The importance being placed on digital media by pharma and med tech/device manufacturers has grown over the past few years as it has become apparent that relying on the...
What Digital Media do Physicians Use?
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Forecasting New Pharma Products – Improving accuracy
By Daniel Turner, VP Client Services
April 2, 2020
Physicians recognize that new medications often can be quite valuable for their patients and are eager to add them to their armamentarium. However, they do not always end up prescribing these new medications as much as they initially plan or as early as they would like. There are many reasons that can explain this discrepancy – with the most common ones pertaining to coverage/reimbursement issues or the drug efficacy and safety features not exactly aligning with physicians’ initial expectations or the amount of time that elapses between a new product launch and the time physicians become fully familiar with it. This can often make forecasting physicians’ likelihood of prescribing new medications challenging for pharmaceutical manufacturers. See our latest infographic to learn more about the factors impacting early adoption rates.
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Over the years, MD Analytics has supported the launch of a large number of new products for its healthcare and pharmaceutical clients, across a broad spectrum of indications ranging from lifestyle drugs to oncology treatments. We have regularly observed physicians’ significant enthusiasm for new products based on unbranded descriptions, as well as the large anticipated shares of prescriptions they provide for them.
While it has been difficult for our clients to gauge the extent to which physicians overstate their likely prescribing of a new product, we have been able to leverage our large database of such products to more accurately assess the extent of this overstatement and improve the accuracy in forecasting for new pharma products. This additional level of precision can make the difference when gauging the resources needed to put behind a new product launch and to more precisely plan the levels of production required for the new treatment.
If you are curious to see if our Share Gap Algorithm would be a good fit for the launch of your new product, learn more here.
Infographics may contain select findings from our Independent Studies. Contact us to find out if your organization qualifies for a complimentary presentation with access to the full report.
Past Studies
Pharma Leaders of Digital Media
While social media and digital tools have been playing an increasingly significant role in the personal lives of HCPs for many years now, use of these channels in a...
What could future physician practices look like with AI LLMs?
Artificial intelligence (AI) and large language models (LLMs), such as ChatGPT, are likely to be increasingly integrated into our healthcare systems which, in turn, may...
AI: How receptive have physicians been so far?
While artificial intelligence (AI) has been playing an increasingly significant role in various spheres of our lives for many years now, the topic of AI has jumped into...
Past Studies
What Digital Media do Physicians Use?
The importance being placed on digital media by pharma and med tech/device manufacturers has grown over the past few years as it has become apparent that relying on the...
Pharma Leaders of Digital Media
While social media and digital tools have been playing an increasingly significant role in the personal lives of HCPs for many years now, use of these channels in a...
What could future physician practices look like with AI LLMs?
Artificial intelligence (AI) and large language models (LLMs), such as ChatGPT, are likely to be increasingly integrated into our healthcare systems which, in turn, may...
AI: How receptive have physicians been so far?
While artificial intelligence (AI) has been playing an increasingly significant role in various spheres of our lives for many years now, the topic of AI has jumped into...