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"Effective Hiring and Service Delivery in the Pharmaceutical Market Analytics Function"
To effectively help companies avoid risk and take advantage of product opportunities, pharmaceutical Market Analytics (scroll to bottom to see definition) functions must hire well-rounded staff with a wide range of skills and assign them to the activities with the most potential impact on the business. This document identifies the employee experience, skills and attributes that study participants rate as essential for success in a Market Analytics role and ranks the importance of different analytics activities performed. Executives in pharma and biotechnology Market Analytics groups can use these findings to learn what skills to look for in new employees, where to focus limited resources, and which activities best lend themselves to outsourcing.
· Executive Summary
· Hiring for Market Analytics Performance Excellence
· Delivering High Impact Analytics Services
· Appendix A: Top Lessons Learned
· Essential and desirable employee experience
· Essential and desirable employee skills
· Essential and desirable employee attributes
· Key analytics skills for early stage organizations
· Number of analytics FTEs per surveyed company
· Comments from interviewed executives on FTE requirements
· Activities most often fully outsourced and most often partially outsourced
· Primary reasons for outsourcing
· Best Practices Spotlight on using vendor services
· Best Practices Spotlight on stretching analytics staff without outsourcing
· Ranking of analytics activities with greatest impact on the business
· Primary department where each activity is performed
· Average number of activities performed by surveyed companies
· Job title/level of most senior person ultimately responsible for each activity
SAMPLE KEY FINDINGS
· None of the participants in this study designate a science or medical background as an essential employee attribute for success in an analytics role. However, three-quarters of participants deem a science background as a desirable attribute. This implies that analytics leaders believe subject matter knowledge can be acquired on the job.
· Activities most frequently performed entirely by in-house staff include forecasting, pricing, secondary market research, business development analytics, procuring and managing secondary data resources and uncovering and analyzing market trends.
Best Practices, LLC completed this study in two phases — an online survey and telephone interviews. Researchers surveyed managers and executives from 21 leading pharmaceutical, medical device and biotechnology companies to collect benchmark data on program activities and hiring effectiveness to deliver results with maximum business impact. Also, the research team conducted in-depth interviews with selected program leaders at six of the surveyed organizations.
“Market Analytics” is used broadly to encompass a range of activities usually conducted in such departments as Market Research, Market Analytics, Business/ Commercial/Franchise/Brand Analytics, Business Development, Competitive/Business/Market Intelligence, Sales or Sales Operations, Pricing, Forecasting, Marketing, or Finance. This study focuses on individual analytics activities rather than on departments where they may or may not be performed; analytics functions are rarely all centralized in a single department.