Verix Review

11 Different reporting platforms gave us a headache and outdated business analytics

When my company, was about to launch two new high profile Oncology drugs, the need for a cutting edge, agile analysis solution was a prerequisite to guarantee success in this competitive market. Verix was chosen after a careful selection process, to support the sensitive and complicated launch process of these specialty products. Before adopting Verix, we invested in several enterprise-wide BI platforms. Alas, outcomes were suboptimal: reporting was slow to deploy, pushing users to create fragmented reports to meet acute needs. Even worse, those platforms were unable to change at the speed of business.

The launch of our new Oncology drugs with Verix’s New Product Launch analytical application became a remarkable success. We enjoyed the clear actionable insights and consolidated view of the business - all based on a single version of the truth across commercial operations. Consequently, we decided that Verix will be the solution of choice for all new launches and gradually will be implemented for all Business Units to replace other BI solutions and enable the company to have one single, effective solution across the entire organization.

Before Verix, we were using 11 different reporting platforms, though the need for up-to-date, relevant, coherent information was not being met. Hundreds of weekly, redundant reports made it hard to reach effective utilization. Reports were fragmented, often conflicting; and did not enable actionable insights. Managing drug launches is complicated, with data coming from many sources that need to be integrated into a comprehensive view to understand all influences – both in-house (sales, marketing, managed markets, finance, manufacturing) and external (competitive, market, prescribers, Payers).

The first three months in any new drug’s life are most critical for its success, requiring constant tweaking of critical components of your strategy, such as promotions, targeting, messaging and pricing. We needed business insights to support decisions of senior management, sales leadership and field sales with KPI’s to measure Managed Markets, sales forecasting and call detailing activity. Everything had to support a variety of roles (brand specific and sales specific), with appropriate access limitations per role, so people only see what they need. Data sources to be integrated include our in-house Data Warehouse, Veeva (CRM), ProMetrics (Decision Support tool), LASH (rebate optimization tool), CLM, as well as unstructured data, such as Speaker Programs, Finance/Forecasting data, Call Plan, Cardinal (healthcare supplies distribution), Licensing database, Zip-to-territory database, Sales goals, Ecosystems, and Managed Markets metrics.

We defined key criteria to evaluate an analytic solution for the upcoming launches:

  1. Agility and flexibility: Timing for the initial implementation as well the flexibility to quickly perform ongoing change requests were defined as most critical. We wanted a quick implementation that could be up and running within weeks.
  2. TCO – Total Cost of Ownership: The TCO includes setup, initial configuration, change requests, and most critical, keeping the system up and running. Launch KPIs constantly evolve with the launch, and even established business units see a lot of change. Analytical tools must reflect all changes and look only at relevant KPIs to bring real value. Verix pricing includes changes, which is a huge advantage over previous platforms.
  3. Business Value: Does the solution answer reporting needs? Does it provide actionable insights? Does it bring real value to the organization? A good way to measure the value is the utilization rate, both of the tool and the reports it generates. We keep measuring usage, which exceeds expectations with Verix.

Verix helped design specific needs – KPIs, views, and correlations between various elements. The application monitors the new drug’s performance and how all components of the launch are influencing one another. Performance is constantly compared with benchmarks and goals: Prescription such as prescription rates, market share, new patients trends, and week on week or month on month growth in market share. Views are tailored to each user - per physician/account/geography/region/patient. Marketing campaigns and Managed Markets contracts information are integrated to analyze interdependencies. Dashboards are defined per user role, so every user sees only what he/she needs to see and isn’t overwhelmed with irrelevant information. Users can drill down to explore underlying drivers and get granular information on performance.

Verix conducted focus groups to understand the exact needs of every user group to be involved in the launch and ensure all requests were incorporated. “Train the Trainer” sessions with representatives from each user group gave further feedback. This attention to detail is one of the secrets behind Verix’s high utilization rate.

Verix is the only product in the market that specializes in Pharma Launches. We felt that it addressed exactly our needs. Verix’s library of pre-packaged life science applications enables notoriously quick implementations. Today, Verix is used by everyone in the company’s commercial operations to make data-driven decisions: Sales, Sales management, marketing, analysts, and managed markets. Reporting is no longer a pain-point, but a solution to empower actionable insights.

After using 11 reporting systems before adopting Verix and being repeatedly perplexed by their inability to keep up with the pace of the business, we feel that the greatest, unique advantage of Verix is agility - implementing endless ongoing change requests within hours or days. The flexibility of the architecture, the design team and the professional services team in the back that easily adapt to any necessary change, fully understanding the necessity for flexible thinking as well as fast implementation. As a result, Verix is substantially more used than any analytical system adopted by us, and at the end of the day, far cheaper.

Verix’s domain expertise in the Life science industry made the implementation flawless. Business rules were transferred with ease, visual components and KPI’s were designed with the users’ needs in mind; special needs of the company’s new oncology drug were easily enabled (e.g. 90 day allocation methodology. Verix implemented this within days, while other systems don’t support such adjustments.)

Previous reporting experiences with other vendors have probably jaded people, and created hesitation to try yet another reporting solution. Seeing Verix in action with our real data crushed all doubt.

The positive experience is influencing other divisions to adopt Verix as a worldwide standard for our Commercial Operations analytics. By early 2014, four additional teams will implement Verix as their analytics standard. The launch of our new oncology drugs was exceptionally successful. Tracking and monitoring the process from planning to execution was smooth and efficient.

By using Verix’s analytical applications solution, which includes change requests and any needed tweaks and adjustments in the price, we saved over $2.5M a year. Moreover, the real gain is in significantly higher usage rate and business value derived from the solution.

**Disclosure: IT Central Station has made contact with the reviewer to validate that the person is a real user. The information in the posting is based upon a vendor-supplied case study, but the reviewer has confirmed the content's accuracy.
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