October 24, 2008 - Eidetics, a leading global healthcare market research firm and division of Quintiles Consulting, today announced the commercial launch of their proprietary service application, Provenance. The new interactive tool provides pharmaceutical brand teams and clinical researchers with a panoramic view of complex data, utilizing advanced data mining techniques and Bayesian networks. Product development and marketing decision makers now have the ability to organize and analyze hundreds of variables at once, and instantly visualize statistically significant relationships.
After successful use in leading edge research, Eidetics now uses Provenance to deliver client data for a breadth of major quantitative primary market research projects, complementing traditional analysis and reporting tools. Further, the company announces a new service using Provenance to provide sophisticated access to valuable public-domain patient-level data collected and maintained by the US Centers for Disease Control and Prevention (CDC), such as the National Ambulatory Medical Care Survey (NAMCS) and National Health and Nutrition Survey (NHANES). Provenance provides clients with a new level of visibility and insights into their proprietary internal databases for sales, marketing and other major functions.
Clients have used Provenance to identify market dynamics and brand growth opportunities not readily available with other data analysis tools. For example, Provenance was recently used with a leading pharmaceutical client to identify brand expansion opportunities in the asthma marketplace, and the specific prescriber and patient characteristics associated with those opportunities. The Provenance model provided the framework for the patient profiles used by sales representatives to promote the product.
"The asthma market research that was the basis for this project was both rich and complex," said Pieter Sheth-Voss, Eidetics Research Director and the principal architect of Provenance. "In this case-based study, we integrated data on 400 patient, physician and product factors for more than a thousand patients. Provenance allowed our client to quickly and clearly view prescribing practices so they could focus their marketing strategies on factors that achieve the greatest influence."
"Provenance allows us to deliver even more significant value to our clients," says Jim Kirk, Vice President of Eidetics. "With our industry sitting on top of literally oceans of data, Provenance serves as a glass-bottom boat that allows marketers to see the real strategic value beneath the surface of the data."
The Provenance business intelligence and decision modeling tool allows users to:
- Easily visualize important data relationships to make better business decisions
- Answer complex product positioning and market size questions in real time
- Provide the capability to do real-time scenario modeling for senior management
Eidetics has provided research-based market insights and data analytics to support business decision-making in drug development and commercialization for the past 20 years and counts among its repeat clients 18 of the top 20 pharmaceutical companies. Quintiles Consulting acquired Eidetics in May 2008.
"Our entire team is excited about Provenance," said Jay Norman, President of Quintiles Consulting. "Since our consulting value is built on the rigorous analysis of marketplace evidence, Provenance is a particularly important addition to our toolbox. Provenance's ability to instantly visualize complex relationships will allow us to turn data from being a passive resource into an active ally."
About Quintiles Consulting
Quintiles Consulting works with pharmaceutical, biotech and medical device companies to maximize potential and minimize risk, from discovery through development and commercialization by providing expert strategic, operational, and technical advice. Building on the global reach and expertise of Quintiles Transnational, Quintiles Consulting practice areas include Product Development and Commercialization, Regulatory and Quality, and Market Access. Quintiles Consulting has full-time consultants based across the U.S. and Europe to serve its global clients. For more information, please visit www.quintiles.com/consulting.
For over 20 years, Eidetics has delivered analytics-based strategic research and consulting support to major biopharma companies worldwide. Now, as a division of Quintiles Consulting, Eidetics helps clients raise the clinical and commercial value of their products -- and their companies -- to new levels. Projects address complex business challenges in nearly every disease category, from pre-clinical go/no-go decisions to post-launch market defense. Typical assignments include market segmentation, brand positioning, pricing strategy, and treatment algorithm definition. Visit www.eidetics.com for more information.
Quintiles Transnational Corp. is powering the next generation of healthcare by providing a broad range of professional services in drug development, strategic partnering and commercialization for the pharmaceutical, biotechnology and medical device industries. With more than 21,000 employees and offices in more than 50 countries, it is focused on providing customer-centric solutions that are the gold standard of the industry. For more information, please visit the company's Web site at www.quintiles.com.