Are you leveraging compliance data to inform critical business decisions about your promotional spending? To improve your educational reach and cultivate deeper engagement with HCPs, the Open Payments platform maintained by the Centers for Medicare & Medicaid Services (CMS) can be a valuable source of information when combined with IQVIA’s proprietary insights on HCP engagements.
The silver lining of the heavily regulated compliance environment in which the Life Sciences industry operates is that there is a bounty of publicly available industry-wide data available. The raw data is comprehensive and uniform, making objective analysis possible. By taking a proactive approach, manufacturers can identify business goals that can be achieved through robust analysis of the annually published CMS data.
The CMS database, established as a condition of the Affordable Care Act, has been collecting data since 2012 on individual HCP compensations, made by Pharmaceutical and Medical Device companies on certain activities. Published since 2013, the database promotes transparency and functions as a resource for consumers, hospitals and provider networks, drug and device manufacturers and other healthcare market participants.
By leveraging this publicly available data, a Life Sciences company can obtain valuable insight about your competitors’ promotional activities and HCP engagements. Particularly when this information is combined with internal or third-party proprietary data sources—in this instance, proprietary to IQVIA—the depth of visibility into a particular therapeutic market can be unparalleled.
A Life Sciences company can derive the greatest benefit from this CMS data by taking a proactive approach rather than a retrospective audit. The data might reveal some surprising or counterintuitive findings that could change the way you plan and conduct certain business processes, related to promotional activities, educational targeting and annual spending on honoraria, meals, and other expenses.
Moreover, historical data analysis can reveal long-running trends, and major shifts in your competitors’ promotional activities and HCP engagements, particularly when it is augmented by granular details about geography, HCPs’ institutional affiliations, KOL status of competitor speaker bureaus, attendee specialties, areas of therapeutic specialty, and program types extracted from other internal or partner sources.
Focus on the processes and automation to find areas where you can improve efficiencies in HCP communication and engagement. To visualize the results — and to make it easier to present your findings to stakeholders without committing them to a deep (and time-consuming) dive into the raw data, create dashboards that distill this knowledge into actionable takeaways. With empirical evidence of how the industry is moving forward, it is possible to eliminate much of the guesswork, hunches or plain inertia that can plague HCP engagement tactics.
Instead, you will be able to move forward with transformative strategies guided by a clear knowledge of where, when and how to reach your intended audience.
Darren Jones, Managing Partner, Polaris, IQVIA Global Compliance
Darren is the Managing Partner of Polaris Management Partners where he leads a global consulting practice of over 20 professionals dedicated to supporting client’s compliance risk management needs. He has over 18 years of global experience supporting the broad business and compliance needs of large global pharmaceutical manufacturers, as well as emerging biotech companies and medical technology. Darren has led global compliance consulting engagements across all healthcare interaction risk areas, and has developed deep expertise in commercial and medical affairs operations.
Jennifer Bang, Senior Consultant, Polaris, IQVIA Global Compliance
Jennifer is a healthcare compliance attorney and an economist. She has worked on various types of compliance consulting projects across risk areas at Polaris, including compliance operations program development, business process enhancement/optimization, auditing & monitoring, risks/needs assessments, and policy/SOP development. Jennifer has particular expertise in FMV assessments of clinical study budgets and focus arrangements, such as specialty pharmacy arrangements and third-party logistics arrangements, for which she provides detailed analysis of the overall contracting process and reasonableness. She also has experience in aggregate spend assessment projects where she has redesigned processes for data collection, auditing & monitoring, data submission, and overall governance of the program. In addition, Jennifer has led several FMV analysis projects where she developed the FMV rates and KOL tiering methodology for global HCPs and non-HCPs, as well as the overall implementation process and strategies.
An AHM Partner, under IQVIA, Polaris provides software solutions and expert consulting services globally for all sizes of pharmaceutical, biotech and device companies. Configured to meet the challenges of global compliance demands, and with a focus on flexibility, scalability, usability and enhanced business process effectiveness, Polaris leverages deep expertise in providing expert insights and recommendations, and extensive experience to delivering robust technology platforms. Polaris has developed a proven, consistent methodology to provide scoring services which complete the KOL evaluation process, Fair Market Value Rate Calculation, and business analytics and intelligence—letting clients focus on their business. Click here to learn more.