Data analytics trends in the pharmaceutical industry
Business leaders across various industries are adopting modern technologies and processes to stay relevant and competitive in today’s rapidly evolving digital world. One of the primary technologies driving change is the ability to gather, analyse, process, and act on massive volumes of data, or, as we know it, data analytics.
Extracting actionable insights from large amounts of data generated every day is a prerequisite for business success. In such a scenario, the proper application of data analytics in a pharmaceutical company can streamline a wide variety of processes — from drug discovery to clinical trials and beyond. Let’s take a closer look at some of the aspects in the pharmaceutical industry that are being revolutionised by data analytics.
The journey from discovering a new drug to releasing it into the market is a long and arduous process, with major expenses involved. In today’s information-driven world, it’s only natural that industry leaders leverage the data available to accelerate the process. AI-driven algorithms comb through large datasets gathered from research papers, scientific and medical publications, patient data, clinical trial results, and other reliable industry sources to identify patterns and predict outcomes to help pharmaceutical companies create cogent drug discovery and development strategies. By thoroughly organising and examining the available information, data analytics can highlight cost-effective solutions to streamline the process of introducing new drugs to the market.
Clinical trials are time intensive and yet essential part of assessing the safety and efficacy of new treatments; however, recruiting the ideal mix of patients for a particular trial is usually challenging. Data analytics helps pharmaceutical companies in swiftly identifying appropriate clinical trial participants by a structured analysis of patient information, including demographic data, genetic make-up, medical histories, personality attributes, and more.
The ability to analyse and identify patterns in patient data advances the field of precision medicine. Different patients react differently to treatments, and precision medicine involves the creation of targeted medication that is personalised for a particular patient based on their genetics, personality traits, temperament, and lifestyle.
Research and development
A growing data analytics trend in the pharmaceutical industry is the use of insights gained from the analysis of raw data from various sources to shape research and development strategies. The continuous evaluation of real-time and historical medical data, patient information, clinical trial results, and other related information provide pharmaceutical companies with a basis to make informed, data-driven decisions while developing new drugs.
Unintentional lapses in compliance can not only harm an organisation’s reputation but can also land it in trouble with the law and result in expensive lawsuits. Pharmaceutical companies that operate in multiple countries must contend with varying legislations across borders, and data analytics solutions help to quickly uncover insights to streamline decisions and highlight the gaps to prevent compliance failures.
Sales and marketing
Going beyond drug development and clinical trials, pharmaceutical company data analytics also boosts the effectiveness of sales and marketing activities. Efficient analysis of data from social media, demographics, medical records, and various other sources helps drug manufacturers frame effective marketing and sales strategies, assess the effectiveness of these strategies in real time, analyse the performance of sales reps, and identify untapped markets. Taking advantage of insights gleaned from the analysis of this data helps drug companies refine their marketing tactics, efficiently allocate resources, and gain an edge over the competition.
The astute application of data analytics in the pharmaceutical industry is revolutionising how drug manufacturers create, test, and market their products. Modern technologies, including AI-driven algorithms and analytics solutions, are leading to rapid innovations in the industry and paving the way for effective treatments and techniques based on data-driven insights. Hence, industry leaders must take advantage of the modern tools at their disposal and integrate a data analytics solution into their existing infrastructure.
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How can Infosys BPM help?
Infosys BPM Healthcare Services provide end-to-end data management and analysis solutions for the healthcare and pharmaceutical sectors.