Implementing the Pay-for-Performance Model ? A Success Story

Introduction: IMS is the largest secondary data supplier to pharmaceutical companies across the globe. No other competitor matches the depth of IMS? data and insights. IMS, by virtue of having the widest and most representative panel in the industry, and the widest access of pharma stockiest is able to provide data insights which its competitors cannot achieve (it must be noted that there are competitors to specific IMS products, but no competitors have the entire product range to match IMS). Having said this, in the last few years top pharmaceutical companies like Pfizer, J&J have had complaints against IMS for the relative inaccuracy of data provided. Specific Issues: BMS had complained that IMS had provided it with incorrect Plavix data. Novartis had a problem with the market share data provided by IMS. IMS was alleged of providing unrefined, redundant data to its clients. Crux of the Problem: Thus, a couple of years back the level of accuracy of IMS data was pegged to be between 70%-72%. Many top pharmaceutical companies were feeling that they were being priced heavily by IMS for data which was widely off the mark.