pharma data analytics
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Pharmaceutical companies can achieve success through effective use of analytics by addressing challenges such as data privacy and the integration of insights across functions. Key applications include accelerating drug discovery, personalizing medications, and improving clinical trial efficiency. The adoption of a comprehensive analytics strategy is essential for optimizing decision-making and enhancing overall business performance.
pharma data analytics
- 1. 8 Ways Pharmaceutical Companies Ensure Success With Analytics Polestar Solutions & Services India Pvt Ltd
- 2. In today’s dynamic and quickly changing competition battleground, pharma industry is scrambling to emerge on top. The global pharmaceutical industry is projected to have a market worth $1170 bn by 2021, growing yearly at 5.8% from 2017. Americans alone spent 329 bn $ on prescription drugs in 2016. The Asia Pacific is showing strong growth trajectories with pharma sales in the Asia Pacific to grow at 8.4% in 2021 and India & China
- 3. Challenges Faced By Pharma Companies In The Age of Analytics Deriving insights on the clinical trials data to create projections and report as per the investor requirements for funding 04 Defining data privacy and engagement rules on customers’ data 05 Managing the dynamics of social listening 06 Breaking down process silos to derive cross- functional insights 01 Setting up the infrastructure to turn big data into smart data 02 Capturing & utilizing unstructured clinical & medicine distribution data 03 There are significant challenges that need to be addressed before pharma companies can realize optimum benefits from analytics
- 4. Many pharma organizations are struggling to see the impact and ROI of their business intelligence initiatives. We will take a closer look at the top analytics use cases within the pharmaceutical industry
- 5. 1. Accelerate Drug Discovery and Development By sifting through vast datasets of scientific publications, academic research papers, control group data and by running predictive algorithms through these immense swathes of data, pharmaceutical firms can make more intelligent decisions to accelerate the process of data discovery
- 6. 2. Increase the Efficacy of Clinical Trials Big data can help pharmaceutical businesses to reduce the cost and speed up clinical trials by identifying and analyzing various data points: such as the participants’ demographic and historical data, remote patient monitoring data, and by examining past clinical trial events data.
- 7. 3. Personalize & Create Targeted Medications Every individual has a unique genomic makeup, and ideally, medicine should be personalized to everyone. Big data technology can solve this problem by combing through data of genomic sequencing, patient’s medical sensor data (the device that can be worn to track physical changes in an individual during treatment) and
- 8. 4. Reduce Cost and Increase Drug Utilization Granular analysis of key metrics such as average ingredient cost per prescription, rebate as a percentage of total drug spending, drug utilization review savings per member per year, are helping pharmaceutical businesses make smarter decisions to increase revenue and reduce costs.
- 9. 5. Social & Search Engine Listening to Capture Data of Interest By scraping through internet data, pharma companies can tap into what conversations people are having online around, for instance, their product launch & similarly around their competitors.
- 10. 6. Drive Effective Sales & Marketing Operations By capturing key data points, new markets can be identified, and the efficiency of the different marketing channels can be analyzed to prioritize efforts and gain a competitive edge. It will help to understand the performance of sales reps; helping to make better & faster decisions.
- 11. 7. Streamline Compliance With a complex & dynamic environment in which drug makers operate in multiple geographies and complex legal environments, big data analytics can help quickly uncover insights to streamline governance decisions and highlight the gaps in the safety of current drugs.
- 12. 8. Improving Operations & Employee Training By using advanced analytics, pharmaceutical businesses can understand how machine settings, operator training levels, or raw material inputs are going to affect the output quality.
- 13. Advanced analytics presents a significant & real advantage for pharma companies to gather data & build models for turning insights into impact at scale. But first, they must identify and prioritize how to invest their time, money & efforts. To derive optimum benefits, a company-wide strategy to mobilize analytics, streamline governance and implement change management initiatives will be the key to success. “ “How Can Pharma Companies Ensure Success With Data Analytics? www.polestarllp.com