HMR – Health Market Research and ThoughtSpot Forge Partnership to Optimise Pharmaceutical Decision-making
New exclusive solution enables European pharmaceutical companies to analyse healthcare information through search & AI-driven analytics
HMR, the expert in Pharmaceutical Industry Information Providers, and ThoughtSpot, the leader in search and AI-driven analytics, announces today a new partnership to provide pharmaceutical industry companies with the ability to search pharmaceutical sales data from HMR, offering breakthroughs in speed, ease of use, and decision making.
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The new solution from HMR, powered by ThoughtSpot, maximises the power of analytics to improve customer experience, improve product, marketing and sales decision making, and deliver business value. This innovation is currently under implementation and optimization and will initially be commercially available in Portugal, Spain and Ireland from January 2021.
Transforming HMR’s service to meet client demand
HMR turned to ThoughtSpot in the face of growing customer demand for faster data analysis, more relevant insights and the need for a highly intuitive user experience. HMR is building a stable path for sustainable development in the pharmaceutical industry, where this innovation is an essential step in HMR’s global strategy.
ThoughtSpot is collaborating with HMR on the transformation of its portfolio of solutions by empowering pharmaceutical industry users to ask questions through a simple search interface and get answers in seconds. SpotIQ, ThoughtSpot’s AI engine, powers a range of additional features, including a capability that spots data trends and outliers and recommends insights tailored to users’ roles, preferences and histories.
Delivering greater certainty
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HMR receives daily transactional data about sales, purchases and stocks, per product, from pharmacy “panels” in Portugal, Spain and Ireland. This information, at the pharmacy level, gives decision makers in the healthcare industry unparalleled insight into the pharmaceutical market to understand customer behaviours and changing market dynamics. The new ThoughtSpot-powered solution will enhance HMR analysis capabilities, enabling the pharmaceutical professionals to support their daily and strategic decisions with the right information at the right time through the use of artificial intelligence and machine learning.
In the current market climate, certainty is at a premium as João Norte, HMR CEO explains, “The Covid-19 crisis continues to alter peoples’ typical behaviours around seeking medical care dramatically. This, in turn, affects sales of prescription drugs and other pharmaceutical products. Therefore, the most effective way to sense and make accurate demand predictions is by analysing actual point-of-sale data at the pharmacy level.”
Pharmaceutical industry ‘laggard’ in empowering frontline staff
According to Daniel Cuffley, regional VP Western Europe, ThoughtSpot, “A recent study we conducted with HBR revealed the healthcare and pharmaceutical industry to be one of the ‘laggards’ at empowering frontline staff with data (15%). We are thrilled to be partnering with HMR to provide a disruptive data analytics service in Europe to help the industry commercialise their products more effectively.”
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