In this project, I am going to showcase the importance of MS Excel automation in the post-launch tracking of drugs in the Pharmaceutical industry. Although this launch tracking dashboard/tool is going to be Pharma specific, it can be used for other industries as well, with minor tweaks.
Post-marketing and performance optimization of the newly launched drugs are the most important aspects of the drug development cycle in the Pharmaceutical/Biotech industry. It is quite crucial to determine the planned/anticipated effects of all such implemented strategies on a regular basis, so that the companies can make a change in their post-launch strategies (if required).
Despite having well-designed KPIs at the centre of each drug launch, only 2-3% of these newly launched brands excel in today’s pharmaceutical environment. One of the few reasons for this is that companies fail to define and track post-launch success of their brands. Hence, development of launch tracking performance metrics/ dashboards is very important to:
- provide timely reports to senior management on Sales performance KPIs such as gain/loss in brand share vs. market
- resolve deviations from already implemented plans in a timely and effective manner
- fine-tune brand strategies due to potential risks from other competitor brands
Aim of the LaunchTraX project
The aim of this project is to show our readers how to build a robust Microsoft Excel-based dashboard/tool that will make launch tracking efficient and simple. I intend to incorporate the following analyses in this project:
- Inter-brand comparison: Compare the performance of brands in equivalent months/quarters of launch in select geographies
- Inter-geography comparison: Compare the performance of a particular brand in equivalent months/quarters of launch among the geographies (where it is launched)
- Comparison between any of the above scenarios using snapshots (will describe it in detail as we progress)
These Launch Tracking reports, if not automated, will require a lot of manual effort by making separate data tables and graphs for all the above mentioned analyses. However, LaunchTraX will enable us to report all these analyses in a single view, which is much more user-friendly and easy to manage. In addition, the brand management can also save time and focus on the alignment of brand strategies across functions and regions.
So, stay tuned for seeing the LaunchTraX in action.