- March 31, 2020
- Posted by: amitmadrid
- Category: Data Analytics
Pharma companies have always trusted the experimental data to identify trends, patterns. theories and effectiveness of treatments. The evolution of data holds the power to distribute information like never before. Its application has been used in all spheres of life. And pharma companies are also among the ones who have been highly benefited with the technology.
This is the age of massive information processing. It becomes difficult for an individual to analyse information in bulk. The solution to this was introduced with the advent of “Big Data”, that can hold data of larger volumes, variety and velocity. Analytic technology has the power to process data in bulk and analyse it through and present the opportunity of better results to pharma companies. Starting from fast-tracking drug discovery to understanding patient behaviour patterns, Big Data is indeed promising for Pharma companies. Consultancy McKinsey has estimated that big data strategies if used effectively could generate over $100 billion in the US healthcare system alone, annually.
But to access the untapped benefits of the technology, pharma needs to gear up to use various methods of looking at data. Hence, listed below are 6 ways that where Data Analytics can be used by the Pharma companies to generate business value and drive innovation.
Let’s get started.
Accelerate drug discovery and development
Data Analytics is said to have huge benefits to fast-track the process of drug detection, discovery and development. It does an intelligent search from the massive database of patents, publications, and clinical trials data that enables researchers to examine previous test results. With predictive analytics applied to the search parameters, insights get better which yield best results. The industry is already starting to find ways to get more access to more data to help have more breakthroughs in Pharma.
Optimize and improve the efficacy of clinical trials
Big Data can assist to identify the suitable patients for clinical trial by a thorough analysis of previous clinical trial events, historical data, remote patient monitoring. It also helps to identify potential side effects. It is also said patient’s data history could help pharma companies to consider many factors like genetic information.
Target specific patient populations more effectively
Big Data has made medical sensor data, genomic sequencing, and electronic medical records readily available. This helps the pharma companies to get into the main causes of detailed pathologies because we know, every single patients responds differently to treatments for different diseases or conditions, and the reasons and patterns behind that can be accumulated with help of data analytics which will enable drug companies to come up with more specific and improved medications for patients who common patterns and symptoms.
Better insight of patient behaviour pattern to improve drugs effectiveness and healthcare outcomes
Big Data and Data Analytics helps pharma to get access to the massive amounts of untapped and inaccessible data. This helps pharma manufacturers to get better insight into patient behaviour and patterns.
Improve safety and risk management
Insights from platforms like Google searches, social media, and etc. can act as an early indicator of warning for pharma companies about the issues associated with safety of the product. At present, Pharma companies are trying to figure out ways to use the unstructured data more effectively.
Gain improved insight into marketing and sales performance
With an increased competition from generics, Big Pharma is getting intelligent about analysing, processing and driving effectiveness in sales and marketing. New, niche, untapped, and underserved markets are being discovered by analysing all the information acquired from social media, electronic medical records, demographics, and other sources of data. Moreover, the efficiency and usefulness of sales efforts can be analysed by apprehending the feedback received by the sales team during visits to clients. This can be used to help pharma companies to stay ahead of the competition.
Words of Wisdom
With the advent of technology, hidden and untapped insights are widely being utilized with the help of data analytics to improve pharma industry. However, data in the hands of a someone with excellent data analytics have great value. With the aid of a data analyst, pharma companies hold the key to great prospects to advance their operations and solve the problem in medication in clinical trials. Therefore, to conclude pharma companies are also in need of skilled data analyst.
You can also start your journey to be successful data analytics career by enrolling for the course from the available data analytics courses in Delhi. However, as we always say, make sure to check a few pointers before choosing from data analytics institute in Delhi. The pointers include,
- Placement Reviews
- Matched Budget
- Practical Sessions Provided
- Experienced Mentors
- Alumni Reviews
Based on the pointers above, carefully shortlist from the data analytics institute in Delhi, if in case you are in Delhi. In addition, we highly recommend Madrid Software Trainings that ticks off everything mentioned in the checklist above and offers you the best data analytics courses in Delhi with an in-depth theoretical and practical knowledge of all the latest data science tools and techniques.
Madrid Software Trainings offer you industry-based specialized curriculum to gain the right skillset considering the best practices of current industry and the future trends to keep you a step ahead of others in your career in this field. It provides with all the required skills and is one of the best data analytics institute in Delhi.