IMS Health Incorporated and PearlDiver Technologies, Inc. have teamed up to create more current, more robust and more accurate orthopedic and spine market intelligence reports. Starting October 1, 2013 IMS and PearlDiver will be offering orthopedic and spine market intelligence reports based on the most current and robust data ever offered to orthopedic product manufacturers, academic institutions and clinical researchers.
More Current Data
For example, the new collaboration will provide orthopedic companies with market intelligence that is updated quarterly—occasionally monthly—and includes:
Data down to the doctor or facility level
Data at the state, IDN or GPO level
CMS data (including SAS files)
Non-Medicare Data
Veterans Administration data
U.S. Army data
Claims data from over 100 health plans (including, soon, all the Blue plans in the U.S.)
Code volumes for inpatient and outpatient procedures and diagnoses
Since the data will be able to be updated quarterly it is now the most current market intelligence available from any data supplier. In some cases, the data will be reported a mere 30 days after patient care.
Each report will combine IMS’ unmatched database of pharma, procedure, reimbursement, device and diagnosis data with PearlDiver’s long and well established orthopedic domain knowledge. The reports will cover every major product and diagnosis category in orthopedics.
In addition, each report offers a portal into IMS’ analytic services.
Click here to see a report menu.
IMS Analytics – Broadening the Definition of What Is Possible
IMS, which is the world’s largest supplier of data and data analytics services to the healthcare industry, has developed a class of analytic services for medical product companies. These services are designed around data analytics and benchmarking metrics. Not only can these services be used to improve current products, sales activities and organizational effectiveness, they are especially valuable for advanced technologies and innovations.
IMS’ analytics team uses research, analysis and prototyping of new solutions such as treatment trends, personalized medicine, and predictive analytics from aggregating complex data sets to, frankly, broaden the definition of what is possible in product development and roll out.
One example of this work is a regenerative tissue initiative for the Office of Secretary of Defense, Office of Technology Transition. IMS currently supports the McGowan Institute for Regenerative Medicine at the University of Pittsburgh on three major task orders that include:
Skeletal muscle regeneration
Craniofacial bone scaffolding regeneration and reconstruction
Scar contractures remodeling and treatment
IMS, through its analytics services, provides a kind of framework (think big data analytics) as well as the labor required for benchmarking longitudinal studies and data outcomes research which orthopedic companies can use to improve product assessment, development and, yes, even organizational structuring.
Who Is IMS?
IMS Health is the largest global provider of market intelligence to the pharmaceutical, healthcare and medical device industries.
IMS’ key product is data-based market, product and service intelligence. Companies use IMS to, for example, shape sales management and marketing strategies, optimize reimbursement strategies and, increasingly, better plan new product development, segmentation and roll out.
And, of course, at the core of IMS analytics is data.
Historically, companies knew IMS for its ability to help optimize sales force sizing and deployment, performance assessment and compensation, and territory management.
But lately, with its big data capabilities, IMS has begun providing such advanced analytic services as identifying which physicians are seeing significant numbers of patients that are likely to benefit from a specific therapy.
These big data analytics services help companies to broaden their definitions of what is possible with their current product lines, sales organizations and territories.
Putting the IMS Engine Into a PearlDiver Chassis
Putting an IMS engine into a PearlDiver chassis is kind of like putting a super-charged V-12 engine in a Volkswagen bug. Fast is an understatement.
Time is money so speeding up the ability to analyze market data and then to communicate and innovate means serious dollars. What’s the value of shorter times to market and much better decision making? Incalculable.
Here are some examples of the IMS analytics at work:
Sales Territory Reporting. With IMS data, device and pharma companies are able to better and more precisely tailor geographic sales territories—by product, by product family or even by diagnostic patterns. Then applying IMS’ analytic capabilities gives each sales or marketing manager much more reliable measures of each salesperson’s activity and effectiveness in his or her sales territory. IMS’ sales territory reporting services cover more than 50 countries and are used by device and pharma companies to calibrate sales-force compensation, resource allocation, territory alignment, market analyses and distribution management.
IMS and PearlDiver can deliver these reports as frequently as every week!
Device Tracking. IMS, which built its global analytic’s business by monitoring prescription activity and tracking the movement of pharmaceutical products out of retail channels, is well on the way to building a similar capability for orthopedic devices. As of October 1, IMS will have the largest network of reporting hospitals providing data down to the SKU level. That data is at the core of the new IMS + PearlDiver reports. Over the next few years, the number of surveyed hospitals is expected to rise dramatically. Furthermore, with the advent of ICD-10 coding, even more specific data will become part of the IMS + PearlDiver data foundation.
Product tracking services are essential to optimizing product marketing at the hospital or sales territory level. IMS’ analytics team uses a patented statistical methodology to project the future utilization activity on a weekly and monthly basis. Can you imagine the value of being able to review product utilization activity by hospital or geographic area while also getting an analysis of future trends sent directly to your sales representatives electronically?
Sales & Account Management Consulting and Services. IMS’ Sales & Account Management practice focuses on helping ortho companies assess the effectiveness of their sales strategies and better design and deploy their sales forces. Using evidence-based research, IMS helps clients better segment their customer base, determine the optimal size and structure of their sales force based on that segmentation, and design call plans that optimally deploy the various sales resources across channels to better meet their customers’ needs and increase their sales force effectiveness. IMS’ Information Management practice helps companies organize, integrate, warehouse and analyze valuable data assets from multiple sources. IMS also provides help with product set-up, installation and implementation, customer training and a variety of ongoing, post-sales services.
Promotional Audits and Promotion Management Consulting. IMS’ promotional audits use their data bases to give companies estimates of the effectiveness of their promotional activities for individual branded products, including sales-force promotion and journal and mail advertising. IMS does this by using panels of physicians and from monitoring medical journals and direct mail. IMS currently publishes promotional audit reports covering approximately 10 countries and over 90% of the promoted markets. This evidential information is used by IMS’ consulting teams to help clients evaluate and optimize the allocation and effectiveness of their promotional messages, mix and delivery around the globe.
Launch and Brand Management Offerings. IMS combines information, analytical tools and consulting and services to address orthopedic company needs relevant to the management of each stage of the life cycle of their brands. The areas covered include: brand planning, which helps orthopedic companies assess and forecast their markets, segment the indications and position and promote their products.
Getting Started
Together IMS + PearlDiver have created a series of market intelligence reports which start at just $9,200—making it affordable for every orthopedic company. To peruse the menu of market intelligence reports, please visit http://ryortho.com/wp-content/uploads/2013/09/IMS_PearlDiver_MenuReport.pdf.
For more information contact:
Richard Marx richard@ryortho.com or 215 280-3585
Bharathi Kavalipati bharathi@ryortho.com or 610 260-6462