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The utilization of pharma analytics to comb through massive data can offer valuable insight to pharma companies regarding the use, clinical trials, safety, and market trends.
FREMONT, CA: Pharmaceutical firms have always relied on data in order to identify patterns, test theories, and understand the efficacy of treatments and drugs. Pharma analytics is just another evolution that has been continuing for hundreds of years, that of businesses having ever greater access to data. But to really leverage the benefits of data requires a different way of looking at it. Here are a few ways that pharmaceutical firms can use analytics to create business value and drive innovation.
• Accelerating Drug Discovery and Development
Being able to intelligently search massive data sets of patents, scientific publications, and clinical trials will greatly help pharma accelerate the discovery of drugs by allowing researchers to evaluate previous results of tests. Applying analytics to the search parameters should lead them to arrive at relevant information and also get insight into methods that are likely to yield the best results.
• Improving the Efficacy of Clinical Trials
Clinical trials are costly and daunting to run, and pharmaceutical companies require the right mix of patients for a given trial. Pharma analytics can assist firms in identifying the appropriate patients to participate in a trial, remote patient monitoring, assessing previous clinical trial events, and identifying potential side effects before they become a reality. Patient data could also help pharmaceutical companies take into account factors like genetic information to identify niche patient populations to speed up and reduce the costs of trials.
• Enhancing Safety and Risk Management
Signs coming from several sources like social media, Google searches, and many more can act as a warning signal for pharmaceutical companies about product safety issues. Firms can listen to the customer chat and the public sentiment in the virtual environment. With these approaches, pharma can capture patient data of interest that may include safety-related information.
Pharma analytics can boost the overall performance of companies without increasing their costs of operations. In fact, utilizing analytics to capture patient information, scan health records, and keep track of drug performance in the clinical trial phases can optimize their cost of development and production.