Over the last year, Polaris has partnered with a growing number of marketing, sales planning and compliance teams to develop actionable insights from Open Payments data to enhance strategic planning and core operations.
We have also seen interest grow among Medical Affairs departments as they are keen to learn more about the HCPs in their therapeutic area that are participating in speaking, consulting and advisory-type activities, and the frequency with which they are participating in these activities.
This information can support annual planning and introduce the company to new experts who may provide important insights and a broader understanding of the products that are competing within their therapeutic area(s). For example, stakeholders may ascertain the relative size of their competitors’ speaker bureaus as well as the frequency with which individual speakers lead programs. Additionally, stakeholders can analyze how many advisory boards their competitors have held and who attended.
Medical departments for pre-market companies (or pre-commercial products) represent an important use-case. Open Payments assessments can enhance decision-making with respect to choosing which physicians companies contract with for advisory and consulting services. For example, through Open Payments data companies can identify key physicians with both the requisite therapeutic-area expertise and industry experience. Additionally, for companies entering, or currently operating within, mature markets, Open Payments assessments can be used to replace traditional KOL influence mapping at a much lower cost to the department.
As exemplified by the expanding use of Open Payments data, expect 2017 to be a year where departments outside of commercial and marketing continue to develop the tools and expertise necessary to mobilize internal and external data for core initiatives.