Increased pricing pressures, a focus on cost-saving initiatives, and the need to secure higher reimbursements based on clinical utility and patient outcomes have driven the MedTech landscape to becoming increasingly data-driven and outcomes-focused.

However, IQVIA’s recently completed research with medical device and diagnostic companies revealed that many MedTech organizations are still in the early stages when it comes to building out or leveraging data and analytics capabilities.

Within the MedTech industry, it’s common for 80% of resources to be allocated to basic tasks (like cleaning and managing data) without generating true insights. Meanwhile, tasks like automating insight generation or leveraging advanced mechanisms (such as machine learning) deliver 80% of the value.

Due to the explosion of data sources, it is getting harder to make the “right” decisions in healthcare. A myriad of stakeholders, a variety of technologies, and a host of service providers create exciting possibilities for insights, but the volume and complexity of data can be overwhelming.

In this blog, learn about meaningful data and technology capabilities that are available, and gain insight into the ways MedTech companies are using technology to improve commercial effectiveness.

What types of external data can provide commercial insights?

Three of the most common data sources used in medical device and diagnostic companies’ commercial applications are:

• Reference data
• Claims data
• Sales data

Reference data is used to classify other data. It includes demographic information about healthcare organizations (HCOs) and healthcare providers (HCPs), physician affiliations, ambulatory surgery centers, accountable care organizations, and hospitals –– and links them to corporate parents.

Claims data includes non-identified information at the patient-encounter level capturing diagnoses, procedures, treatments, billing, and sometimes reimbursements. It can be used to compare prices of healthcare services at local, state, regional, or national levels, as well as to compare services provided by specific HCOs or HCPs, based on specific diagnoses.

External sales data includes SKU-level purchase information for all products sold into U.S. hospitals. This data can be used to quantify shifts in market size and growth, as well as to understand product and brand evolution.

Connecting all of this external data requires specific expertise, including big data analytics such as:

• AI and machine learning
• Information management
• Technology integration
• Data stewardship and governance
• Master data management
• Data analytics
• Global and local market knowledge

To answer business questions, many MedTech companies choose to work with a partner who specializes in these areas and can augment findings to insights based on in-depth MedTech-specific therapeutic and scientific expertise.

Gain a competitive edge by working with a data and analytics partner who knows the MedTech industry.

The way MedTech organizations translate data from insights into action varies widely. That’s why it's critical to choose a partner who can help the company assess its current state of maturity and evolve in this important set of capabilities.

MedTech companies should choose a partner who can help them sift through the myriad of data, insights, technology, and services to focus on the precise assets and capabilities needed to address their immediate and future needs. It can also be beneficial to work with a partner who has deep expertise in the healthcare industry, and whose experts understand the specific data challenges facing MedTech companies.

Most MedTech companies have already made investments into technology and information management, so it’s important to use analytics and BI tools that are modular, scalable, and compatible with the company’s existing data and technology stacks.

If a MedTech company wants to minimize the cost of improving market insights or is in the early stages of modernizing its data infrastructure, investing in online analytics and reporting tools will have a major impact. It is critical that such analytics and reporting tools include:

• Fast setup so it’s ready to use within just a few weeks
• Built-in proprietary reference data, such as IQVIA’s OneKey and claims data model
• Online access to complement existing business tools
• Configurations to suit the needs of any organization, regardless of size

How could the right analytics work for your organization?

Case study: Enabling data-driven targeting and engagement for a large surgical implant business

One of IQVIA’s clients had recently come under increasing competitive pressure and knew that their commercial approach needed to evolve. IQVIA’s data and analytics tools gave them new insights into the competitive landscape and access to better customer profiling, including the latest organizational affiliations, contact information, and procedure volumes across the key therapeutic areas.

All the data was sourced and curated by IQVIA, and it included OneKey reference data and claims data aggregated into procedure categories defined by the customer. The information provided insights that allowed the client to prioritize customer targets, focus their energy on the largest opportunities, and notably improve their sales effectiveness.

Work with IQVIA to gain better data and analytics capabilities

MedTech companies can gain a competitive edge through better data and insights. Improve customer targeting, product development and reach other critical business goals with IQVIA’s help.