Beginning with the adoption of simple mobility applications like sales tools for field personnel, to analytics being used for complex tasks like sales forecasts and marketing strategies currently, this value chain segment has seen the maximum penetration of the digital five forces. Yet, there remains ample scope for further innovative applications. Launch is the most critical stage in the product lifecycle with performance in the first few months being crucial to success. Deciding the launch strategy is a complex decision in itself. Presence as well as expansion in multiple countries with each having distinct and dynamic regulatory, reimbursement and healthcare environment have made product launch a remarkably intricate affair. To maximize …show more content…
Target, a retail chain in the US has successfully leveraged predictive customer analytics for more than a decade to generate cross-sell recommendations. By analyzing past product purchases of its customers, Target identified the changes in shopping habits associated with certain life events. These patterns were utilized to send targeted offers to entice customers. For example, women on the baby registry bought plenty of unscented lotion during the second trimester. Target could then predict the delivery month and send coupons for diapers to the new mothers. Given the high costs of acquiring new customers, life science companies serving their customers directly (e.g. serving directly to hospitals, institutions, retail pharmacies, etc.) can utilize this approach to generate more revenue from existing …show more content…
One of their products is eICU, which enables intensivists to remotely monitor ICU patients around the clock using audiovisual feeds to flag any changes in a patient's condition and alert on-site caregivers in real-time for any potential issues. The system allowed a hospital provider (Banner Health) with 430 ICU beds to save 34,000 ICU days and 2,000 lives in 2013. Bringing these technologies to patients’ homes, Philips forged an alliance with Salesforce.com to deliver a cloud-based healthcare platform to monitor chronic disease patients in their homes with two applications - eCareCoordinator and eCareCompanion. The platform is envisioned to not only enable collaboration amongst care team members, but also improve confidence in their decision making process by incorporating additional patient data from multiple sources including electronic health and medical records, diagnostic and treatment information obtained through Philips’s imaging equipment, monitoring equipment, personal devices and technologies like Apple’s