Provider data has been an ongoing issue for medical device sales leaders because it’s typically not the actual provider who can benefit from your device. Whether you’re at PMA (Premarket Approval) trying to maximize initial sales investments, or already in-market and working to grow share, you need to get a clearer picture of the provider to optimize reach. The stakes are high and the competition is stiff. You know the data has been anemic, so what should you look for in a data partner? 

      1. Size Matters – When evaluating data partners, the larger their scope of data and data types, the more comprehensive your market understanding. That way, you can hone in on only the relevant providers. Be prepared and fully scope what’s most important to your medical device sale. Most data partners claim to have ample scope to yield the usage insights you need — so ask questions. Map what’s important to your objective to what the vendor can offer. Consider —is the data complete and up-to-date? How often is it refreshed? The right partner will try to understand your targeting needs and provide answers based on a deep domain knowledge of the data. 
      2. Buy the data that fits – On the flip side, not every data field on a claim will apply to your use case, so don’t be convinced to pay for more data than you actually need. The right partner will work with you to thoughtfully define your requirements, so you get all the data you need – and avoid losing time and resources sifting through irrelevant data. Instead get insights you can act on and course correct.  
      3. Don’t just go retro – Traditional sales forecasting and targeting have typically been based on limited retrospective data. Assess if your data partner can offer predictive insights that unlock a whole new level of targeting intelligence. The ideal partner that can offer forward-looking views for a more proactive action plan — in addition to an appropriate look-back time (at least six years) — to ensure you’re not missing anything.
      4. Think about the future – Look for a strategic partner whose data tells you something others don’t. For example, when evaluating sales force placement, historical data might point to major metros as the obvious choice — but what about those up-and-coming, less saturated territories with major upside potential for the future? The right partner has predictive data that enables you to unearth these hidden opportunities and find potential for growth where the competition hasn’t or where there’s any opportunity to displace a competing device.
      5. Last but not least, don’t settle for a data dump. Provider access is limited so you need smarter insights to drive your sales strategy and tactics. There’s no time to lose mining insights from tons of raw data — you need immediate impact and value from data. Rather than settle for masses of disparate data, leaving you dependent on other technical resources for even the most basic insights, look for a partner who delivers ongoing actionable intelligence. 

PurpleLab Can Help  —  PurpleLab is a healthtech company focused on driving decisive action based on precise insights from real-world data. HealthNexus, the company’s sophisticated HIPAA-compliant analytics platform, proven domain expertise and wealth of transactional RWD, empowers healthcare stakeholders with the real-world evidence they need to solve conventional, new, and emerging challenges. With PurpleLab clients can derive value faster, more cost effectively, and with significantly greater confidence.

We deliver the most comprehensive view of the medical device marketplace from a commercial and government perspective. And, our predictive HCP rating report gives you precise, custom targeting by ranking them as Rising, Shining and Rock Stars based on where their med tech utilization is going—not just where it’s been. Watch the video on our Star Summary Report and see how. 

See PurpleLab HealthNexus Platform in action: Request a demo

 

Tags: Med tech, medical device, medical device sales, sales targeting, sales forecasting, physician targeting, RWD,  Star Summary Report

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