The Healthcare domain has always relied on empirical data to understand key insights that understand patterns and help in elevating patient treatment methodology.
. Over the years,
technology has enabled the business to capture a huge amount of data from various sources in real-time, empowered the stakeholders to make sense of the insights, and make data-driven business decisions. Today, research and consultancy firm McKinsey estimates that leveraging Big Data can generate up to $100 billion annually in the US Healthcare system.
As the technology became more advanced and accessible, data analytics for healthcare extended to Pharmaceutical companies that saw great potential and an opportunity to accelerate critical aspects of core business such as drug discovery, patient trends. Pharmaceutical is a domain that has fierce competition with companies racing for drug patents and hence to extract the best results out of data analytics, the market research and drug innovation teams are finding newer ways to empower the business and gain critical competitive advantage by leveraging different data analytics tools. Let’s take a look at different ways Pharmaceutical companies are leveraging data analytics to drive value.
A. Drug Discovery & Development
Accelerating the drug discovery process is critical for Pharmaceutical companies that are always on the cusp of occupational hazards such as expiring patents. From the initial research to the final launch, t is estimated that an investment of a few billion dollars ($3bn to $5bn) goes into new drug development. Today, businesses are always in the search of finding better ways of using data visualization tools to interactively display vast data collected from recent patents, medical journals, and published media from researchers. Unlocking hidden insights from such data is critical for companies to optimize their drug development process and Pharmaceutical giants such as Sanofi, Bayer, AstraZeneca are already betting big on data analytics for healthcare to help them win the drug launch race!
B. Leveraging Predictive Modeling
The importance of accurately using a data visualization platform to identify which attributes of a patient’s health qualify for the use of a particular drug cannot be overstated! The industry has seen a meteoric rise in companies analyzing data such as patients' lifestyles, genetics, and existing disorders to predict risks and drive therapy focusing on critical neurodegenerative and cardiovascular medical conditions. Linking the possible risks of particular drugs to the medical conditions ensures the patient does not intake medication that may prove fatal in the long run. Companies that specialize in data analytics services are thus empowering the Pharmaceutical companies to invest in drug discoveries that have more upside in the future.
C. Improving Clinical Trials
Clinical trials form an important aspect of any successful Pharmaceutical company. It is also a process that requires a huge investment of time and money and is often dependent on external factors such as the right mix of patients, accuracy of data, etc. Big Data has been instrumental in identifying the right demographic and analyzing historical data to form the best-suited group of a patient for the clinical trials thereby improving the end-results. Data collected during the process such as genetic background, side-effects, medical monitoring is also useful to the researchers and leveraging data visualization software to intuitive showcase charts and reports enables the stakeholders to get the accurate representation and make informed conclusions.
D. Effective Patient Profiling
Due to the global adoption of Electronic Medical Records (EMR/EHR) critical medical sensors, drug treatment data is available easier than ever before. As patient treatment improves, medical practitioners, as well as Pharmaceutical companies, have realized that the one-drug-fits-all approach is no longer the best way to go forward. Analyzing this data has empowered Pharmaceutical companies to dig deeper and extract patterns and trends to target their development efforts. Such data is also useful for business owners and product heads to decide drugs that are given to patients with common disorders or specific medical conditions. Companies such as Pfizer are already investing big in data analytics and visualization software to drive their targeted efforts.
Impact of Investing in Data Analytics for Pharmaceutical Businesses
- Optimize the product pipeline.
- Reduce the cost of the drug development process.
- Enhanced Clinical Trial Feedbacks.
- Predict disease trends and patterns.
- Improve medical forecasting.
- Improved drug launch cycle.
ITCube’s product and IT services have enables healthcare businesses around the globe to optimize their business processes and align them with the desired business outcomes. Get in touch with our experts at inquiry@itcube.net to know how our dynamic and robust data visualization software ITLytics can empower your organization to gain a competitive advantage and prepare for the upcoming decade.
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