Life Sciences Insights & Analytics Leaders Must Be Equal Parts
E. Norriton, Penn., October 20, 2016. Insights and Analytics leaders in life sciences companies envision a significant transformation for their role to “equal parts data scientist, nimble Ninja, business leader and insights engine,” according to a 2016 TGaS®Advisors Life Sciences Insights and Analytics Landscape Study. Highlights of the study were released today in a new TGaS Insights (TGI) Report, “The Current and Future State of Insights and Analytics. (I&A)”
The Landscape Study, based on interviews with 18 I&A biopharma leaders representing 15 large, midsize and emerging life sciences companies, details the top priorities and challenges for these executives.
Most leaders interviewed for the study concur that the traditional market research role is “nearing extinction,” as one described it. On the positive side, notes Sharon Getty, who heads the Marketing Sciences practice at TGaS, the leaders see an opportunity for analytics to provide a competitive advantage for their companies, provided organizations invest in that vision. “Technology, infrastructure and IT will be key to a new value proposition,” said one leader.
The evolving industry is predicted to have a profound impact on I&A. As one leader noted, “We must move from being Market Research Managers to Insights Strategists,” urging colleagues to become familiar with payer and provider channels and upgrade communications and facilitation skills. Leaders also point out that Big Data is reducing the need for market research: “We’re looking to the use of Real World Data (RWD) to supplement or augment or replace primary market research. It’s faster. Better.”
The report covers shifts in operating budget and department headcounts, expected tradeoffs resulting from budget shortfalls and the forces shaping the industry and their implications. Looking to the future, leaders shared plans for transforming their departments to maintain a state of “nimble Ninja-style” readiness for meeting future needs as well as the key challenges expected to persist.
TGaS Advisors is the leading benchmarking and advisory services firm for commercial organizations in the life sciences industry. With a roster of top 50, emerging and precommercial life sciences companies, TGaS provides robust comparative intelligence and collaborative network membership services. The team includes more than 60 experienced professionals, most with senior level experience in the life sciences and related industries.