Top Trends in 2015 – Is Your Organization Prepared?
2015 is here & with the New Year comes many new trends and topics of discussion. With the increasing importance of payers and high demand on evidence-based information, it is clear that there are many shifts happening in the pharmaceutical, medical device and healthcare industries. Understanding how to handle conflicts and deal with these shifts is critical for success in 2015.
So what are the hot topics that are already being discussed this year? From our recent client-sponsored research studies, we found that there are various topical areas that leaders in the pharmaceutical, medical device and healthcare industries are struggling with. Here are five areas we see to be critical for 2015:
- Big Data: Biopharmaceutical organizations often find it challenging to leverage big data due to the inherent costs and challenges associated with harnessing large sets of data in varied formats. More than half – 53%- of participants from our Big Data study already have a Big Data team or function. Another 20% expect to have one within a year.
- Accountable Care Organizations (ACOs): Recent regulatory reforms and change in market dynamics have spurred a shift away from independent clinics to highly influential healthcare provider networks like Accountable Care Organizations (ACOs) and Integrated Delivery Networks (IDNs). In the past 24 months, 59% of benchmarked companies added full-time employees (FTEs) to support ACO / IDN customers.
- Globalization in Medical Affairs: The Medical Affairs function is quickly growing in importance – especially as these groups expand their capabilities globally. In order to be successful in 2015, global Medical Affairs organizations must establish a deep understanding of local differences and develop strategies to overcome them.
- Engagement with Payers: Regulatory, political and legislative changes are redefining the traditional power structures among healthcare stakeholders. Increasingly, payer insights drive a product’s success or failure. Up to 86% of companies use payer landscape research to understand payer decision making.
- Digital Marketing Investment Levels: Healthcare companies now invest 16% of total marketing budget into the Digital Marketing function. Digital share of total marketing budget will also rise to 18% in 2015. From our research we found that pharma Digital Marketing teams will see the biggest raw gains in budget, while small-cap teams will experience the highest rate of growth.
What do you see as some of the key trends for 2015? Is your organization equipped with the knowledge and skills necessary to become a leader this year?