Data mining is the process of analyzing, sorting and categorizing and extracting meaningful data from large data bank sets to identify patterns and establish relationships to solve problems. Data mining is used by many pharmaceutical companies to turn raw data into useful information.
Data mining programs identify and analyze relationships and patterns in data based on what user’s request. Patterns that cannot be identified without using advanced statistical and mathematical modeling techniques available to these software applications, even for experts in organization’s sales and marketing departments. By using data mining soft wares, businesses can learn more about their customers and develop more effective marketing strategies as well as increase sales and decrease costs with more confident relying on mathematical identified patterns. This process is applicable in almost every pharmaceutical application area including drug production, drug distribution and information processing. Pharmaceutical companies can use data mining programs in all stages of sale, marketing, and HCP’s identification processes and so on.
Data mining services are as follows:
- Predicting sales volume of products for each Pharmacy/ Distributor/Distributor Center
- Clustering pharmacies and identifying their characteristics
- Calculating the life time value (LTV) of pharmacies/ Distributor Centers
- Segmenting Pharmacies based on their RFM Factors
- Determining Pharmacies’ Rank per each Product
- Determining customers loyalty
- Identifying customers purchasing behavior
- Predicting the customers churn
- Determining optimized combination of products to be sold together
- Determining the Marketing value of each Brand/Product
- Measuring the detailing impact on pharmacies’ Sale and Physician Prescribing
- Determining each representative’s rank by evaluating their sale performance
- Determining physicians’ rank per each product