The Role of Data in the Pharmaceutical Industry
How Pharmaceutical Companies Use Analytics and Data
Did you know that pharmaceutical companies have always relied on empirical data in order to test theories, identify patterns, and understand the efficacy of different treatments? Data analytics specifically is just the latest evolution of ways in which we can access more valuable and greater information and data. This is what makes it an invaluable tool for pharmaceutical companies, and why we, as a leading pharmaceutical dispenser in the UK, believe that our clients should be informed of its importance. Keep reading to find out how pharmaceutical companies use analytics and why its important.
Acceleration of Drug Development
Being able to bring new drugs to the market at an accelerated pace is a huge benefit to any pharmaceutical company, and analytics can be used to fast-track these processes. They allow us to intelligently search vast data sets of patents, scientific publications, and clinical trials data, which should enable researchers to examine previous results of tests and accelerate the discovery of new drugs. By applying predictive analytics to search parameters, relevant information can be found to gain an insight into which avenues will be most likely to yield the best results.
Improving the Efficacy of Clinical Trials
When it comes to clinical trials for new products, this can be an especially lengthy and costly process to run. This is where how pharmaceuticals use analytics and date available to them can have another positive impact. By utilising available data to pre-determine factors for the trial, they can determine the best possible test subjects for their trials, as well as remote patient monitoring and reviewing previous clinical trial events. Using data in this way can even help to identify potential side effects before they become a reality.
Target and Determine Individual Patient’s Effectiveness
With more data readily available than ever before, thanks to tools such as genomic sequencing, medical sensor data, and electronic medical records, pharmaceutical companies are now in a position to dig into the root causes of specific pathologies. This means that we can finally understand that the ‘one size fits all’ mentality truly does not fit when it comes to pharmaceutical products. Like with any condition or disease, patients respond differently to treatments for a whole host of different reasons. Now that we are able to really examine the data from the aforementioned sources, pharmaceutical companies can spot trends and patterns that will enable them to come up with more targeted medications.
Gather Greater Insight into Marketing and Sales Performance
Finally, another excellent example of how pharmaceutical companies use analytics, is that they gain better insight into marketing and sales performance. This might seem like an obvious one, but it is definitely worth a mention. By analysing information from social media, demographics, electronic medical records and other sources of data, pharmaceutical companies can spot new, niche and underserved markets. To the same result, the effectiveness of sales efforts and feedback received by the sales force during client visits can be analysed to help pharmaceutical companies get an edge on their competition.