Modelling Market Dynamics: The Challenge
Our client, a medium-sized life sciences company, wanted to help more patients with a drug that has several added benefits compared to other similar drugs. Although the drug had been on the market a few years, pick-up by healthcare providers was lower than expected.
The challenge was to build a relationship with the Key Opinion Leaders and get on top of the latest research to better understand the market dynamics.
Understanding Market Dynamics
It is no longer enough to visit healthcare providers to convince them to choose your treatment. Consequently, life sciences commercial teams have to make strategic choices with the relationships they build. In addition, they must put more time and effort into understanding new market dynamics.
Problems to be Solved
We identified five key problems that needed to be addressed:
- identify the Key Opinion Leaders;
- understand the dynamics, relationships and networks in the field;
- know the status of other drugs, USP of their own drug, and latest research;
- understand patient associations;
- conform to all privacy regulations, such as GDPR.
In four weeks, we built a model to identify all the Key Opinion Leaders and mapped their networks. We also dived into the research in this field and provided a clear overview of the latest developments and projects.
Our solutions for this client consisted of four main points.
- A Key Opinion Leader (KOL) database consisting of data containing research, clinical trials, medical events and other sources.
- Network maps of the KOLs showing all the relations between the KOLs and healthcare providers.
- Detailed documentation of the latest related research and projects with a clear interpretation of its relevance for the client.
- A thorough data impact assessment made with both the client and their GDPR lawyers to make the analysis fully GDPR-proof.
Impact and Benefits for Our Client
As a result of our work, the client was able to get a head start. Our model and documentation saved the account manager around one year of market research before he could start building his network and relationships. This brought our client closer to their goal of helping more patients in need with a drug that is much more user-friendly and has a better impact on their lives.
Ways of Working
Our project was delivered on time and within budget in four weeks through an agile approach that consisted of:
- a kick-off and interim analysis meeting;
- a final report and presentation;
- working in sprints to set priorities and manage expectations.