At Fierce Pharma Week in Philadelphia, Veeva’s Anthony Billinger, Senior Director of Compass Strategy, underscored the critical need for pharmaceutical companies to invest early in data analytics to enhance product launch success. He highlighted a troubling trend where two out of three therapies fail to meet their initial performance forecasts, with up to 70% continuing to underdeliver in subsequent years. This persistent gap between expectations and actual outcomes poses significant challenges for drugmakers, particularly in an increasingly competitive market.
The implications of these findings are profound. As the pharmaceutical landscape evolves, the ability to leverage data effectively could differentiate successful launches from those that falter. Early investment in data not only aids in better forecasting but also enables companies to make informed strategic decisions throughout the product lifecycle. For industry leaders, prioritizing data analytics is no longer optional; it is essential for sustaining competitive advantage and ensuring long-term success in drug development.
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