Global pharmaceutical giant Pfizer Inc. is transforming its use of analytics from a theoretical exercise into a real-time execution engine primarily by the urgency of shifting business models for Lipitor and other products. Bob Evans (from SAP) highlights the pertinent points of a comprehensive interview with David Kruetter, Pfizer VP of U.S. Commercial Operations. He describes how the imminent availability of generic versions of its blockbuster Lipitor product illustrates the company’s need to overhaul how it gathers, manages and uses information to make rapid market-based decisions.
Analytics is not a descriptive exercise; it’s a predictive exercise. Therefore . . . there’s uncertainty. Maybe some of our focus should be on helping the organization understand the ‘bounds of uncertainty’ and the actions we can take within those ‘bounds of uncertainty’. We’re at a point where we can’t ignore any data telling us about the effectiveness of our business strategies. The stakes are just too high,” says David Kreutter, Pfizer VP of U.S. Commercial Operations. “We’re taking analytics from a planning perspective to a planning, execution and evolution perspective, so it becomes much more operational than it’s been in the past. The overall direction going forward is that analytics will be integrated, meaning that secondary market research, market analytics and management science will be integrated into a single analytical function. And it will be integrated on a global basis. The question isn’t ‘how much money do we spend on data and analytics.’ It’s ‘how much value are we getting from data and analytics.’
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