How is Data Analytics Driving Innovation and Value?

How is Data Analytics Driving Innovation and Value?

By Pharma Tech Outlook | Thursday, December 19, 2019

Pharmaceutical companies have relied on empirical data to differentiate patterns, evaluate theories, and understand the efficiency of treatments.

FREMONT, CA: Data analytics is merely an evolution in a trend that been marking their presence for hundreds of years, where human beings have greater access to information and data. The creation of data and human knowledge has picked up its pace since the invention of the moveable printing press in the 15th century. Information technology has fast-paced that process heightening the possibility to share and tap into sources of information that would ever be possible for a single human mind to process.

Garnering the benefits of data requires a different perspective to look into data so that the pharmaceutical companies can utilize data analytics to generate business value and drive innovation.

Accelerating Drug Discovery and Development

With the expiry of a large number of patents for blockbuster drugs and the cost of bringing a new drug in the market pushing $5 billion, there are massive benefits provided by anything that can accelerate the process of drug discovery and development. Possessing the capability to smartly search vast data sets of patents, scientific publications, and clinical trial data must theoretically help to fast pace the discovery of new drugs by allowing the researchers to evaluate previous test results. The adoption of predictive analytics to the finding parameters might help them hone in one relevant information as well as get insight into which avenues are most probably inclining towards yielding the best results.

Optimize and Improve the Efficacy of Clinical Trials

Critical trials are costly and very time consuming to process, and pharmaceutical companies want to make sure that they have the correct mix of patients for a given test. Big data can help to identify the appropriate patients that can take part in a trial, reviewing previous clinical trial events, remote patient monitoring, and even helping to identify the potential side of effects also before they become a reality.

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Target Specific Patient Populations More Effectively

Genomic sequencing has made medical sensor data and electronic medical records readily available than before, pharmaceutical companies can dig deep into the root causes of particular pathologies and realizing that one size does not fit all.

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