Data Security and Trust Essential for Driving Data Forward in Pharma
This article was originally published in Pharmaphorum on February 15, 2023.
Pharma brands need to be crystal clear that their data initiatives are backed by secure and compliant systems.
Patients are more engaged than ever in their own health. However, they remain concerned about the safety of their data when it is in the hands of healthcare systems and pharmaceutical companies.
Data safety ranks alongside equality of access, pandemics, and conquering cancer and rare diseases as the major healthcare challenges facing society, with the public yet to be fully convinced their clinical data can be used securely and effectively.
Healthcare providers (HCPs) who are relatively new converts to the power of digital also need to be assured that a pharma company has high-grade data safety protocols, as well as being in tune with its patient population and how it understands their journeys, before committing to use that data to improve their practice.
Building Trust in Digital
Synchronizing data from multiple sources and in varying structures comes with risks that industry experts at Treasure Data, an integrated suite of customer data platform (CDP) solutions, believe must be addressed to get the true value from artificial intelligence, machine learning, and digital technology.
“Trust is hugely important in all sectors of digital, but it is particularly important in life sciences because we are talking about people’s personal health,” says Thomas Kurian, head of new markets at Treasure Data. “Patients and HCPs want to know that their data is secure and is only being used to make connections that are relevant to their needs.”
“Companies have vast amounts of data, but they need to unify it, access it, and use it to create those tailored engagements that boost business performance and improve patient outcomes.”
The Future of Health report by PwC cautioned that life sciences organizations were facing an evolving market that threatened existing business models. It states: “Wait and see is not an option. Instead, BioPharma executives need to transform and evolve their value chains to embrace and leverage the potential of new technology, data-driven approaches, and evolving regulatory landscapes. At the same time, they must prepare to revamp their business models.”
For pharmaceutical companies, this extends beyond R&D and product development targeting to exploring new channels of engagement with HCPs, finessing its outreach efforts to tailor content to specific client needs and precision marketing.>
All of this runs on data, and all of it must be safe.
“We can be very precise in what data we use and how we use it,” adds Kurian. “But we have to also demonstrate that we have best-in-class security. With that in place, we empower strong relationships and enduring loyalty between our industry clients and HCPs.”
Maximizing Data with Secure Systems
Gaining trust is still a challenge and Treasure Data’s “Better Decisions, A Spotlight on Data Efficiency,” report highlights the need for greater data efficiency to ensure a client’s needs are fully appreciated and serviced, particularly in the stressed economic climate. It states:
“In such a challenging landscape, marketers are in desperate need of smart, sensitive, and effective strategies. Decisions made during this crisis will prove crucial for long-term success or failure.”
It adds that advances are made on ‘robust and accurate customer data strategies, built on trust and authenticity’.
The need for deep understanding of customers comes as the digital world is responding to calls for greater security. Google plans to phase out third party cookies by 2024, and Apple has blocked many of them with its Intelligent Tracking Prevention system. Meanwhile, national governments are pursuing greater regulatory controls.
Treasure Data Customer Data Cloud complies with data privacy regulations around the world and the importance it puts on security is enshrined in its ethos. The company underscores that the ability to engage and sell to clients and maximize returns has to be balanced with secure systems. With HIPAA support for all Treasure Data products, customers can safely and securely manage PII and PHI within the platform to provide connected patient and healthcare provider experiences.
Advanced safety mechanisms and protocols have allowed Treasure Data to build up a strong portfolio of life sciences clients, including major pharmaceutical corporations. Treasure Data’s ability to unlock and harmonise data in one accessible platform has enabled companies to energise performance and return on investment without compromising security.
Michelle Teuscher, industry principal, life sciences, at Treasure Data, emphasizes that achieving the right balance offers transformative opportunities to industry through the use of data to create a complete view of a customer’s journey, define key audiences, and empower sales representatives with tailored content for next-best actions for their HCP engagements.
She says: “When that data is properly applied, and modeled and harvested for insight, you can create that deeper understanding and more meaningful customer journey for HCPs.”
She adds: “Data security and safety is of utmost concern to both HCPs and pharma companies themselves. As the pharmaceutical industry undergoes digital transformation and high value, sensitive, personal health information is digitalised, there is an inherent risk to the data. In addition, ensuring that the handling of patient data abides by strict privacy guidelines regarding the safeguarding of Protected Health Information (PHI) is of equal importance. A breach in the safeguard of this data can have devastating consequences.”
Trust and transparency are prerequisites for any data-driven initiative from pharma brands. The reward is high-level precision marketing with a more connected, personalized experience that responds to customer needs and liberates advances being made across life sciences.