Pfizer has a senior leadership that is strongly committed to using analytics to reduce operating costs while increasing revenues. One of the ways senior leadership has accomplished this was to focus on real-time data collection as a strategy in customer analytics. Sales personnel are now equipped with tablets that allows Pfizer analytics teams to collect large amounts of data from customers in real-time. The data is synced daily thus giving Pfizer the ability to detect patterns which allows them to make decisions concerning sales more efficiently (Davenport& Harris 2011).
The above example shows that Pfizer is building on the foundation of analytics to predict the needs of the customer (which is the physicians in the case above). It
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This allowed Pfizer to make decisions based on patterns and trends before other companies. The ability to use real-time data to drive the decision process based on market trends could be considered a competitive advantage for Pfizer.
The decision process is based on segmenting the customers into groups. Each group presents a different need that Pfizer then tailors and presents the recommended products to meet those specific needs. The process is streamlined to only present the customer with what he or she needs, cutting costs (Davenport& Harris 2011).
Pfizer creates competitive advantage by reaching out to prospective partners that are willing to collaborate on innovative solutions. Prospective partners are those that provide cutting edge technology in analytics-enabled services, healthcare decision-support tools, open innovation platforms and other open platforms (ET CIO 2014). Each of these areas provide a way for Pfizer to collect, store and analyze large amounts of data. Companies such as IBM collaborate with Pfizer to create new ways of collecting patient data (Miller 2016). Creating Cloud services, Pfizer taps into a way to store clinical trial data from many different trials and researchers. This data is used to cut down on the amount of time used to execute clinical trials (Preston
The unique feature about the company is that it collects data such as skin conductivity and heart rate variability while tracking
Our research team did wonderful job in providing us information relative to the market trend, product positioning and so much more. Their finding allowed us to update and upgrade our marketing efforts in the way that is desirable and beneficial for the company.
...rn day of age. Consumers as well as business owners rely on these advance technologies to make our everyday life easier and smoother. Without this tool we would not be able to track our progress in many industries. We would not even be about to track our packages for Christmas to our loved ones! Therefore I see these two products being extensively utilized in all industries and might be introduced to many more.
As part of the health care reform, many hospitals have focused their marketing strategies on population health management as part of the transformation to value-based care. Managing population health requires a close relationships with physicians, partnerships with organizations in the community, and expansion into preventive and outpatient care and therefore must be implemented further. Likewise, comprised as key components are investing in technology - to connect with physicians, customers and the community and gather data necessary for improving quality (Takvorian, 2015) and merging with other hospitals and health care systems - consolidation as a strategy to gain capital necessary for health IT investments, outpatient facility construction, physician partnerships and other projects (Johns Hopkins Bloomberg School of Public Health, 2015; Ropak, 2012).
This fact validates the incentive pharmaceutical companies have to get a patent and acquire more power. Pfizer encourages R&D because of the incentives and a desire to obtain patents to receive more profit. Pfizer has to promote itself to be successful, creating a brand image that consumers will trust. If the company can advertise successfully, more consumers will purchase their products. Pfizer must also be generating products efficiently in order to save and use existing resources, while manufacturing their products at low costs to stay competitive....
Merck & Co. has to be aware of the economy as with any industry. Within the recession, more and more were looking towards generic substitutes. This can at times not be a problem with patents. However, once a patent is up, a competitor who develops generic versions of Merck’s products becomes a low-cost competitor. However, during the recession from 2008 – 2009, Merck didn’t see any drop in sales. Actually, they were able to keep a continual increase in sales and net income.
10. Collis, David, and Troy Smith. "Strategy in the Twenty-First Century Pharmaceutical Industry:Merck&Co. and Pfizer Inc." Harvard Business School, 2007: 8-12.
Haddad,M (2010).Technology helps track healthcare providers. Health Management Technology, 31 (5), 24-25. Health Source-Consumer Edition
Pfizer Inc. is a large pharmaceutical company that engages in the discovery of new technologies, the manufacture of prescription and "over the counter" (OTC) medicines, as well as the marketing of such products. It operates in three distinct segments that include Human Health, Consumer Healthcare, and Animal Health. For fiscal year 2004, the company generated approximately $53 billion in revenue that contributed to over $11 billion in net income.(Pfizer, 2004)
Over the years the company has survived by focusing on its internal development in addition to a series of mergers, acquisitions, and corporate restructurings. Being a pharmaceutical company, the entire population is impacted: patients, physicians, employees, hospitals, and investors are some of the most important stakeholders. We first began our analysis of Novartis by evaluating the company’s strategic direction. Novartis’ mission statement is to care and to cure. They are a company that wants to discover, develop, and successfully market innovative products to prevent and cure disease, to ease suffering, and to enhance the quality of life.
Johnson&Johnson has been a consumer products manufacturer since 1886 and it is divided into three divisions which includes medical devices, pharmaceutical products, and consumer healthcare products. They create products in order to help and care people around the world and assist doctors and nurses to provide the best care for patients. Johnson&Johnson creates consumer products such as Neutrogena, Aveeno, and over the counter medications such as Tylenol and Motrin. They also create medical devices for surgeries and other specialties such as wound closure in order to enhance patient care and bring greater precision in surgery. The business model that this company approaches is that it sells its products to hospitals, healthcare professionals,
3. New technology allows marketers to track the specific purchase and usage behavior of their customers.
Current trends that data analytics are looking towards are to “find a process that is poorly tracked. Install simple sensors along the process and feed the collected real-time data to the cloud. Then use sophisticated analytics to feed actionable insights back to business people using mobile interfaces. For bonus points, add complementary third-party data sets, offer industry benchmarking, and encourage community best-practice sharing”. As the world’s data continues to grow exponentially, Data analytics will be required at every level.
Companies have transformed technology from a supporting tool into a strategic weapon.”(Davenport, 2006) In business research, technology has become an essential means that many organizations use in their daily operations. According to the article, Analytics is a major technological tool used. It is described as “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions."(Davenport, 2006) Data is compiled to enhance business practices. When samples are taken, they are used to examine research and understand how to solve problems or why situations are as they are. Furthermore, in this article, Thomas Davenport discusses analytics from a business standpoint. He refers to organizations that have been successful in their usage of data and statistical analysis. In addition, he also discusses how data and statistics can be vital in the efforts to improve the operations of businesses.
... aware when there is a manufacturing problem, and this will allow pharmacies and patients to have more time to try and locate available alternatives. It can also help provide them with information on when it is likely to be available again, so that they will be aware of how long they will need to find alternatives for. The last thing that drug companies are using social media for is for giving out information and advertising new drugs that are coming out. This makes it easier for healthcare providers to learn about new drugs as soon as they come out. It also means that if a new drug comes out that will work better for a patient, the provider will be able to switch them to this newer, more effective drug sooner. Switching to a new drug may be very beneficial to a patient because they may be having difficulty controlling their disease with the current medication.