In the pharmaceutical industry, the stakes are high. Time is money, and money is survival. Billions of dollars and decades of investment result in a handful of successful rollouts, and a disproportionate number of failed attempts.
With these hefty costs, company stakeholders are looking for new ways to maximize opportunities and minimize expenses.
As we work with pharmaceutical companies, we see industry leaders moving beyond traditional methods. From management culture to meeting processes, opportunities abound to implement technology and introduce better ways of doing business. Everyone is looking for value, and we know how to provide it through meeting transformation.
The limited duration of drug patents demand that pharmaceutical companies increase productivity and get to market as quickly and effectively as possible.
A simple way to maximize value is by streamlining the series of live meetings that precede a drug’s approval. By capturing engagement and knowledge retention, we can now measure effectiveness and justify how content delivery provides lasting results.
- Investigator Meetings: Individual sites must be educated on proper protocols, and technology can help companies evaluate these processes more effectively. By measuring meeting engagement and information retained, we can show knowledge gaps where certain sites might need to supplement their materials or training. More productive investigator meetings are the first step toward more effective clinical trials and faster drug approval.
- Advisory Boards: These small, invitation-only meetings hinge on discussion and input from external expert advisors. Instead of strictly delivering information, the advisors provide critical sources of feedback and data that need documentation. Additionally, Sunshine Act requirements demand accurate reporting from planners, an area where live meeting technology tools and support provide significant value.
- Speaker Training: This promotional aspect of drug marketing and sales depends on paid speakers who can represent the brand and the message effectively. As these individuals receive training, engagement technology ensures that the content is delivered in an intelligible way. By measuring and analyzing comprehension, we can provide better overall training and more effective speakers.
- Product Theater: Drug companies often offer product demonstrations within the bigger context of an association meeting. With their desired audience already in attendance, they can promote their product and provide in-person education. These gatherings are the perfect place to implement technology to measure the impact of interactions and to create a link for follow-up contact and potential questions about the product.
- Product Launch: These gatherings are elaborate, lavish affairs that necessitate financial justification and residual benefits. Live meeting technology maximizes this investment by engaging the audience and measuring that engagement, transforming a passive audience of spectators into a valuable resource of ideas, opinions, and reactions.
- Medical Science Liaison (MSL): Another critical aspect in drug development is training the field team to articulate the chemical components of a drug and explain usage to physicians. As the technical representatives to the physicians, accuracy is imperative. Similar to speaker training, live meeting technology can help educate these individuals and preemptively recognize and correct knowledge deficiencies.
- Continuing Medical Education (CME): Post-approval, physicians and other medical professionals must receive continuing education with peer-reviewed, clinical-based information. CME gatherings offer an arena to deliver unbiased data on how a new drug compares to what is currently on the market. As with other meetings, we can now measure the outcomes of these gatherings through audience engagement and participant polling.
The process of drug development can now be greatly improved through technology that wasn't available in the past. By capturing valuable insights from meeting participants and consolidating that data into a single analytics platform, we can compare and contrast the overall performance of the team. Second screen technology provides a useful link between the various phases a drug’s evolution, collecting and analyzing data from different meetings and easing compliance by providing consistency and continuity.
With a technology partner, pharmaceutical companies can harness the compounded benefits of an ongoing relationship and have all their data in one central repository. These capabilities ultimately catalyze the bigger goal of streamlining processes, maximizing meeting effectiveness, and bringing a new drug to market in the most efficient and productive way possible.