By Michelle Edwards and Bill Woywod, Med Device Online
To find and serve intended patients, medical technology and pharmaceutical companies tend to set their go-to-market strategies using basic claims data, as well as patient and provider insights. Much of this information is gleaned from voice-of-customer analysis, generously laced with confidence in the technology’s prowess. In the process, companies typically invest millions of man-hours and dollars, only to fall short of their market expectations.
Today, these kinds of educated approximations and high-stakes speculations are outdated, giving way to extract precise insights.
Commercial and government-sponsored payers, including Medicare, are publishing comprehensive claims-based data sets to help promote transparency across the healthcare industry. This enables payers and regulators to see costs more easily, and puts the onus on manufacturers and providers to use the data to demonstrate cost-effectiveness and positive outcomes. This shift also benefits consumers indirectly, as it supports the industry’s shift toward value-based care initiatives that base reimbursement on provider quality and patient outcomes.
For medtech and pharmaceutical companies, this data provides unparalleled insight into clinical practice care pathways.
The patient journey is unique to each patient, but organizing these journeys according to macro-level similarities for a given condition can characterize interaction between patients, providers, and payers in real time to inform key stakeholder decisions.
Data sets from Medicare and commercial claims databases provide a representative sampling of the majority of people in the United States. Missing segments can be filled with data-driven estimations.
These relevant data sets can be leveraged in combination with 1) on-point query and analysis design, 2) skilled programming, and 3) deep industry expertise to conduct longitudinal data analysis that leverages years of data to provide a precise understanding of patient journeys in the healthcare system.
As a result, companies can pinpoint opportunities for therapy intervention and create far more effective market development and commercialization strategies.