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This healthcare industry leader maximized productivity by providing 400 users worldwide with 24x7 access to life science/economic data and expanding customized pricing data extracts for 1000s of drugs in 46 markets. When the firm reduced costs by cutting other servics, it continued business intelligence investments that had grown 800% over 10 years.
IHS Economics & Country Risk and IHS Life Sciences
Market-leading companies must constantly challenge themselves to sharpen their competitive edge. One of the world’s largest manufacturers of pharmaceutical, consumer and clinical healthcare products has been a global industry leader for more than 100 years, with over 100,000 employees in 50-plus countries. It has prospered by partnering with local communities and governments as well as other commercial providers, to improve consumer access to affordable and effective healthcare worldwide.
In recent years, however, senior executives recognized that the company needed to strengthen its competitive position by seeking new opportunities for profitable growth while also reducing operating costs and risks. Their new growth strategy focused particularly on expanding the brand’s presence in emerging markets across Asia, Africa and Latin America. At the same time, company executives also called for a rigorous reevaluation of all budgeted expenses throughout their operations and assessment of potential security threats.
To achieve these goals, decision makers in each division of the decentralized global organization needed access to various kinds of critical business intelligence. In-house researchers and analysts had traditionally depended on multiple information providers but funding for those outside services was now under intense scrutiny. As a result, various company stakeholders relied increasingly on one trusted information provider for a broad assortment of scalable, holistic solutions: IHS.
Smart Sourcing for Global and Local Information
The senior director for healthcare systems in emerging markets looked to IHS for a wealth of industry-specific and demographic information that would help uncover opportunities in his target markets. Company strategists needed both a global perspective and the ability to drill down into local details ranging from age or gender to income segmentation when targeting new customers – from remote provinces in China to areas in Brazil and Australia as well as major markets impacted by displaced persons fleeing conflicts.
In the past, the company’s business line analysts had to develop individual forecasts for over 200 countries by piecing together data from a host of internal and external sources. Input from their local offices was valuable but, when it was combined with waves of raw data from disparate third-party providers, the job of harmonizing and analyzing the rising tide of data could be overwhelming.
Now company researchers saw that IHS could serve as a one-stop provider for many of their information needs. For example, nearly 400 active users around the globe have 24x7 access to several IHS solutions for economic and life science information, maximizing efficiency and productivity across the organization.
There are hundreds of thousands of news sources out there that can tell you what happened, but only IHS explains its impact and significance – with expert insights into what it means for our markets going forward.
Pricing for Success in Multiple Markets
As a supplier to so many regions around the world, this pharmaceutical manufacturer faced different competitors for each drug in each market. Its researchers use IHS PharmOnline International (POLI) to track data from 46 markets. Until recently they had relied on customized quarterly extracts focused on the main competitors for its top 50 drugs. That changed in 2016 when the healthcare company signed up to receive monthly updates for pricing on thousands of drugs sold worldwide– including emerging markets.
The proven value of IHS POLI information led company strategists to make it the foundation of a groundbreaking Big Data initiative that combines pricing data and analysis with real world information about drug trial results and patient recoveries. Researchers appreciated the fact that IHS data often provided deeper insights by, for example, capturing launch sequencing information across countries.
Addressing Public Health and Security Risks
The company’s public affairs team communicates regularly with health ministers around the world to help them establish and implement effective public policies. As a result, they need to stay abreast of national healthcare issues as well as changing government attitudes.
When the healthcare company was doing research on the Zika virus, looking at both its public health and economic impacts, IHS provided one of its special reports. IHS experts, who know Latin American markets and how local healthcare works, offered insights for mothers and families as well as the business community and healthcare professionals. The report also addressed other impacts of the virus, including security issues for the 2016 Summer Olympic Games in Rio de Janeiro.
The global healthcare company has also asked IHS to help it address potential security threats around the world. Its corporate security group uses the IHS Foresight Security Planning information service to better understand risks facing its many thousands of employees and hundreds of business offices and/or manufacturing facilities – including both its own assets and those of key suppliers. The company is currently making plans to establish global security operations center, potentially with IHS support.
Keeping Senior Decision Makers Informed
The healthcare company uses an enterprise-level information service from IHS Life Sciences for regular weekly reports and immediate updates when needed. IHS delivers consistent, top-quality information and analysis that is useful across the company’s many different business lines and locations – for retail consumer packaged goods, prescribed and over-the-counter medications as well as both durable and consumable medical supplies and equipment.
Company leaders especially value IHS same-day analysis of current news and events. Senior strategists say that “there are hundreds of thousands of news sources out there that can tell you what happened, but only IHS explains its impact and significance – with expert insights into what it means for our markets going forward.” The company’s analysts do their own internal weekly reports but when something major happens and management needs to be brought up to speed quickly, IHS analysis is often sent directly to decision makers at the top.
Proving the Value of Better Information
For decades, this healthcare products manufacturer has relied on an evolving mix of IHS information products and services. Multiple groups across the company – including the global analytics, global policy and global pricing divisions – have used various IHS solutions to understand changing markets and make the right decisions to grow their business.
This global healthcare leader’s success working with IHS and the value of IHS solutions themselves have been proven again and again. Bottom-line evidence can be found in the company’s own budget. For example: even after the recent round of cost cutting, when dozens of outside information services were eliminated, the healthcare company’s investment in one set of IHS products and services has increased more than 800% over the past 10 years.
Senior decision makers see IHS as a priority provider because they need best-in-class information and insight to achieve their company’s business goals and to honor their commitment to support improved health worldwide.