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Case Studies > Medical Device and Products Manufacturer Builds on its 278-Percent ROI on MarketView™, Achieving Even Greater Growth and Unexpected Benefits

Medical Device and Products Manufacturer Builds on its 278-Percent ROI on MarketView™, Achieving Even Greater Growth and Unexpected Benefits

Technology Category
  • Analytics & Modeling - Data Mining
  • Analytics & Modeling - Predictive Analytics
  • Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
  • Healthcare & Hospitals
  • Life Sciences
Applicable Functions
  • Product Research & Development
  • Sales & Marketing
Services
  • Data Science Services
  • System Integration
The Challenge
The company initially engaged LexisNexis® to uncover new ways in which to grow its business. MarketView is based on billions of data points, matched and integrated from physician-level claims data and the Provider MasterFile™. It brings together multiple and disparate datasets and delivers insight into volume, splitting and referral network activities. This approach enables users to focus on high-value targets and accurately assesses and quantifies opportunities for more strategic targeting. The company faced a significant challenge before deciding to go with LexisNexis®. An executive in the manufacturer’s Global Strategic Marketing department was responsible for reaching a seemingly unattainable goal: increasing sales and market share of a pain-management medical device. After scrutinizing available data and services, the executive believed MarketView could help better segment and target physicians, provide the sales team with insights unavailable from internal data, and reduce reliance on 'tribal knowledge' from current and previous reps.
About The Customer
The customer is a large manufacturer of innovative medical devices and infection prevention products. The company has a significant presence in the healthcare industry and is known for its advanced medical solutions. With a focus on improving patient outcomes and healthcare efficiency, the company has invested in various technologies and data-driven approaches to enhance its market position. The manufacturer operates on a global scale, serving a wide range of healthcare providers and institutions. Its product portfolio includes pain-management medical devices, infection prevention solutions, and other healthcare-related products. The company is committed to leveraging data and analytics to drive growth, improve market share, and achieve strategic business objectives.
The Solution
The company decided to use LexisNexis MarketView™ to address its challenges. MarketView is a data-driven solution that integrates billions of data points from physician-level claims data and the Provider MasterFile™. It provides insights into volume, splitting, and referral network activities, enabling users to focus on high-value targets and accurately assess opportunities for strategic targeting. The executive in the Global Strategic Marketing department believed that MarketView could help better segment and target physicians, provide the sales team with valuable insights, and reduce reliance on 'tribal knowledge.' The company segmented the market with more granular intelligence, achieving a 50 percent growth in the first year for its key product category. The success led the manufacturer to renew MarketView, aiming to extract even more value from the data. The company integrated MarketView data into its CRM, creating opportunities and pushing them to sales reps. This process allowed the company to link campaigns to MarketView and effectively consume and utilize the data for actionable insights.
Operational Impact
  • The site-of-care information provided by MarketView has been instrumental in understanding reimbursement implications and building trend lines for future action plans.
  • The data from MarketView now feeds into the manufacturer’s product development and marketing plans, enabling it to calculate market share within categories and identify areas for improvement.
  • MarketView has allowed the company to give sales reps feedback on specific acute hospitals representing untapped opportunities, boosting morale and productivity.
Quantitative Benefit
  • Achieved a 278-percent return on investment (ROI) on MarketView™.
  • Achieved a 50 percent growth in the first year for the key product category.
  • Added a net-new region with four reps, with potential for more in the second half of the year.

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