Global information and insights company TransUnion has expanded its partnership with health data firm Datavant.
“This partnership really helps unlock the potential of modern marketing and marketing measurement for the pharmaceutical space,” Michael Schoen, executive vice president of marketing solutions at TransUnion, said in an interview.
“Obviously, there's a lot of money spent in marketing—and this is probably saying it a bit too strongly—but they’ve (pharma) been operating a little bit in the dark because of some of the regulatory concerns," he added.
"This partnership really helps bring that whole ecosystem into the light, allowing them to leverage more of the kind of modern marketing, audience development and marketing measurement capabilities that TransUnion can offer. We're really excited about that opportunity to help improve the economics of the space and, frankly, help drive better consumer outcomes as well.”
Nationally, healthcare and pharma are projected to spend nearly $18 billion dollars on digital advertising in 2023.
While Schoen won’t name names, the press release states that “Datavant’s privacy-first data connectivity solutions are used by the top 30 pharma brands and more than 2,000 hospitals and 15,000 clinics.”
“What I can say is there's a lot of interest in large part because of the complexity—particularly in the U.S. market—that’s introduced by HIPAA. The level of sophistication in marketing and pharma, and especially marketing measurement, is much less advanced than it is in other parts of the marketing space.
"There's a lot of interest, and that interest is what drove our partnership with Datavant. We're seeing a lot of interest in our pipeline.”