For a long time, pharma companies have relied on empirical data to identify patterns, test theories, and understand the efficacy of treatments. Innovations, when it comes to launching new products, is crucial for pharma companies to maintain their operating buffers. But improperly designed clinical trials, unsuitable patient population, and lack of competitive differentiation are some of the key factors fueling drug failures pre- and post-launch. Advanced analytics has the power to transform the growth strategies of pharma companies. By mapping patient trends to identify target markets, narrowing down on test sites with high patient availability, and to highlight gaps in the efficacy and safety of current drugs, advanced analytics can significantly accelerate drug discovery and development. Pharma companies can benefit from adopting advanced analytics for their sales and marketing functions. Analytics tools can be used by players in this sector to improve sales force effectiveness. Sales executives are adopting digital communication tools to share information with physicians and also using analytics to develop tailored messages and more meaningful interactions.
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Here are four ways in which pharma companies are using advanced analytics to drive innovation and value:
Drug Discovery and Development
With the help of advanced analytics, pharma companies can intelligently search vast data sets of patents, scientific publications, and clinical trial data to help accelerate the discovery of new drugs by enabling researchers to examine previous results of tests. Analytics techniques such as predictive analytics help players in the pharma industry to gain the relevant information and also gain insight into the avenues that are likely to yield the best results.
Marketing and Sales Performance
Pharma companies can quickly identify the new, niche, and underserved markets by using advanced analytics to interpret information from various sources such as social media, demographics, electronic medical records, and other sources of data. Furthermore, by analyzing the effectiveness of sales efforts and recording the feedback received by the sales team during client visits and using it effectively can help pharmaceutical companies gain an edge on their competition.
For more insights on how pharma companies can benefit from advanced analytics, get in touch with an analytics expert.
Better Safety and Risk Management
Data gathered and analyzed from a range of sources, including social media, customer feedback, and Google searches, can act as an early warning signal for pharma companies about product safety issues. Furthermore, pharma companies can think of ways in which this type of unstructured data can be used more efficiently. Players in this industry can undertake advanced analytics techniques like web scraping, where they can draw down lots of various hits or posts from the Internet and then analyze that data. This will help companies to see a larger picture of the public sentiment towards the brand and its products.
Target Specific Patient Population
A vast array of patient data are available than ever before to pharma companies from medical sensor data (a device that can be worn and track physical changes in an individual during treatment) and electronic health records. Pharmaceutical companies can dig into the causes of specific conditions and realize that one size indeed does not fit all. Within any disease or condition, different patients will respond differently to treatments. Data from these various sources can allow drug companies to spot trends and patterns that will enable them to come up with more targeted medications for patients that share standard features.
