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The explosion of data is accelerating pharma companies' operations, tailor their therapies, and enhance overall patient care.
FREMONT, CA: Pharmaceutical industry has always relied on data in order to identify patterns, test theories, and understand the efficacy of treatments. Data analytics is an evolution in a trend that has been continuing for several years: that of human beings having ever greater access to data. Technology has only accelerated that process, making it possible to share and tap into more sources of information. Here are some ways that pharmaceutical companies use data analytics to create business value and drive innovation.
• Accelerate Drug Discovery and Development
Being able to intelligently search large data sets of patents, publications, and clinical trial data helps accelerate the discovery of drugs by allowing researchers to examine previous results of tests. Applying predictive analytics to the search metrics should help them gather relevant information and also get insight into which avenues are likely to yield the best results.
• Optimize and Improve Efficacy of Clinical Trials
Clinical trials are costly and time-consuming, and pharma companies must ensure that they have the right mix of patients for a trial. Data can assist in identifying the appropriate candidates to participate in a trial, remote patient monitoring, reviewing clinical trial events, and help identify potential side effects before they become a reality. Patients' big data could also help pharmaceutical companies take into account factors like genetic information, to help firms identify patient populations to accelerate and reduce costs of the trial.
• Better Insights into Patient Behavior
Greater the amounts of data that companies can tap – such as information from remote sensor devices – combined with advanced analytic models, mean that pharma manufacturers can gain greater insight into existing patient behavior. The firms can then use that data to tailor services targeted to different demographics or patient groups to improve the efficacy of treatment.
• Insights Into Marketing and Sales Performance
With unparalleled competition from generics, pharma is getting smarter about analyzing and driving effectiveness in sales and marketing efforts. New markets may be spotted by analyzing data from social media, demographics, electronic medical records, and other sources. Equally, analyzing the effectiveness of sales efforts and gathering feedback during client visits and using it effectively can assist pharma companies to get an edge on the increasing competition.
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