How Big Data is Revolutionizing the Pharmaceutical industry
In the pharmaceutical industry, manufacturers struggle with stagnant pipelines and low success rate in R&D activities. Then big data came as a game changer because it no longer is limited to customer-facing function as sales and marketing only. The pharma industry accumulates a massive amount of data generated from sources as patients, retailers, and R&D processes every day. Big data enables easy understanding of complicated business processes which results in improved clinical trials, better risk management by companies and increase patient safety.
Following are some of the ways big data transform the functioning of the pharmaceutical industry:
Improving sales and marketing: In the pharma industry sales and marketing is considered a grey area. But today companies are able to promote their medication in specific geographical areas by integrating the big data analytics. Also, able to come up with extremely targeted marketing and sales goals which result in saving time and effort.
Enhancing clinical trials: The Clinical trial is one of the integral parts of the pharma industry. Patients need to meet some prerequisites before undergoing the trials. Big data fetches data from databases from multiple sources to filter out patients who have not met the basic requirements. Big data also helps researchers to monitor the patients on a real-time basis and predicts side effects of medicines.
Predictive analysis: Early detection of drug toxicity and improving chances of patient survival are the main two aims of pharma companies. The predictive analysis provides a pre-picture if a drug will suit a patient by taking patients’ details as genetics, lifestyle or about existing diseases.
Digital apps: Digital apps (applications) are one of the ways to build relations with the target audience. The data collected on the apps are linked to databases in the industry which provide first-hand data on patient compliance with providing instant feedback on patients’ health.
Cross-industry collaboration: The healthcare sector, the insurance companies, data management firms and the pharma industry are inter-related. Big data make sharing information easier among these various fields which widen databases for better future clinical trials.
Big data analytics is a big deal for the pharmaceutical industry from its potential benefits, challenges, and complexities mitigation capabilities. Big data analytics provides ways to harness data and insights for making better business decisions.
MapR Launches Avant-garde Converge Partners Global Program
By Tom Farrah, CIO & SVP, Dr Pepper Snapple Group
By George Evans, CIO, Singing River Health System
By John Kamin, EVP and CIO, Old National Bancorp
By Phil Jordan, CIO, Telefonica
By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive...
By Dennis Hodges, CIO, Inteva Products
By Bill Krivoshik, SVP & CIO, Time Warner Inc.
By Gregory Morrison, SVP & CIO, Cox Enterprises
By Alberto Ruocco, CIO, American Electric Power
By Sam Lamonica, CIO & VP Information Systems, Rosendin...
By Sven Gerjets, SVP-IT, DIRECTV
By Marie Blake, EVP & CCO, BankUnited
By Lowell Gilvin, Chief Process Officer, Jabil
By Walter Carvalho, VP & Corporate CIO, Carnival Corporation
By Mary Alice Annecharico, SVP & CIO, Henry Ford Health System
By Bernd Schlotter, President of Services, Unify
By Bob Fecteau, CIO, SAIC
By Jason Alan Snyder, CTO, Momentum Worldwide
By Jim Whitehurst, CEO, Red Hat
By Marc Jones, Distinguished Engineer, IBM Cloud Infrastructure