Posts Tagged #Data
Technology disruptors like AI & Data reshaping Marketing & Advertising with improved personalization & enhanced targeting
Posted by Darshana V. Nadkarni, Ph.D. in Big Data -Cloud -IoT-Software -Mobile -Entrepreneurship on April 11, 2018
Technology is impacting every area of our lives. Blending marketing and advertising with technology dubbed MarTech and AdTech, is entirely changing the marketing landscape. When combined with big data and AI, there is now greater efficiency in advertising and marketing; from building, managing, delivering and optimizing campaigns, to placing, buying, and selling ads, to targeting to most optimum potential buyers.
But it’s not about build it and they will come or turn it on and it will deliver. Often martech purchase decisions underdeliver. As an entrepreneur, if you plan to lead your company through various stages of business lifecycle from seed stage to growth stage to expansion and maturity, then you will encounter an array of marketing challenges that will require different strategies and tactics. While in earlier phase, your focus will be on building customer and prospect lists to drive product awareness, it will soon evolve into tracking and accessing purchasing activities, supporting customer segmentation based on demographics, past purchase history and gaining deeper insight about the customer to support segmentation and personalized targeting.
At TiEInflect 2018, the largest entrepreneurship conference to take place in May at Santa Clara Convention Center, a focused track on MarTech will feature exciting topics like “Marketing to the power of AI”, “Marketing maturity model for entrepreneurs” and more. Register for the conference at www.tieinflect.org .
Aroon Krishna and David Judelson, co-founders at VirtuMed talked about the challenging environment for current medical device manufacturers and VirtuMed’s Synapse Mobile cloud based, on-demand, customer engagement platform solution to address the challenges, at a recent www.bio2devicegroup.org event.
Enumerating examples of challenges impacting medical device marketplace, Judelson, said Boston Scientific neuro modulation business has declined due to reimbursement challenges, Medtronic agreed to settle and stop the sales of pain med pump due to link with patient deaths, and big promise and subsequent failure of renal denervation solution has cut the growth among other device manufacturers. There are challenges across the board from development to commercialization, said Judelson. Hospitals are faring no better. Nearly 40% of California hospitals received bad grade, constant M&A activity among hospitals, pressure from changing government initiatives, difficulties with privacy and security of EMR data has all led to medical device companies spending more money to get less and spending more in sales and marketing efforts is not the answer.
Five current headwinds are defining the existing environment. Increased regulation and declining reimbursement from fee for service to bundling and changes in how CMS pays, is putting a lot of pressure on providers who pass the burden on to device manufacturers. Second, there is a lot of variability in how different hospitals measure quality. Third, aging population with increasing co-morbidities is leading to variability in clinical trials and making it challenging to assess the effects of interventions. Four, challenges are increasing with decreasing hospital access for sales reps. Five, huge global volatility with large swings in foreign exchange rates, government uprisings etc. is making it hard to estimate earnings.
Hospitals are often burdened with internal challenges of system integration, promise and challenges of mobile technology, problems of achieving seamless inter-operability, thinning margins, vendor management issues, physicians getting overburdened with administrative tasks, HIPPA issues and more. All these challenges are compounded with sub par performance from medical device companies as they are delivering more failures in R&D, demonstrating lack of innovation with decreased ROI followed by decreasing investment in venture and M&A activity.
Currently, there are few solutions for comprehensive customer management, said Judelson. Some general solutions like Salesforce, Oracle, imshealth, freshdesk, Veeva and Zendesk have been applied. However, these require significant customization, often have complex pricing structure, are pricey for small to mid-sized enterprises, have complex IT integration and archaic mobile user interface, and are often based on limited knowledge of medical device econsyste. There are no existing CRM solutions specially designed for medical device industry, said Judelson.
VirtuMed’s cloud based remote connectivity solution specifically fills in this gap, where device manufacturers can establish direct line with the customer, provide better, more timely customer support as a value added service, develop apps, and leverage knowledge of product users globally with access to real time outcomes data. There are many gains from such timely information. Research indicates that with timely physician access to post surgery recovery process and real-time conversation with patients, recovery occurs faster and patients remain more engaged in their recovery. While there is a great deal of patient to patient interaction in social media, there are fewer tools for patient to provider engagement and that needs to change.
VirtuMed’s Synapse mobile solution helps build a connected ecosystem that combines commercial CRM, social networking, on demand communication, big data visualization, HIPPA compliant infrastructure, and enhances security with data changing hands while ensuring availability of data at the right time to the right people. This solution aims to unite all key stakeholders on a single platform with primary objective for positive patient impact, said Krishna. VirtuMed product is poised to offer support to companies of any size and its tech solutions can be applied at each stage in medical device life cycle, from early innovation to clinical stakeholder engagement, to customer engagement to CRM platform to enable growth in emerging markets; literally from ideation to discovery to clinical to commercialization, said Krishna.
The talk with followed with Q&A.
Posted by Darshana V. Nadkarni, Ph.D. in Big Data -Cloud -IoT-Software -Mobile -Entrepreneurship, Biotech - Medical Device - Life Science - Healthcare on April 24, 2015
Healthcare industry is poised to go through impressive transformation, in the coming decade. What some experts have dubbed a 3D transformation, changes in life sciences are happening through massive changes in Diagnostics, Digital Devices, and Data.
Consider this. TiEcon, the largest entrepreneurship conference, focused for several years on computing, storage, hardware, software, firmware, semi conductors, gaming and mobile technologies. HealthTech was not the focus at TiEcon. But HeathTech has recently emerged as one of the hottest areas to invest. Besides offering a special healthcare focused track, on day 2, May 16th, healthtech is integrally woven in most of the other tracks, at TiEcon 2015. Technology has impacted all areas of our lives such that no entrepreneur could look at any industry as a silo. To register go to https://www.123signup.com/register?id=ygszb&ref=4182698 to get a $100 discount on the two-day conference at the non-member rate. When prompted, enter the promo code VOL500 at checkout:
In fact, most of the disruptive innovation is happening on the boundaries of disciplines. This is most pertinent in life science, hospitals and healthcare, healthtech, biotech, pharma, drug development, medtech, digital health, mobile health, wearables space. Every new intersection point between health and an emerging technology, brings its own terminology. Collectively, the aim is to positively transform the quality of lives of healthy and sick people. So how is life science focus woven across several tracks at TiEcon?
John Kapoor, a serial entrepreneur, who is number 577 on Forbes Billionaire List, is going to give a grand keynote address on day 2, Saturday. Kapoor, whose net worth is estimated at $3.5B, has founded and guided two pharmaceutical companies, Insys Therapeutics and Akorn Pharmaceuticals and led them to exceptional success. Pharmaceutical industry is slowly but surely changing to innovate faster, cheaper, more cost efficient process of drug development. Here is link to my recent blog on novel approaches to drug development http://bit.ly/1xzpdFx .
Here is another interesting keynote to watch out for. After helping coin the term, “Data Scientist”, while still in the academia, D. J. Patil did some initial work on deciphering the complexity of the weather patterns and impact of bioweapons proliferation in Central Asia. Here is link to my blog on Patil in 2013 http://bit.ly/YYyOxd . After stints in eBay, PayPal and LinkedIn, Patil was appointed by President Obama, as Chief Data Scientist at the White House. Among other responsibilities, Patil will work on the Administration’s Precision Medicine Initiative, focusing on utilizing advances in data to enable clinicians select most effective treatments. Here IBM’s Watson, an artificial intelligence system with access to millions and millions of pages of structured and unstructured data, to help in efficient diagnosis and suggest possible avenues for treatment, deserves special mention. Here is my link to Dave Farucci’s keynote at TiEcon, several years ago http://bit.ly/JOZmwH .
Besides the keynotes and healthcare representation on panels in other tracks, Day 2 focused Healthcare track panels will address such varied topics as role of “Medical Devices in a Changing Landscape” and “Trials and Tribulations of Adopting Technology in Hospitals”. Eminent speakers include, MD and CEO at Good Samaritan Hospital, Paul Beaupre; Anupam Pathak, Founder & CEO of Lift Labs, acquired by Google X, Brett Knappe, Senior Director of Strategy at Medtronic; Satnam Alag, VP, Software, Illumina; and Darius Naigamwalla, President at Campbell Alliance. Representation from technology rich companies such as IBM, GE, Google X, and Tibco, in discussions on healthcare, along with medtech and big pharma companies like Medtronic, J&J, 23&me, Illumina and Genentech AND representation from healthcare providers like Good Sam, will make for very rich dialogue. Register for TiEcon at https://www.123signup.com/register?id=ygszb&ref=4182698 to get a $100 discount on the two-day conference at the non-member rate. When prompted, enter the promo code VOL500 at checkout: