Big Data's double-edged sword: Better drug marketing, bigger SG&A cost cuts

Big Data could be a big deal for Big Pharma's commercial operations. It could help top drugmakers slash another $35 billion plus in costs over the next several years, to keep margins up. But it's small drugmakers that could benefit most strategically, a new report finds.

According to a study from the IMS Institute for Healthcare Informatics, pharmaceutical companies now have a short list of reasons why they need to get their acts together, data-wise. Payers want more evidence that their products not only work as promised but also deliver better (and cheaper) outcomes for patients. That means more digging into patient records to analyze what's working and forging technological ties to patients to make sure therapy goes as planned--not to mention generating the data payers want for proof.

Meanwhile, a switch to specialty drugs requires highly targeted marketing, to make sure the right patients are treated. And thanks to a proliferation of health information, patients as well as payers want more input into doctors' choice of prescription, so drugmakers need to find those patients--and find ways to communicate with them, whether through mobile apps or social media or reimbursement counselors. Read more from FiercePharmaMarketing >>