Objective Insights’ Capabilities
Our core focus is forecasting for life science companies. A good forecast is an essential component of the marketing and financial analysis that helps you make informed decisions about your business opportunities, such as:
- Should we develop or license this product?
- How can we communicate the value of our technology to the financial community? What is the value of our technology?
- Should we produce two formulations?
- What products should we choose to take forward in development? What is the best portfolio of projects for our company?
- What will new Medicare reimbursement guidelines mean to our product sales?
- What manufacturing capacity will we need?
- How are customer buying patterns affecting our sales?
Broadly speaking, forecast models can be divided into patient-based, long-term forecasts and trend-based, shorter-term forecasts. All forecasts rely upon model building expertise and market knowledge, including current and emerging competition. We also employ risk analysis by using Monte Carlo simulation in our models to provide a better understanding of potential outcomes.
A patient-based forecast needs more than a model. It also requires an understanding of:
- Epidemiology and survival analysis (particularly for models using patient dynamics)
- Primary market research
- Secondary data sources (medical literature, multi-client reports, physician survey and claims databases)
- Pricing and reimbursement
Objective Insights has long experience in these areas, both while working in industry and as consultants. We take all of the above factors into account when building your product’s forecast.
Properly constructing a trend-based forecast requires in-depth knowledge of many technical factors, such as:
- Time-series trending approaches (including evaluating trend quality statistics)
- Data sources (including quality checking and cleaning input data to remove confounding factors)
- Supply-chain effects (inventory levels and ordering patterns)
Objective Insights has considerable experience developing and using trend-based forecasts, both in industry and our consulting work. The trend-based forecast for your product will benefit from our years of experience and technical expertise.