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EMEA Thought Leadership
Developing IQVIA’s positions on key trends in the pharma and life sciences industries, with a focus on EMEA.
Learn more
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EMEA Thought Leadership
Developing IQVIA’s positions on key trends in the pharma and life sciences industries, with a focus on EMEA.
Learn more -
Middle East & Africa
EMEA Thought Leadership
Developing IQVIA’s positions on key trends in the pharma and life sciences industries, with a focus on EMEA.
Learn more
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Blog
Mastering the Art of Next Best Action: A Beginner's Guide for the Pharmaceutical Industry
Apr 20, 2023
Over 80% of pharmaceutical companies are expected to implement or have a Next Best Action (NBA) program by the end of 2023. An NBA program can help pharmaceutical companies deliver personalized experiences and targeted messages to healthcare providers, driving a significant competitive advantage.
In this blog, we will explore how pharmaceutical companies can apply NBA strategies to improve the healthcare provider experience, including defining objectives, selecting and analyzing data, determining metrics, and leveraging automation and AI to scale efforts.
- Define your objectives
In the pharmaceutical industry, objectives may include improving healthcare provider engagement, increasing prescription rates for specific medications, driving revenue growth, or improving patient outcomes. By defining your objectives upfront, you can tailor your NBA strategies to achieve those goals and measure success. - Select and analyze data
Data is crucial for implementing NBA strategies. In the pharmaceutical industry, data may include healthcare provider demographics, prescribing habits, digital behavior, and channel engagement. However, companies don’t need to be overwhelmed by the data. They can begin with first-party data, including call, sample, detail, and prescribing data. By collecting, purchasing, and analyzing data, companies can gain insights into healthcare provider behavior and preferences, and tailor their NBA strategies accordingly. By partnering with analytics firms and investing in their own data analytics capabilities, pharmaceutical companies can gain insights into HCP preferences and behaviors that can inform their NBA strategies. - Determine your metrics
Measuring success is essential for refining and optimizing your NBA strategies. Metrics should include three key measures: engagement from the sales team, suggestion quality, and Rx lift. By tracking these metrics, companies can gain insights into the effectiveness of their NBA strategies and make data-driven decisions. - Implement NBA strategies across channels
To maximize the impact of your NBA strategies, it's important to implement them across relevant customer touchpoints that quickly drive the most value. A great starting point is to focus on your sales team, and send 1:1 emails and mass email to healthcare providers. Additional touchpoints could include online portals, speaker events, third-party media partners, and programmatic ads. By delivering consistent and relevant experiences across all channels, companies can increase healthcare provider engagement and drive revenue growth. - Continuously refine and optimize your NBA strategies
NBA is not a one-and-done strategy; it's an ongoing process of refinement and optimization. As companies collect more data and gain insights into healthcare provider behavior and preferences, they can adjust their NBA strategies to deliver even more personalized experiences. By continuously refining and optimizing their NBA strategies, companies can stay ahead of the competition and drive long-term growth. - Leverage automation and AI to scale your NBA efforts
In the pharmaceutical industry, as data and insights grow, it can be challenging to deliver personalized experiences to all customers. That's where automation and AI come in. By leveraging these technologies, companies can scale their NBA efforts and deliver personalized experiences to a large healthcare provider base. This enables providers to receive precisely the right information at the right time so they can make the best decisions that will benefit their patient and, ultimately, drive a better health outcome. However, it's important to balance automation with human touchpoints to ensure that healthcare providers and the sales team feel valued and heard.
In summary, NBA is a powerful approach to decision making that can help pharmaceutical companies deliver personalized experiences and targeted messages to healthcare providers. By defining objectives, selecting and analyzing healthcare provider data, and determining metrics, companies can begin to implement NBA strategies that drive results.
IQVIA Next Best – Recommendations Platform
Precision intelligence that targets effectively via the right channels at the right time to drive your HCP messages home.
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