Optimal Budget Allocation, Maximum Rx Volume:
A leading pharmaceutical leader finds where to spend next marketing dollars to increase portfolio level Rx volume
Trying to figure out which marketing channels—copay card, detailing, sample drops, speaker programs, HCP, and DTC activities—would work best to boost their prescription volume, a major pharmaceutical data provider and their leading pharmaceutical partner turned to Analytic Mix to identify:
- Optimal marketing budget to maximize the pharmaceutical company’s individual brand and overall brand portfolio
- Budget allocation strategies across marketing levers, including copay card, detailing, sample drops, speaker programs, HCP, and DTC activities
- Segment and specialty-specific optimal investments across different marketing levers
- Diminishing return pattern for each of the marketing levers across marketing segments
We applied our PharmaMMx framework, integrating various structured and unstructured data assets (e.g., the most granular level Rx information, copay card, sample drops, speaker program information, HCP spend, DTC activities, etc.) and analyzing the true contributions of each lever to the Rx volume growth. We also developed a what-if scenario tool, enabling the company’s senior decision makers to extract budget allocation scenarios under different budget conditions for each of their portfolio brands.
The Analytic Mix insights revealed that newer and older brands react to different marketing tactics very differently. All marketing levers work in synergy and they jointly produce much larger ROI, however, some marketing levers were not producing sufficiently large return for certain brands. Armed with this insight, the president of the company saw first-hand the opportunity to shift marketing dollars to more effective areas.
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