Med Device Online - Bill Woywod and Catherine Ellis
A medical technology company looked to acquire a new technology that seemed like a perfect fit for its existing call points. However, a rigorous claims analysis revealed the clinical specialists called on with its existing portfolio only treated 14 percent of indicated patients, and a different specialty with whom it had no prior experience treated nearly 60 percent of patients.
The due diligence analysis now had to incorporate an unanticipated set of investments – driving indicated patients to its current customers, training its customers to use the technology, and building in sales capacity for a new set of customers.
This is just one example of how harnessing rich data can help medtechs go to market smarter. Today, masses of facts and statistics — from repositories of public and commercial claims to electronic medical records, sales and account statistics, pricing databases, local epidemiology information, and more — threaten to overwhelm marketers interested in mining them to unveil critical market insights. Combining industry expertise with sophisticated data science methodologies offers medtechs a more precise and detailed understanding of market dynamics, enabling better business decision-making.
To this end, medtechs of all sizes are increasingly tapping into machine learning and quantitative longitudinal claims analysis to gain competitive advantages.