In-Brief
- Pharma analytics refers to the use of Business Intelligence tools like dashboards and reports with Pharmaceutical data to solve business problems, gain insights into drug discovery and development, improve safety and risk management, and improve decision-making.
- By leveraging real world data, pharma companies can make better, quicker decisions that can ultimately optimize critical operations related to drug development, clinical trials, population targeting, and more.
Introduction
Advanced analytics presents real gain for pharma companies to collect data & construct models for turning insights into impact at scale. For that, they need to recognize and prioritize how to invest their time, money & efforts.
Today, there is a tremendous opportunity that has yet to be understood. Pharma companies need to embrace and build winning data-driven strategies. Pharmaceutical analytics has a widespread application across many departments.
Information technology has only intensified this process by allowing people to exchange and access more sources of information than the solitary human mind could possibly process. We are in a time where there is too much knowledge for one person to process.
Huge data is what the computer software industry now refers to as “Big Data,” and which consists of greater velocity, volume, and variety of data than ever before. The fact that analytic technology has the capability to process and make sense of that data, which open a great opportunity for scientists and pharmaceutical companies, to access and operate over a huge variety of data to discover a new drug, analyse patients and track different geographical groups.
This blog provides idea on 6 ways in which pharmaceutical companies can use Data Analytics to generate business value and drive innovation.
Accelerate drug discovery and development.0
The ability to scan large data sets of patents, scientific journals, and Clinical trial data intelligently can help researchers discover potential drugs faster by allowing them to review previous test results.
Applying predictive analytics to the search parameters enable them to focus on the most important data also provides insight into a path and likely to produce the best results. The industry has already begun to consider how it can gain greater access to more data to aid in this phase.
For example, several pharmaceutical companies, including AstraZeneca, Bayer, Celgene, Janssen Research and Development, Memorial Sloan Kettering Cancer Centre, and Sanofi, recently announced Project Data Sphere, a new data-sharing initiative.
The companies have agreed to share previous cancer research data to help researchers in their on-going attempts to cure the disease. The database will be accessible from anywhere in the world, and SAS will provide analytics technology.
Increase the Efficacy of Clinical Trials
Through identifying and analyzing different data points, such as the participants’ demographic and historical data, remote patient tracking data, and past clinical trial events data, Big data analytics in pharma may help pharmaceutical companies minimize the cost and speed up clinical trials.
Pharma companies use pharmaceutical analytics to speed up disease detection and design more effective control groups, and the whole process helps clinical trials by optimizing and finding test sites with high patient availability. Clinical Analytics Services provides help in real-time medical data to generate insights, take decisions, increase revenues, and save on costs. The implementation of clinical analytics in organizations has led to reduced medication errors, improved population health, and cost savings for many organizations.
Personalize & Create Targeted Medications
Every individual comprises a unique genomic makeup, and preferably, medicine must be personalized to everyone. Nevertheless, it is difficult using recent biology and technology to handle complicated data to make effective decisions.
Big data analytics help solve problems in the pharmaceutical industry by combining genomic sequencing, patient’s medical sensor data, and electronic medical records. This device helps in tracking physical changes in an individual while undergoing treatment.
By efficiently using big data technologies to filter unstructured genomic data, pharma companies can spot patterns to generate more effective and personalized medication for patients. Healthcare analytics service provides help in Data collection and analysis of data in the healthcare industry to gain insights and support decision-making.
Reduce Cost and Increase Drug Utilization
Pharmaceutical companies can increase their overall efficiency by using data analytics without raising their operating costs. To minimize the cost of their development and production, pharma companies are now using data analytics to collect patient information, scan health records, and keep track of the success of drugs in clinical trial phases or initial market release phases. Financial Analytics Services assist in Accurately plan, forecast, and budget the new drug based on the data collected and analyzed by the organization. The cost of producing a new drug and introduce it in the market can reach $5 billion as per the analysis conducted by Forbes. Fast-tracking drug discovery and development can reduce the cost of the drug. Bringing together the unstructured data of clinical trials, patents, and scientific publications is only possible by applying predictive analysis to the search parameters.
Improved insight into marketing and sales performance.
With the rise of generics, Big Pharma is becoming more adept at analyzing and improving its manufacturing and marketing operations efficiency. By analyzing data from social media, electronic medical records, demographics, and other data sources, underserved markets can be identified.
Similarly, analyzing sales activities’ effectiveness by collecting and efficiently using salespeople’s input during client visits will help pharmaceutical companies gain a competitive advantage.
By mapping patient trends to discover target markets, highlighting gaps in the efficacy and safety of current drugs, and narrowing down on test sites with high patient availability, analytics can significantly accelerate drug discovery and development.
Improve safety and risk management.
Signals coming from various resources, including social media, Google searches, etc., can perform as an early alarm signal for pharmaceutical companies, mainly about product safety problems and pharmaceutical companies planning on how to use unstructured data more effectively.
It can be attained with the help of internet “scrapes” of information, where you can get numerous posts and then analyze the data. You can get the chats of the public and can observe the virtual environment effectively.
With these methodologies, one can obtain patient data in which they are interested. Can also obtain additional recorders that may contain safety-related data, which is necessary for the safety of a particular patient group or the public.
Conclusion
Statswork will assist you in implementing the appropriate use cases to ensure analytics performance. Our experts are familiar with Research Analytics Services and guide you to succeed in your field of research.
References
- Wang, Y., Kung, L., & Byrd, T. A. (2018). Big data analytics: Understanding its capabilities and potential benefits for healthcare organizations. Technological Forecasting and Social Change, 126, 3-13.
- Mehta, N., & Pandit, A. (2018). Concurrence of big data analytics and healthcare: A systematic review. International journal of medical informatics, 114, 57-65.