The US Biopharmaceutical Industry and Advanced Analytics
Major players in the US biopharmaceutical industry are increasingly adopting advanced analytics solutions to solve major industry challenges. Over the last two decades, the healthcare industry in the US has undergone major changes due to the presence of managed healthcare and advent of big data. On the managed healthcare front, the ongoing ACA vs. AHCA […]READ MORE >>
Major players in the US biopharmaceutical industry are increasingly adopting advanced analytics solutions to solve major industry challenges. Over the last two decades, the healthcare industry in the US has undergone major changes due to the presence of managed healthcare and advent of big data. On the managed healthcare front, the ongoing ACA vs. AHCA debate has pressurized the biopharmaceutical industry players to improve the efficacy, safety, quality, and costs of drugs and healthcare in general. As a result, the healthcare industry players have started focusing on providing personalized care to different target patient groups with the help of advanced analytics.
Information Sources for the Biopharmaceutical Industry
With the big data boom and high level of consumer awareness, the patients choose to actively participate in researching available treatment options and monitoring the treatments. The big data explosion has resulted in new information sources for the biopharmaceutical industry such as electronic health records, social media information, IoT enabled devices and sensors, medical imaging data, patient pharmacy records, and data provided by internationally acclaimed institutions like WHO and NIH. Apart from factors, the biopharmaceutical companies have access to a plethora of information from clinical trials, experiments, and other research outcomes. The biopharma companies can analyze this information with the help of predictive analytics and other advanced analytics services to gain valuable insights.
Industry Challenges for the Biopharmaceutical Companies
The stakeholders in the healthcare industry are pushing for personalized care with the help of big data, machine learning, artificial intelligence (AI), and advanced analytics tools and services. The data scientists are turning to big data and advanced analytics to address the market questions. However, factors such as patient information confidentiality issues, unstructured data, ineffective logistics architecture, market complexity, and regulatory compliance frameworks are hindering the complete integration of advanced analytics in the biopharmaceutical industry. The biopharma players must also understand the fact that incorrect mapping and ignoring the market competitors may result in inaccurate, misguided insights.
Leveraging Advanced Analytics in the Biopharma Market
The biopharmaceutical companies can solve the industry challenges by leveraging machine learning, predictive analytics, and other advanced analytics services. Advanced analytics methodologies enable the organization to make use of machine learning algorithms and models that establish a continuous improvement cycle that measures the actual performance against the standard framework. This will help companies in the biopharma market space to refine their data with the help of data mining techniques and focus on achieving their business objectives. However, it is advisable that before taking a plunge into the advanced analytics world, organizations should undertake an internal assessment to take stock of their data management, architecture, and governance capability.
To know more about the impact of advanced analytics in the biopharmaceutical industry
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