Big data has played a pivotal role in transforming sales and marketing strategies of CPG and retail companies, now it is extending its reach to other verticals like pharma and healthcare. The explosion of data in the biopharma and healthcare sector has resulted in the widespread adoption of analytics and technology to tackle challenges in data management. Over the last few decades, we’ve witnessed a rise in the use of analytics in various fields including agriculture, healthcare, and food and beverage, but today it is being in various segments like in genomics, immunology, drug development, and research and development to maximize value and achieve better outcomes.
Five Ways Biopharma Industry are Leveraging Big Data in Healthcare to Drive Innovation and Value
#1 Accelerate drug development
Our analysis has revealed that companies who leverage big data outperformed their competitors. To compete in a crowded commercial space biopharma companies must gain a better understanding of a wide range of use cases of big data in healthcare. Big data in healthcare can be applied to drive drug development and discovery. It also fuels the research and development of biopharma companies. Big data in healthcare can help in aggregating data from various sources and provide intelligence in decision-making.
We have identified four key areas where big data plays an important role. It includes- clinical trial management, omics data management, drug discovery, and drug repurposing. The dependence on big data in healthcare will increase as the concept of personalized medicines becomes mainstream. Developing drugs tailored to an individual rather than mass production will require a granular understanding of a patient’s molecular level of information. According to Quantzig’s healthcare data analytics experts, artificial intelligence and big data will play a much bigger role in drug development in 2020 and beyond.
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#2 Improve the success of clinical trials
It is evident that clinical trials are time-consuming and very costly for biopharma companies. Also, the biopharma industry players must make sure that they have the right mix of patients for a given trial. In such cases, big data in healthcare can help biopharma companies to identify patients who can participate in trials. It was also noticed in a few cases that if the right mix of big data and analytics is applied it can eradicate potential side effects of a drug. Big data in healthcare can be leveraged by biopharma industry players to identify niche patient populations, thereby reducing the cost of trials.
#3 Target particular patient populations
With information powered by genomic sequencing, medical sensor data and EMRs readily available, biopharma companies can now identify and analyze the root cause of any problem. In most cases, it is true that different patient cohorts respond differently to the treatments and drug therapies. Analyzing various data patterns can help pharma companies to spot biopharma trends that will help them develop targeted medication and treatments for patients. For example, one of the biopharma companies is combining data from EMRs and genomic data to identify opportunities for developing drugs meant for a specific population. The company was able to identify that a small group of lung cancer patients have a genomic defect and hence they developed a drug that focused on this genomic defect.
#4 Improve risk management
Signals coming from various sources including social media and other online sources can act as an early signal for the biopharma industry about product efficiency and safety issues. In most of the cases, biopharma companies don’t utilize this unstructured and vast data. But these data sets can be easily sorted by leveraging big data analytics to identify the posts and conversations that included an essential warning about a product. Big data can also help those operating in the biopharma industry to observe and analyze the flow of conversations to understand sentiments and track patient needs more precisely.
#5 Gain detailed insights into marketing and sales
With increasing competition, the biopharma industry is now understanding the importance of analyzing and driving the effectiveness of its marketing and sales initiatives. Niche markets can be easily spotted by analyzing data from social media, EMRs, and other sources. In addition, analyzing the efficacy of marketing and sales efforts by capturing the feedback during client interactions can help biopharma companies to outperform their competitors.
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Big Data in Healthcare: A Hand Guide for Biopharma Companies
Undoubtedly biopharma is one of the most advanced and sophisticated branches of modern science. Currently, the biopharma industry is accountable for 20% of the total revenue generated by the healthcare and pharma industry. Biopharma is by far the fastest-growing segment within the pharma industry and the growth is expected to continue in 2020. As the biopharma industry moves from scientific to the business frontier, the industry is forced to face the same challenges faced by other businesses such as maintaining quality while ensuring affordability. Our big data experts suggest five data and technology-enabled measures for biopharma companies to expand their data collection and interpretation methodologies.
- Integrate data
- Collate and analyze internal data
- Deploy sensors
- Improve clinical trial efficacy
- Improve safety
In the biopharma industry, the explosion of data can be attributed to a rise in data generated from various sources including research and development processes, patient data sets, and other external sources. Constructive utilization of these datasets can help biopharma companies to identify potential candidates for specific products.
Big Data in Healthcare: What are the Challenges?
Big data by its basic nature is complex and companies leveraging big data in healthcare must take a close look at the approach to the collection, storage, and interpretation of healthcare data. There are some major challenges that biopharma industry players typically face while deploying big data in healthcare.
- Capture: Medical data is generated from various sources, but most of the healthcare providers do not focus on data sources. However, capturing clean, complete and accurate and formatted data is a challenge that every biopharma company is facing.
- Storage: Frontline healthcare professionals rarely think of the process of how the data is sorted or the costs associated with storage. As the volume of healthcare data increases, many biopharma companies are paying huge amounts for managing and storing data. Cloud storage is becoming an immensely popular option as cost related to it is relatively less than other storage options.
- Security: In the current scenario, data security is the number one priority for biopharma companies. From malware attacks to security breaches healthcare data is subject to numerous vulnerabilities.
Big data analytics plays an important role in analyzing pain points and driving fruitful outcomes. Contact us for comprehensive insights on challenges in the biopharma industry.
By adopting the right combination of analytics and technology-driven solutions, the biopharma industry will be able to unleash the true potential of data to transform the healthcare system.
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