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Ensuring Profitable Return-on-Investment (ROI) in Pharmaceutical Marketing: Using Analytics and Metrics to Improve the Bottom Line - 2nd Edition

Written by Dr Andree Bates, this report analyses the different methods being used by the pharmaceutical industry such as ROI, promotional response models, econometrics and predictive algorithms and the pros and cons of the different approaches.

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Publication size: 90 pages
Publication date: March 2010
Published by: Eularis
ISBN-13: 9780980182729
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OVERVIEW

The Pharmaceutical environment is turbulent and, as a result, what used to work to create industry-wide growth of 20% no longer does. The profit generated from brands is in decline as market growth slows in the major Pharmaceutical markets and this inevitably leads to marketing budget cuts. The only way for a brand to grow effectively - and cost-effectively - is to improve the bottom line effectiveness of each marketing spend. Pharmaceutical marketers are under even more pressure to get more �bang for their buck� from their marketing spend and be able to justify it.

This in-depth report answers the questions that Pharmaceutical marketing directors are asking:

How do we successfully measure our individual marketing activities� bottom line return, and prove it to the CFO?

How do we prove exactly which marketing components are really growing our bottom line

How do we know what aspects need to be changed, and how, to grow the bottom line by a specific amount

This report explains the different methods being used such as ROI, promotional response models, econometrics and predictive algorithms and the pros and cons of the different approaches. There are step-by-step guidelines on successfully implementing these approaches for real and measurable results and numerous case studies of actual Pharma brands who have successfully navigated these waters. Consideration is given to what they did to measure and improve - and prove - bottom line return.

The report will help Pharmaceutical marketers navigate and understand marketing analytics and develop skills to
harness competitive advantage.

This report will focus on:

The practical skills every marketer needs for measuring the effectiveness of their marketing

Which tools and best practices really make a difference

The measurement principles that drive successful marketing measurement

How to propel strategy, growth, and bottom line return

Case studies in measurement of sales force return, eDetailing return, compliance/adherence programs, CME speaker programs, advertising campaigns, PR campaigns, CRM implementation return, and much more

Key points of relevance in these case studies

New ideas you can apply to your area of marketing responsibility - be it sales force, advertising, eDetailing, CME, CRM, PR or any other related field.

ABOUT THE AUTHOR

Dr. Andr�e Bates is the Managing Director of Eularis, a company that applies sophisticated analytical processes to quantify the sales impact of specific marketing programs for Pharmaceutical brands. These analyses determine the financial return for individual sales and marketing activities as well as the optimal synergistic combination of activities (and budgets) to have maximum market share growth. Eularis offers brands and their agencies the bottom line facts: what messages, what activities - both traditional and �e�, and what budgets - will provide what market share and profit for your brand. Dr. Bates� career has encompassed academic, clinical and Pharmaceutical positions internationally. She has gained wide recognition within the Health Care Industry internationally for ROI and marketing effectiveness measures in Pharmaceutical marketing and eMarketing. Dr. Bates was also one of the early adopters of Pharmaceutical eMarketing.In addition, Dr. Bates has lectured at several business school MBA programs including on eDetailing ROI in the Pharmaceutical MBA program at INSEAD Business School and on marketing ROI at the Center for Pharmaceutical Marketing Studies, Erivan K. Haub School of Business, St. Joseph�s University, Philadelphia.

CONTENTS

SECTION 1: THE NEED FOR MARKETING MEASUREMENT

1.1 WHY ACCOUNTANTS DESPAIR ON MARKETING AND IMPOSE BUDGET CUTS
This means budget cuts
1.2 WHAT DOES MARKETING MEASUREMENT PROVIDE?
Will measurement change spending?
Will measurement change growth?
Will measurement change how management feel about the marketing team?
What can be measured?

SECTION 2: BASIC MARKETING RETURN MEASUREMENT PRINCIPLES

2.1 QUICK HISTORY OF RETURN-ON-INVESTMENT (ROI)
2.2 DIFFERENCES BETWEEN ROI IN MARKETING AND FINANCE
2.3 FINANCIAL FACTS AND FALLACIES WHEN MEASURING MARKETING ROI
2.4 CHALLENGES OF APPLYING THE ROI FORMULA
2.5 WHERE ROI GOES WRONG
2.6 ROI FORMULA KEY LIMITATIONS
2.7 REASONS PHARMA MARKETING ROI CALCULATIONS FAIL AND HOW TO AVOID THEM
2.8 CONCERNS WITH USING ROI FORMULAS FOR GUIDING MARKETING DECISIONS
Boost marketing budget return, not top line profit and brand value
Assess only what is easily measurable
Optimize specific individual marketing activities
Analysis of historical data in a constantly changing environment
2.9 SUMMARY OF ROI

SECTION 3: SPECIFIC PHARMACEUTICAL INDUSTRY CHALLENGES THAT AFFECT THE MEASUREMENT OF MARKETING

3.1 DECLINING GROWTH
3.2 EMPTY PIPELINES
3.3 CUSTOMER ALIENATION
Public image and perception
Price
3.4 TIGHTENING BUDGETS
3.5 INVESTOR RETURNS
3.6 MORE COMPETITION
Increased number of competitors
Legally aggressive competitors
3.7 IMPACT ON MARKETING

SECTION 4: METRICS PROGRESSION: FROM ACTIVITY TRACKING TO STATE-OF-THE-ART ANALYTICS
4.1 ACTIVITY TRACKING
Case study 1: Asacol website (US)
Case study 2: iPhysicianNet eDetailing study (US)
4.2 CAMPAIGN MEASURERS
4.3A MARKETING MIX ANALYTICS USING HISTORICAL DATA
4.3B MARKETING MIX ANALYTICS USING ANALOGUE DATA
4.4 INTERNAL MARKETING DATABASE TRACKING COMBINED WITH ANALYTICS
4.5 PREDICTIVE ANALYTICS USING VALIDATED CURRENT MARKET PERCEPTION DATA
4.6 BRAND OPTIMIZERS
4.7 SUMMARY

SECTION 5: MORE ACCURATE PREDICTIVE METRICS TO IMPROVE FINANCIAL PERFORMANCE

5.1 THE EULARIS SYSTEM
Phase 1 - Understand key issues for brand team
Phase 2 - Data Collection To Reflect Current Reality and Not Historical
Phase 3 - Validate Data Against Prescribing To Uncover Real Influencers
Phase 4 - Apply Predictive Algorithm Analytics and Dynamic Modeling
Phase 5 - Develop Implications and Report findings
5.2 SUMMARY OF APPROACH
5.3 CASE STUDY: A SLOWING BRAND
5.4 COMPARISON ACROSS A CATEGORY

SECTION 6: ASSESSING PERFORMANCE OF THE MARKETING MIX

6.1 PRODUCT MESSAGES AND MARKET SHARE: ARE THEY WORKING?
Many brands do not get the messaging right
6.2 MEASURING THE FINANCIAL RETURN OF A SALES FORCE
How to improve the bottom line performance of the sales force
Case study: primary care brand stagnated
6.3 BRIDGING THE GAP BETWEEN SALES AND MARKETING 52
6.4 HOW TO KNOW IF ADVERTISING AND PR IS INCREASING BOTTOM LINE RETURNS?
Advertising analytics
Case Study: Underperforming Advertising
Measuring PR Return
Example of PR Component Measurement for a Pharma Brand
6.5 HOW TO MEASURE PATIENT COMPLIANCE AND ADHERENCE ROI
6.6 MEASURING SPEAKER PROGRAM ROI COMPLIANTLY
U.S. regulatory compliance issues
U.S. continuing medical education ROI standards
6.7 CAN EACTIVITY BE MEASURED AND HOW SHOULD THE EMARKETING MIX BE ALLOCATED?
How to plan the optimal internet portfolio
6.8 MEASURING EDETAILING

SECTION 7: ACCURATELY MEASURING PHARMA BRAND SITUATIONS LIKE PRE-LAUNCH BRANDS, GENERICS AND OTC

7.1 MEASURING MARKET SHARE AND SALES POTENTIAL OF PRE-LAUNCH BRANDS
Eularis Brand Potential Analytics Case Study
7.2 GENERICS, SPECIALITY AND OTC BRANDS
Generics Overview
7.3 APPROACHES TO GENERIC MARKETING
Generic Differentiation other than Price
Generic Reps
Branded Generics
Case Study: Generics Analytics
7.4 APPLYING ANALYTICS TO PHARMA OTC BRANDS

SECTION 8: MEASURING MULTIPLE BRANDS AND ACROSS REGIONS

8.1 PAN-PORTFOLIO AND PAN-COUNTRY ANALYTICS
Case Study: Measuring a Company�s Performance
8.2 MEASUREMENT OF CORPORATE REPUTATION
Corporate Reputation and Impact on Brand Bottom Line

SECTION 9: CUSTOMER RELATIONSHIP MANAGEMENT AND TECHNOLOGY ANALYTICS?
9.1 MEASURING THE ROI OF CRM APPROACHES
Getting Value from CRM in Pharma
Case Study: A Failing CRM System

SECTION 10: USING MARKETING MEASUREMENT IN YOUR ORGANIZATION

10.1 STRATEGIC MEASUREMENT RECOMMENDATIONS FOR THE PHARMACEUTICAL INDUSTRY
What are my competitors doing? How successful are they?
What if I don�t have doctor level, or brick level, prescribing data?
What will European marketers do as prohibition of brick level data rolls out after 1 Apr �07?
How will regulation changes affect the way my measurement is structured?
Will measurement result in better informed CFOs, who don�t want to cut my budgets?

LIST OF FIGURES

FIGURE 1.1 DEFINITIONS OF MARKETING RETURN-ON-INVESTMENT
FIGURE 2.1 RELATIONSHIPS BETWEEN REVENUE, GROSS MARGIN, AND RETURN FOR A DISCRETE MARKETING INVESTMENT
FIGURE 2.2 THE RELATIONSHIP BETWEEN MAXIMUM PROFI T AND MAXIMUM ROI
FIGURE 3.1 PHARMACEUTICAL MARKET GROWTH MIDAS MAT DATA JUNE 2005
FIGURE 3.2 CLIPPINGS FROM VARIOUS MAGAZINES AROUND PHARMACEUTICAL INDUSTRY IMAGE
FIGURE 3.3 ARTICLE IN BUSINESS WEEK �GOING BROKE TO STAY ALIVE� JANUARY 2006
FIGURE 3.4 GROWING COSTS & GROWING CONCERNS ABOUT FEDERAL MEDICARE/MEDICAID SPENDING
FIGURE 3.5 NATIONAL HEALTHCARE SPENDING AS A PERCENTAGE OF GDP
FIGURE 3.6 INCREASING GENERIC DRUG APPROVALS AND SPEED IN APPROVAL IN THE U.S.
FIGURE 4.1 THE �ROI� CONTINUUM
FIGURE 5.1 EXAMPLE OF AREAS ANALYZED BY THE EULARIS SYSTEM
FIGURE 5.2 EXAMPLE OF AN OVERVIEW PICTURE OF THE BRAND
FIGURE 5.3 BRAND POSITION SIX MONTHS PRIOR TO ENGAGING EULARIS
FIGURE 5.4 BRAND POSITION AT THE TIME OF INITIATING A EULARIS ANALYSIS
FIGURE 5.5 SAMPLE EXTRA EFFORT REQUIRED TABLE
FIGURE 5.6 SAMPLE MARKET SHARE VS SCORE PREDICTOR TABLE
FIGURE 5.7 REP DETAILING EFFORT ALLOCATION RECOMMENDATION
FIGURE 5.8 COMMUNICATION FOCUS AND BUDGET ALLOCATION RECOMMENDATIONS
FIGURE 5.9 PICTURE OF BRAND SIX MONTHS AFTER EULARIS ENGAGEMENT
FIGURE 5.10 COMPARISON OF ACTUAL AND PREDICTED MARKET SHARES FOR BRANDS IN A CATEGORY
FIGURE 5.11 COMPARISON OF UK ANGIOTENSIN PLAIN BRAND REP DETAILING QUALITY
FIGURE 6.1 COMPARISON OF MESSAGES WITH MAXIMUM PRESCRIBING IMPACT FOR ONE THERAPY CATEGORY
FIGURE 6.2 DEMONSTRATION OF SALES FORCE GROWTH AND CORRESPONDING LESS-THAN-IMPRESSIVE RX GROWTH
FIGURE 6.3 WALL STREET JOURNAL HEADLINE ABOUT PFIZER SALES FORCE CUT
FIGURE 6.4 BRAND RESULTS WHEN FIRST ANALYZED BY EULARIS
FIGURE 6.5 REALLOCATION OF FOCUS FOR REPS AS RECOMMENDED BY EULARIS
FIGURE 6.6 RESULTS SIX MONTHS LATER AFTER CHANGING REP FOCUS
FIGURE 6.7 ADVERTISING MEASURES, UK
FIGURE 6.8 ANALYSIS OF ADVERTISING CAMPAIGN BREAKDOWNS AND IMPACT ON MARKET SHARE
FIGURE 6.9 ANALYSIS OF ADVERTISING CAMPAIGNS THEIR IMPACT ON MARKET SHARE AFTER SIX MONTHS OF IMPLEMENTING CHANGES RECOMMENDED
FIGURE 6.10 COMPLIANCE/ADHERENCE RATES FOR DIFFERENT THERAPY AREAS
FIGURE 6.11 BRAND WITH POOR PERCEPTION OF COMPLIANCE BY DOCTORS THUS REDUCING THEIR PRESCRIBING OF THAT BRAND AGAINST COMPETITOR BRANDS
FIGURE 6.12 KEY AREAS FOR PATIENT ANALYSIS
FIGURE 6.13A PICTURE OF ADHERENCE/COMPLIANCE FOR THE BRAND (PATIENT DATA) AT START
FIGURE 6.13B PICTURE OF ADHERENCE/COMPLIANCE FOR THE BRAND (PATIENT DATA) AFTER 6 MONTHS
FIGURE 6.13C POSITION OF BRAND WITH PREVIOUS PROBLEM OF POOR PERCEPTION OF COMPLIANCE BY PHYSICIANS
FIGURE 6.14 PICTURE OF EDETAILING CONTRIBUTION TO MARKET SHARE
FIGURE 6.15 KRECOMMENDATIONS MADE AROUND COMPONENTS OF THE EDETAIL
FIGURE 6.16 PICTURE OF EDETAILING CONTRIBUTION TO MARKET SHARE AFTER FOLLOWING RECOMMENDATIONS
FIGURE 7.1 KEY AREAS ANALYZED FOR NEXIUM
FIGURE 7.2 NEXIUM PICTURE IN ONE MARKET AT LAUNCH
FIGURE 7.3 NEXIUM PICTURE IN ONE MARKET 6 MONTHS POST LAUNCH
FIGURE 7.4 PERCENTAGE OF RESPONDENTS BY TARGET AUDIENCE WHO HAD MISCONCEPTIONS ABOUT GENERIC DRUGS
FIGURE 7.5 EULARIS ANALYTICS OF VENLOR XR IN OCTOBER 2006
FIGURE 7.6 EULARIS ANALYTICS OF EFFEXOR XR IN OCTOBER 2006
FIGURE 7.7 EULARIS ANALYTICS OF LILLY FLUOXETINE IN OCTOBER 2006
FIGURE 9.1 REINARTZ, KRAFFT AND HOYER CRM MODEL
FIGURE 9.2 KEY AREAS OF A COMPANY�S CRM SYSTEM EXAMINED
FIGURE 9.3 EULARIS ANALYTICS OF THE CRM SYSTEM FOR ONE COMPANY
FIGURE 9.4A EULARIS ANALYTICS OF THE CRM SYSTEM FOR ONE COMPANY
FIGURE 9.4B EULARIS ANALYTICS OF THE CRM SYSTEM FOR ONE COMPANY

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Eularis have unparalleled years of experience in pharmaceutical marketing analytics and predictive algorithm analyses of pharmaceutical marketing activities. Their analyses quantify the financial impact of individual sales and marketing activity - as well as recommending the optimal synergistic combination of activities (and budgets) for an individual brand to have maximum market share growth. Eularis offers brands the bottom line facts: what messages and which specific sales and marketing activities are truly impacting on a brand�s prescription sales - by how much - and what elements within each activity need to change (and how) for increased results.

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