Three Things Market-Driven Healthcare Manufacturers Need

• Paul Frank, Product Management, Business Intelligence and Analytics

There are three things a market-driven healthcare manufacturer absolutely needs in order to be effective at driving product strategy and growth. It goes without saying that these organizations have such foundational elements as a clearly stated vision, mission and strategy, as well as a healthy corporate culture which embodies collaboration, communication and trust. Once those elements are established, in 2016, the big three are the technology tools, processes, and drumroll, data!

Being in product management, I’m tasked and many times challenged with understanding market dynamics, competitive intelligence, and a deep understanding of which GHX products are making a difference for the healthcare industry. In order to be successful, it is imperative for me to have the necessary data and tools so that I can truly answer these questions:

• Where do we go next?
• What is the market telling us?
• Who and what are our competitive threats; how do we compare?
• Where do we have opportunities to grow?

Likewise, product managers at our healthcare manufacturer customers are asking themselves the same questions. While it takes discipline and determination to get after this, an organization cannot accurately and effectively answer these questions without current and validated data — that’s the key piece. Big data, analytics and business intelligence may be buzzwords, but they are at the heart of our ability to answer the critical questions. What healthcare manufacturers need is valuable and accurate data, along with an easy-to-use analytics solution that provides actionable insights.   

At GHX, we leverage business intelligence tools and market intelligence on a weekly basis to help inform and direct our product strategy and roadmap. GHX not only does this for ourselves, but we have developed the most robust and accurate market intelligence solution in the U.S. And we just announced our new GHX Market Intelligence analytics solution that provides flexible KPIs, interactive dashboards and report authoring. The solution is tailored to be useful for an executive as well as for product or market analysts.

Following the three practices of using the right technology, valuing a data-driven process and leveraging accurate data, enables organizations to fulfill strategy and achieve tremendous growth. GHX Market Intelligence gives healthcare manufacturers access to data so that they have quality answers to the critical questions they have about their products.

Paul Frank

Product Management, Business Intelligence and Analytics