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.
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