24 June 2020

What is the importance of the Data Strategy for the Pharmaceutical Industry?

Presently, and regardless of the size of an organization, having a global and unified view of all information related to the business is essential for its development and growth. Data has driven digital transformation and, when we talk about its gathering and analysis, it applies to all areas that make up the business and the more data we get from our activity, the higher is the possibility, of converting it into competitive advantages.

Currently, several organizations already have data as part of Data Analytics, however, there are still few that make the strategic use of all the information that those technologies can provide.

In practice, the application of this sort of disruptive solutions can materialize in innovation: technological innovation, product innovation, the innovation of marketing and sales strategy, innovation in human resources management and the innovation of the organization itself.

In the Pharmaceutical Industry, this reality is also evident. Currently, given the situation of COVID-19, there are multiple pharmaceutical organizations that, in the race to find a medicine or vaccine to stop the pandemic, use artificial intelligence to streamline the entire process.

Constant technological changes, regulatory reforms, falling margins, the pressure to reduce costs and growing competition are some of the challenges that this industry faces and which require higher knowledge and control of all business aspects.

This sector works with a large volume of data, many of them sensitive, that come from different sources and, therefore, it needs that they are reliable and consistent so that it can cross them and generate valuable information. This information will allow different areas to identify opportunities, streamline processes, monitor tasks and optimize procedures, consequently increasing the performance of the entire organization.

In the Pharmaceutical Industry, the predictive analysis also provides valuable insights for the design, for instance, of new medicines. Technological solutions can perform an important role in reducing costs, clinical trials time and automating tasks.

Whether reducing research and development costs for new medicines, reducing the errors probability during clinical trials, or even streamlining logistics management processes, production and quality control, Data Analytics and AI (Artificial Intelligence) solutions lead the Pharmaceutical Sector to a new level that offers agility, performance and competitiveness to organizations.

Therefore, the investment on technology brings very significant benefits to organizations, both in the optimization of existing operational processes and in the identification of new opportunities through the analysis of behaviours and standards, and this sector is no exception. There are many concrete examples of using Data Analytics and Artificial Intelligence in the Pharmaceutical Industry, such as the optimization of innovation and clinical trials; analysis of the users’ behaviour and patients allowing a targeted and personalized offer, optimization of the logistics chain and cost reduction; higher control over sales and production costs, identifying opportunities and new ways to optimize the business; or the possibility to follow the quality control and rectification of errors promptly.

Digital Transformation is a reality in our lives, and it is surely here to stay, and only the organizations that fully adapt to disruptive technological solutions will be able to be more successful and differentiate themselves from the competition, by allowing decision-makers to obtain complex information, but in a quick, secure and accurate way, which allows developing a more effective and innovative strategic plan, therefore creating a more intelligent and resilient organization.

 

 

 José Oliveira BI4ALL
  José Oliveira         
        CEO