than 90 days
Dedicated single point of contact for manufacturer and for HUB