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With the advancements in technology, the pharma industry across the world is increasingly shifting toward data analytics.
FREMONT, CA: Akin to any other industry, the pharmaceutical industry is transforming at a rapid rate. The negotiating capacity of providers and buyers have dramatically increased while the lowering physical access strangling the accountability of care organizations. Increasingly, stringent regulations have turned marketing and selling healthcare products more difficult than ever.
Stakeholders are forced to deploy a variety of new measures to obtain a competitive advantage. Some of them are even adopting smaller drug launches to diversify and offset sales attrition risks, while others are concentrating on the provider’s expectations and patient needs, to reduce drug failures. Despite the chosen method, it has become clear that cutting costs and improving efficiency is crucial to counter shrinking industry profitability. Though there is no one-stop path to achieve that, the pharma industry across the world is increasingly shifting toward data analytics for help.
There lies a huge potential for the pharmaceutical companies to leverage analytics which includes analyzing patient’s medical history and demographics, identifying physical behaviours and determining the chances to adopt new drugs. According to a recent survey which highlighted each of the functions within a pharmaceutical company, it is the sales and marketing team that leverages them most often. Eighty-two percent and seventy-one percent of marketing and sales teams respectively use analytics extensively, which is in contrast to R&D (60 percent) and strategy (60 percent).
Data analytics is extensively being used in sales and marketing. Applications move around optimizing planning and sales force design, as well as territory management, enabling pharma companies to determine how to enhance sales and support the work workloads of their representatives.
Based on the significant opportunities for growth and innovation, there is still work required to ensure analytics is implemented evenly and more widely across the overall business. For instance, there can be huge gains if R&D teams leverage analytics to enhance the efficiency of clinical trials by using data from a wide array of sources such as social media and considering more criteria to make trials shorter, cheaper, and smaller.
Way to Win Analytics
Despite companies waking up to benefits, many have failed to extract the appropriate insights from the collected data. Here are the three ways to a successful analytics program:
• Identifying Goals
Several companies fail at the first hurdle. It’s important for the firms to prioritize the areas where they will deploy analytics. If it is carried out after consideration of cash flow and profitability, as well as structural factors such as competition, regulation, analytics, and supply& demand, analytics can be delivered in a timely and efficient fashion.
Preparing Analytics Infrastructure
Assessing the maturity and capability of the existing analytics model is also an essential factor for success. Depending on the weaknesses and strengths of how analytics is currently used allows businesses to come up with a properly defined strategy for the ingestion, collection, and visualization of data sets.
Moreover, a thorough analysis of existing analytics infrastructure can ensure businesses are in a place to easily co-ordinate the analytics process over multiple departments.
Linking Analytics to Business Results
After data analytics gets integrated into a business’ infrastructure, the insights gained must be actively used to inform business decisions. Incorporating analytics within core business processes enables measurement of the effectiveness of analytics-related investments and ensures alignment to specific business outcomes.
There is a huge revenue generation opportunity in the industry owing to a growing emphasis on healthcare in developing economies, the promotion of preventive care by governments in developed regions, and the increasing prevalence of chronic diseases.
The global market can be worth as high as 1.6 trillion by 2020 and will be accessible to the pharma companies putting the appropriate strategies in place.
Check out: Top Healthcare Analytics Companies