What is Business Analytics?
Business Analytics functions in pharma analyze data to understand the market and sales growth. They work closely with the Brand and sales teams to generate insights into what may be driving or hindering sales growth, where opportunities may lie, and gaps in the current plan. The Business Analytics team is the internal expert on the datasets and supports the broader commercial team with their needs, often presenting data based on requests or that they believe are of importance to the overall brand strategy and operations.
Business analytics related to prescription growth is often done with IQVIA (formerly IMS) data. These data are usually licensed for products or therapeutic areas of interest and can provide national estimates on NRx and TRx figures for drugs of interest over time.
The Business Analytics team may work closely with forecasting teams (sometimes the roles may be integrated) when assessing future potential for growth in various scenarios.