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The pharmaceutical companies can bring in innovation with Big Data and Analytics. The structured and unstructured data generated by the consumer sources can be compacted and efficiently used for accelerating and upscaling the business.
FREMONT, CA: For the longest time, the pharmaceutical industry has functioned based on experience-driven data. Theories and empirical data were the foundation for pattern analysis in pharmaceuticals. But gradually, today, Pharma Intelligence is offering a wide range of research and analytics techniques that gives better access to information and data. Let's take a look at how Data Analytics can impact the pharmaceutical industry.
Speedy discovery and development of drug
Introducing a replacement for blockbuster drug, at the time around its expiration, is a costly affair. Data analytics integrated into pharmaceutical research enables intelligent searches and data retrieval regarding clinical trials, medical publications, and patents. Researchers can now efficiently analyze previous test results and invent the new drug, thereby accelerating the drug development process.
Optimizing the effectuality of the trials
Each clinical trial involves a large amount of monetary investment and time. Moreover, it needs a huge deal of effort to select the correct combination of patients to undergo the trials. While relying on the empirical data isn't enough, Big data and analytics enable efficient identification of the right set of people through historical data, reviewing previous trial results, and ascertain the potential side effects. Along with this, the new data analytics techniques also provide insights into genetic data and related information, aiding the companies to bring down the cost of trials and quicken the process.
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Identifying the target market
Creating and accessing e-medical records, health device data, and genome sequencing data have become more manageable with Analytics. This information makes it simpler to detect the underlying causes of specific pathologies, infer that different patients require different treatments. As a result, companies can identify trends and develop better target-oriented medications.
Enhancing safety and risk management
Social media usage is spread wide across countries today. Often these platforms serve as a forecasting tool for the pharmaceuticals. Several signs from social media posts, online searches help the companies to be aware of the trending queries of customers regarding the safety of the drugs. Though this data is unstructured, pharmaceutical companies are trying to optimize this data and develop solutions to improve their reliability.
Today, it is realized that data analytics and pharmaceuticals work concurrently. The products of the pharmaceutical industry are essentials, and therefore considering public opinions and catering to their expectations is a must. While it is vital to speed up development and make the process optimum, it is also mandatory to not jeopardize the efficiency of the drugs and other pharma products.