Achieving Value through Performance Reporting within Medical Affairs
Now, more than ever, critical and timely business intelligence is central to the role of medical science liaison managers analyzing what is happening in the field.
According to McKinsey, Medical Affairs teams are growing to become the third strategic pillar in life sciences organizations. Having enhanced data capabilities and expertise in collaborating with key stakeholders makes Medical Affairs well-equipped to provide the strategic support needed to seek RWE and optimize product life cycles and, ultimately, patient outcomes.
As the traditional role of the MSL is changing, it is important that Medical Affairs teams keep top of mind the performance of individual team members as well the performance of the organization as a whole. The tighter the analytics and performance strategy, the greater the value for the organization both internally and externally. Measuring performance, maximizing impact, and modifying strategies are the future of MSL leaders in the life sciences industry.
In general, measuring performance is not only helpful in tracking how your team is achieving the overall goals and objectives of the company, but also has become central to crafting business strategies. This has become especially apparent in the life sciences industry where Medical Affairs teams are increasingly held accountable for more responsibilities that contribute to the organization’s overall strategic approach.
Developing a network capable of micro analyzing the Medical Affairs teams target data assets, including health economics and outcomes, real-world evidence, clinical studies, and more, will drive value to understand opportunities for improvement both internally and externally for driving long-term value. Ultimately, rethinking and readjusting medical performance management will help in maximizing the overall impact of medical activities.
As the MSL rises to the strategic partner level within a life sciences organization, metrics will not only need to measure performance but impact as well. According to pharmaphorum, “defining the desired impact for Medical Affairs, deriving metrics associated with those activities, and developing a format for reporting accomplishments to senior management will be essential to demonstrate value.”
An MSL’s expertise allows them to evaluate data and interact with and understand KOLs in a way that commercial teams cannot. For example, enabling technology that allows organizations to process all medical information requests digitally, to both better address the requests and be used as a source of strategic insight, should be utilized to measure and maximize impact. Integrating business intelligence and performance reporting will ensure goals are being achieved and the impact is being leveraged across the organization and back to the patient.
Once data sets and performance reporting measures are put into place, and opportunities for maximizing impact have been determined, strategies should be modified accordingly. Using KPIs and performance data will help MSLs go above and beyond in providing key stakeholders and opinion leaders lasting value. In fact, with the right tools, Medical Affairs managers can re-evaluate their performance on a regular basis, empowering them to optimize customer and patient value more frequently.
The role of the MSL in acting as a strategic partner promotes a data-driven approach, allowing the organization to provide lasting value to key stakeholders and opinion leaders. Competitive intelligence capabilities are needed to aggregate a variety of external datasets that can feed into medical affairs strategies.
An endless feedback loop among KOLs, MSL leaders, and medical affairs teams will allow for an enhanced value chain. TikaMSL helps your team to be more strategic about targeting KOLs and key stakeholders. Insights and data at the forefront will take the role of MSLs to the next level to enhance themselves, their team, and their KOL relationships Let TikaMobile help your team measure performance, maximize impact, and modify strategies to provide endless value to your key stakeholders