Watch Out for the Newbie: Utilizing Real World Data to Develop Leading KPIs

Biologics is the fastest-growing sector and driving innovation in the industry. Several biologics launch every year with unique attributes and it's a crucial task for other biologics companies to measure the initial impact of these new products in the market and develop a quick strategy to maintain and increase their market share. This was the topic of a popular session at the recent PMSA conference. Harpreet Singh and Jiaran Wang gave a presentation, Watch Out for the Newbie: Utilizing Real World Data to Develop Leading KPIs in Prep for a New Product Launch. It had a lot of people talking at the conference. In case you missed it, here's a rundown of the highlights, from Singh.

Novel drug approvals are increasing each year. Significantly.

There's been a 20% annual growth in novel drug approvals from 2008 to 2018, from 24 new drugs approved in 2008 to 59 last year. The result? Among other things, a more competitive landscape.

With many more entrants into an already crowded market, incumbent teams need to build a responsive strategy to ensure that their product's value proposition to patients, providers and payers is not lost. There's a small window to monitor and modify actions or your market share is going to blow away.

So, how do you build a responsive strategy? The name of the game is tracking the right KPIs. That's going to be critical to ensuring your success.

Most of the KPIs are at the national level where we may not see a real impact in the initial months, so it’s important to develop leading KPIs to get an early look and impact in the market, especially for sales and marketing teams.

It's about:
  • Understanding the impact of the entrant to your business.
  • Understanding the impact and trend of market events like regulatory changes, and changes in the access landscape for entrants and incumbents alike.
  • Leveraging learnings for future launches.
  • Proactively mitigating risks and quickly responding to challenges.
  • Revealing new opportunities and areas for improvement.
Real-world data is rich in information and traditionally used more for medical/HEOR studies and patient journey analysis.

The upshot? It's all about leveraging the right KPIs.

Leveraging insightful leading and lagging KPIs to build a responsive strategy

Here's a hypothetical scenario to illustrate what we mean by that:

New Drug, launched last month, indicated for conditions A and C.
Brand X, the market leader, indicated for conditions A, B and C, launched 7-9 years back and has 40% of the market share.
Brand Y, indicated for conditions A, B and C, launched 7-9 years back and has 32% of the market share.
Brand Z indicated for conditions A, B and C, launched 3-5 years back and has 28% of the market share.

Traditional KPIs are usually based on sales data, in terms of total prescriptions or number of units sold. So as we watch New Drug's performance over a three-month period compared to Brands X, Y and Z, we see a sharp upward trajectory — maybe people are talking about it, maybe there's buzz — and a slight decline for X, Y and Z. But we need more than just that. We need insights before making any strategic decisions.

It means creating indication-based KPIs based on patient diagnosis history. Only then can we measure the true uptake. You can see which patients with which conditions are taking the new drug, and create action plans in response.

With the real-world data, we can identify an important segment of the market and profile these patients and doctors who may be an early adopter and potential future advocate of the launch drug. Looking at the switching patterns, days on therapy and add-on drugs, the patient journey can provide crucial actionable insights.

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