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Data from a connected economy is funneling a wealth of monetization opportunities for business leaders across the life sciences industry
Data that reveals how consumers use a company’s products, and the context in which such products are consumed, creates new business opportunities by monetizing what we call “consumption data.” In many cases, consumption insight provides opportunities to offer advice for how product users can save money (auto insurance), lose weight (FitBit), prevent costly repairs (smart appliances) or get better gas mileage (connected cars).
The connected economy is similarly inspiring CIOs in life sciences organizations to monetize data and to use its resultant insight to run their organizations more competitively. When asked to prioritize technology investments, business intelligence and analytics ranked first in a survey of CIOs across the life sciences sector (See Figure
Pharma marketers often deploy branded solutions for medication adherence. However, an agnostic, cross-brand platform, driven by consumers, offers pharmas an alternate solution versus one that might appear biased. Alternatively, pharmaceutical organizations such as Merck KGaA, Takeda and Gilead use a cross-brand platform (called Medisafe) with a registered base of four million patient and caregiver users, who have collectively recorded over two billion successful medication doses on their iOS and Android smartphones and tablets.
The platform’s consumption analytics, which are regularly shared with pharmaceuticals, detail the story behind the 200 reasons patients don’t follow their prescribed drug treatment plans (a $300 billion problem in the US alone where 50 percent of cardiovascular disease patients don’t adhere to their prescribed medications).
An AI-enabled interface delivers a tailored contextual experience to each user, with content, resources, videos, coupons and motivational messages—based on the patient’s regimen, condition and specific circumstance. Many patients opt for coaching through their Apple Watch. A Bluetooth-connected pill bottle (via the cap) is also offered to simplify the reminder process. Pharmaceutical firms also use the platform to deliver co-pay information and education in disease management and drugs. (See Figure 2.) Tools for instantly surveying patients are also available.
Noble, a provider of prefilled syringes and respiratory devices, uses a similar platform called HealthPrize to reward patients with positive educational experiences and videos for verifying prescriptions and reporting compliance. Patients received added incentives and rewards for reaching key milestones that measure health improvements.
Healthprize founder, Katrina Firlik, (a former Yale Medical School professor and neurosurgeon) says “every constituent benefits when adherence increases: hospitals, doctors, health plans, employees, pharmacies, pharmacy benefit managers and pharmaceutical companies.” HealthPrize’s architecture, which supports web and mobile platforms, is designed around financial incentives, education and reminders, using principles of behavioral economics, gaming and consumer marketing.