We have long been in an age where there is too much information for one single person to analyze. What we now call “Big data”- consisting of greater volumes, variety, and velocity of data than ever before, is really just more data. With big data analytics, we now have the ability to process and make sense of that data, thus providing great opportunities for every industry. Over the years, the demand for data has grown exponentially and rapid integration is now considered a business requirement. This is especially true for pharmaceutical companies as they have always relied on empirical data to identify patterns, test theories, and understand the efficacy of treatments. Here is how the introduction of big data analytics in the pharmaceutical industry is helping in streamlining multiple complicated business procedures and improving efficiency across the board.
Big data analytics in drug discovery
With the hope of the world pinned on the pharmaceutical industry more than ever before in the COVID pandemic times, big data analytics played a crucial role in drug and vaccine development. Traditionally, researchers implemented an iterative process of physically testing various compounds to discover new drugs. This requires an immense amount of time and resources and the cost of developing these drugs can also be increasingly expensive. But with the help of data analytics, researchers can utilize predictive modelling for drug discovery. Predictive modelling enables researchers to predict drug interactions, toxicity, and inhibition and thus speeds up the whole process. Thus, big data analytics in the pharmaceutical industry helps in drug discovery.
Big data analytics in clinical trials and precision medicine
Clinical trials are crucial in the pharmaceutical and life sciences world as it is used to test whether a specific treatment is effective and safe for human subjects. Moreover, clinical trials are costly, time-consuming to run and several clinical trials fail as recruiting the right patient for the trial is quite difficult. With the help of big data, pharma companies can recruit the right patients for clinical trials, using data such as genetic information, personality traits, and disease status, which will, in turn, increase the success rate of the drug. This also enables precision medicine, where diagnosis and treatment of disorders are carried out using relevant data about a patient’s genetic make-up, behavioural patterns, etc. With this approach, pharma companies can develop personalized medicine that is suitable for an individual patient’s genes and current lifestyle.
Big data analytics in Research and development
With the insights gained from historical and real-time data sources such as social media, IoT sensors, log files, and patient data, pharma companies can generate informative analytics. This is one of the biggest benefits of big data analytics in the pharmaceutical industry. By collecting large volumes of data generated at the different stages of the value chain from drug discovery to real-world usage, they can employ big data analytics and gain useful insights that are beneficial for research and development.
Big data analytics in sales and marketing
The application of big data analytics in the pharmaceutical industry doesn’t just stop with the drugs and trials. With increasing competition in the life sciences world, big pharma is getting smarter about analyzing and driving effectiveness in its sales and marketing operations. By analyzing the information from social media, demographics, electronic medical records, and other sources of data, pharma companies can spot and tap into underserved and new markets. Moreover, they can also analyze the effectiveness of sales efforts and make key decisions in their marketing and sales strategies.
The advent of big data analytics in the pharmaceutical industry has been nothing but revolutionary. There is no doubt that pharmaceutical companies can make treatments more effective with the help of big data. Only the pharma companies that continue their investment in big data analytics will strive forward with innovative applications. Thus, developing a strategic plan to integrate big data analytics with the infrastructure and enterprise systems is crucial. At Intone, we use big data analytics to reshape sales, operations, and strategy on many fronts. We are working with our pharmaceutical, biotech, medical technology, distributor, and consumer health clients around the world every day to achieve new levels in life science. We offer a full range of services that set the gold standard in the pharmaceutical and life sciences industry by creating innovative, intelligent, intuitive, and integrated solutions including patient services and CRM, commercial services, financial transformation, R&D, supply chain, cloud migration, GRC, and technology design, build and integration. Let us help you to unleash the power and potential of data so you have a real competitive advantage.
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