Top Medical Insights Trends for 2020
The value of Medical insights is undeniable. Insights are arguably the most valuable asset a Medical Affairs team has and are a key focus for MSL teams. As the healthcare landscape continues to change (more competitors, regulation, emphasis on evidence generation, informed patients, etc.), Medical Affairs teams will rely even more heavily on insights in 2020 and the value they bring in order to be successful.
Here are the top insights trends you can expect to see more of in 2020. Are you getting the most out of insights? Is your team ready to handle a fast-changing market and come out on top?
1. Implementation of formalized insights processes
To utilize insights to the fullest, a formalized process is a must. MSL teams that struggle with insights collection, analysis and reporting tend to lack a formalized insights process. MSLs may enter insights in an Excel sheet on SharePoint, use a CRM or insights platform or email them to their manager. Or they may do all three. Everything is all over the place and impossible to analyze. Things get lost or missed. It wastes a lot of time.
The teams that are able to use insights to help make data-driven business decisions have simple, efficient, automated processes that employees are frequently trained on. The result is being able to go the last mile with insights and have significant impact on strategic business decisions. With a formalized insights process, insights start to act like a crystal ball into a therapeutic area and allow the company to predict what will be important and act appropriately.
A formalized insights process means having an agreed-upon way that insights are collected, analyzed and reported. Everyone knows the process and is consistent. When it comes to the actual steps in the process, there is no right or wrong way. They can be unique to any organization.
Check out this webinar on insights best practices for more inspiration or get in touch to see if an insights platform makes sense for you.
2. Medical Affairs teams will double down on insights training
Many MSLs teams are getting better at analyzing insights and figuring out the “so what.” The result is more positive outcomes for the organization, customers, and patients. Internal stakeholders are gaining a better appreciation of the power of insights.
What is becoming apparent when analyzing insights is the need for high-quality insights. Many MSL leads that create insights reports struggle with low-quality raw data. The insights being reported are often inconsistent from MSL to MSL, not focused on the organization’s key priorities or are not insights at all. Think of the old saying “garbage in, garbage out.” Processing low-quality insights is time-consuming and doesn’t help move the organization forward.
To overcome these challenges, waste less time, and have a larger impact, Medical Affairs teams will invest more in training MSLs on insights collection. Expect to see more in-depth training on what is an insight and more frequent refresher training. Get a head start with our insights guide.
3. Increased data literacy among Medical Affairs teams
Data literacy (the ability to understand and communicate data) is even more vital for Medical Affairs. This is because of the deep medical and scientific knowledge required to treat human disease. People trained as data scientists can process data but lack the expertise to extract value from it. Therefore it is even more critical for Medical Affairs teams to become comfortable processing and analyzing data.
Understanding data (insights), being able to analyze it to make better decisions, and communicating it is no longer a nice-to-have. Everyone in Medical Affairs will be expected to understand and communicate data (i.e., have data literacy). Extracting value from insights is everyone's responsibility.
Medical Affairs teams with strong data literacy will blow competitors out of the water. They will be able to process insights to identify trends and communicate strategic opportunities to make strategic business decisions. Individuals that are comfortable with analyzing insights will quickly move up the ranks as they help their team and organization provide the best possible outcomes for customers and care for patients.
Medical Affairs teams will start to provide more training on analyzing insights and transition towards tools that allow MSLs to view the data in real-time. This way, MSLs can use this information to inform their day-to-day work activities and make better decisions for the organization.
Can your MSL team view insights when needed? Want to see if having real-time access to insights helps your team? Consider trying an insights platform for free!
Summary
Expect to see more reliance and emphasis on identifying strategic opportunities from insights in 2020. Implementing simple, formalized insights processes and providing ongoing training on insights and data literacy will enable MSL teams to level up. Insights are even more critical in the current fast-paced healthcare landscape. Medical Affairs teams that use insights efficiently to adapt will succeed.