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Pharma Tech Outlook | Sunday, January 02, 2022
Internet of Medical Things (IoMT), another data mine will come from here, triggering virtuous circles of continuous innovation.
FREMONT, CA: Big Data refers to Large-volume, high-velocity, and high-variety data assets that necessitate cost-effective, innovative data processing to enable better insight, decision-making, and process automation.
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What kinds of information may businesses gather? Coming up with a comprehensive list is not an easy task. First, firms need to establish a border between data connected to internal company operations and data not related to them. Then, it can be categorized into the following macro-categories:
Demographic Data: Information regarding age, gender, marital status, employment, and income status.
Psychographic Data: Behaviors, beliefs, values, interests, lifestyles.
Geographic Data: A fundamental theme, especially for those players in the pharmaceutical sector (pharmacies especially) who base their business on proximity.
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Behavioral Data: Data based on users' web surfing behaviors, extracted from cookies.
Contextual Data: A wide field that concerns the context and environment surrounding us, from news to sentiment to market fluctuations.
First-Party Data: Data that a company (or a pharmacy) collects directly from its users and customers, for example, through CRM (Customer Relationship Management) systems.
This is where the so-called Pharma 4.0 revolution starts, applying the logic and dynamics of Industry 4.0 and digitalization to the pharmaceutical sector.
The field is vast: from production, plants becoming increasingly smart and automated to R&D departments passing through distribution chains. But it's a process of innovation that must also involve the national health system, right down to the entire network of pharmacies in the area. And then there are the patients, who today are no longer just the target, the simple recipients to whom the actors of this huge sector address themselves: today, patients are at the center of all these changes.
In short, Big Data in the pharmaceutical sector also becomes the starting point for a dialog between the pharmaceutical company and the person, between the doctor, the pharmacy, and the patient, which is becoming increasingly personalized and close.
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