4 April 2019

How are Analytics and Big Data revolutionizing the Pharmaceutical Industry?

The constant technological changes, regulatory reforms, declining margins, pressure to reduce costs and increasing competition are some of the challenges of the pharmaceutical industry and require greater knowledge and control of all business premises.

Thus, the use of technology solutions gives leaders a set of reliable, real-time insights that enable more efficient and informed strategic and operational decisions.

The industry handles a huge amount of data from different sources and requires them to be reliable and consistent so that it can cross-reference and generate valuable information so that different areas can identify opportunities, streamline processes, monitor tasks and optimize procedures, thus increasing the performance of the entire organization.

Data is valuable only when it generates knowledge and brings added value to the company, and it is here that the tools of Analytics and Big Data come in as it allows to streamline the entire process of decision-making, bringing greater competitive advantages to the competition.

According to the report “The State of the Biopharmaceutical Industry,” conducted by GlobalData, a research and analysis company, Big Data and Artificial Intelligence will be the most influential technology trends in the pharmaceutical industry in 2019. 38% of respondents point out Big Data as the most used technology this year. This is due to the implementation of Big Data in the pharmaceutical industry having been slower compared to other sectors.

Some examples of using Analytics and Big Data in the Pharmaceutical Industry

  • Optimize innovation and clinical trials
  • Through analysis of clinical and molecular data contributes to the development of safer and more effective drugs
  • Human resources management (Evaluating employee performance, enhancing performance compensation, planning the allocation of resources as needed)
  • Analysis of the behaviour of users and customers allowing a targeted and personalized offer
  • Optimization of the logistics chain and cost reduction
  • Greater knowledge of market trends, allowing to adjust the marketing actions according to the evolution of the market
  • Optimization of production according to market needs
  • Tracking quality control and error rectification in a timely manner
  • Access to accurate and agile financial reports that allow to control costs and optimize revenues
  • Improve efficiency of research
  • Greater customer awareness as well as access to product data such as price, sales information, stock, daily visits and customer needs
  • Greater control of sales and production costs, identifying opportunities and new ways to optimize the business
  • Predictive and real-time analyses that add value to the business and promote better marketing practices of medicines
  • Patient data are analysed using Artificial Intelligence to generate new insights, which can classify diseases or discover new cures, for example

The bet on technology brings significant benefits to organizations, both in optimizing existing operational processes and in identifying new opportunities through analysis of behaviours and standards.

Without a doubt that the digital age has come to stay, so only the organizations that best adapt will survive and differentiate themselves from the competition. With more information, decision-makers can thus access reliable and complex information and develop a more effective and innovative strategic plan, creating a more intelligent company.