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The pharmaceutical companies are investing in clinical trial technologies so that they can enhance the process of the trials.
FREMONT, CA: Research and development are the most important part of the product lifecycle of a pharmaceutical product. The research and development budget of the pharmaceutical industry is substantially higher than most of the other industries. Pharmaceuticals invest a minimum of four years and a couple of millions of dollars on the research and development and clinical trials process required for one drug. Hence, to reduce the time and resources, pharmaceutical companies are increasingly using technology in clinical trials of drugs. A massive volume of data is generated during the biomedical and behavioral research studies involved in clinical research. Without effective mediation of technology, analysis, and storage of this high volume of data is very challenging. Besides, the outreach of the clinical trial process is significantly limited to traditional methods. Hence, research and development for drugs with a particular target audience is difficult without technological adoption. The pharmaceutical sector was one of the slowest to adapt to technological initiatives in the last century. However, in recent times pharmaceutical companies are investing significantly in clinical trial technologies.
Artificial intelligence technology is increasingly implemented in drug development and drug modelling. Besides, its use is clinical trials is also growing exponentially. Artificial technology helps pharma companies identify locations, priority candidates, and qualified investigators. AI algorithms designed for automated data collection help analyze trial results, patient monitoring, real-time insights, and data sharing across all systems.
The most prominent application of big data is data-driven decision marking across the value chain of drug development and pharmaceutical solutions. Big data helps pharmaceutical companies gather and store data ranging from genetics data and lab results to trial data. During the drug's clinical trial process, discovery information is collected and stored using the electronic medium daily with preset inclusion and exclusion criteria. This not only helps the pharmaceutical companies limit the time and resources invested in the drug discovery process but also provides data-driven results.