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Harnessing Real-Time Information for Business Readiness: Pharma Case Study

Explore why real-time information is crucial for business readiness through a deep dive into the pharmaceutical industry's complexities and the impact of accurate information on market outcomes. This case study highlights the power of timely data in navigating challenges and seizing opportunities effectively.

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Harnessing Real-Time Information for Business Readiness: Pharma Case Study

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  1. Real-Time News & Business Readiness An Example of Why It Makes All The Difference May 14, 2002

  2. All Information Is Not Equal INFORMATION YOU CAN USE  $2 million INFORMATION $2 It’s All In The Timing

  3. Pharma: Not Just Supply & Demand • Pharmaceutical market is vastly more complex than other, supply-and-demand industries • Intense pressures greet drugs going to market • Government agency approvals, monitoring • Legal system • Clinical trials • Profound R&D costs, restraints • Domestic and international regulation • Payer/Provider issues

  4. The Result • General business environment is challenging at best • Anything at any time can thwart or spur a drug’s journey to or place in the market • Real-time information doesn’t just arm navigation of departments or careers, but the entire business Goal: An Optimal Posture of Business Readiness

  5. For Example • PAL: Organized Consumers Fighting Back • Prescription Access Litigation Project, founded Jan. 2001 • Coalition of 70 consumer advocacy groups in 34 states • Targeted drug companies with expiring patents (vast minority in market) • PAL’s goal: open up generic market, decrease cost of drugs • Tool of choice: class action litigation • Between 3/01 and 12/01, PAL launched initiatives against six major drug therapies

  6. Did It Matter In the Market? Absolutely • From April to December, 250 articles and broadcast news stories on lawsuit • New York Times and The Wall Street Journal; National Public Radio; a profile on CBS Evening News Eye on America series; and consistent coverage by local news outlets across the US • Total impressions: over 150 million • All with consumer bent • Government takes notice (State AGs, US Senate)

  7. Industry Response • Access to real-time news enabled industry to know and then respond appropriately to news • And companies responded with strong messaging: • It’s not true. • Drugs are expensive to make. Understand that R&D is a big investment and not all drugs are successful. • We’re the good guys. • Coordinated PR and advertising campaign

  8. Conclusion • “Readiness” is critical for business • A culture that expects the unexpected • Understands information is key; smooth information flow within corporations tantamount • Information now, information past • Communication—internal & external—that is based on real perceptions and real facts does have the potential to impact the bottom line • Messaging is real and passes muster • Every department vested in the message and the context

  9. Thank You

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