- 2 years ago
10 September 2021
As the pharmaceutical sector continues to drive innovation in therapeutic areas, decisions at every step along the way are being driven by data. While some may be weary of what ‘big data’ represents, I believe it is what organisations like MSD do with data that will drive impact for our customers and for patients.
Across our industry, the traditional business strategy was to focus on product attributes and product offerings to drive commercial results. Now, with the availability of real-world data, we can make more targeted decisions when planning for products in our pipeline.
Data is helping us with business planning, forecasting, resource optimisation, and customer engagement while at the same time analysing the value chain of our business from the point of inception right through to our end user – our customers.
MSD’s Milind Bhamawat
The way we are now using data at MSD is intertwined with how we are running our business across Australia and New Zealand.
In the past, data may also have been used to inform an organisation’s marketing or financial strategy, but this is just the tip of the iceberg when it comes to the potential for data-driven decision making. We are seeing a shift at MSD – there’s a real hunger for data to inform decisions in the areas of our policy and access team, clinical trials team, as well as medical teams, just to name a few.
While the focus of these areas differs from the way we would normally use data, the advanced analytics team is bringing together data sources from across the enterprise to help commercial and non-commercial teams make decisions that will positively impact their strategies.
You could say that we are problem solvers for the enterprise – we are given a hypothesis to test and find the answer using data. The type of data we use ranges from our commercial data to digital media and other online spaces. The analytics we apply help ensure we can be as targeted and as precise as possible in offering up our business solution.
Our team at MSD is still scratching the surface of what data we have at our fingertips but it is an exciting time to be leading this team and developing our data ecosystem while working closely with teams across the organisation to translate business problems into data analytics problems.
As a data scientist, when I look at a business problem I get excited when I can make linkages back to data – it’s a real ‘aha’ moment. My goal is to push MSD in the direction of using data to provide a long term view of where our company is heading while realising the benefits we can reap from applying analytics across everything we do, and making faster decisions in the moment.
I hope that this application will help us get our medicines to Australian and New Zealand patients more quickly than ever before. It may mean that we do things differently into the future but, as a company driven by innovation, that’s what we are all about.
Milind Bhamawat is Advanced Analytics and Digital Director at MSD ANZ. This article was published exclusively in MedNews.