How pharma analytics is helping pharma companies stay ahead in the game
The life sciences industry is experiencing aplethora of problems like increasing regulatory compliance, increasing adoption of genes, growing cost pressure, recurring patent cliff, integrating fragmented pharma data, and more that are affecting the operational efficiencies of the pharmaceutical companies.
While these issues might be a reason to worry for the companies, there also lies an opportunity for them to build better solutions and be the industry leader. By deploying pharma analytics and data warehouse models within the enterprise some of the industryhurdles can be tackled.
Pharma data analytics is redefining the traditional business processes in the pharmaceutical enterprises. The industry players rely largely on R&D and big data analytics to make informed decisions about the planning and positioning of the product.
Applying big data strategy in the decision making process could generate upto USD 100 billion in value across the US healthcare system, by building new tools for physicians, regulators, insurers and consumers, improving the efficiency of clinical trials, and improve the efficiency of research to meet the promise of more personalized approach, estimates the McKinsey Global Institute.
Apart from this, pharma analytics and data warehouse also aid in the smooth functioning of pharma sales reportingas it provides predictive sales insights like promotion response analytics, product failure analytics, drug efficiency, side-effects, patients’ personalized requirements, etc. Therefore, it is rightly said that because big data offers a 360-degree view to its users, itplays an imperative role in sales force optimization, brand management, and the overall development of the pharma industry.
The application of pharma analytics, data warehouse, and master data management ranges from basic pharma sales reporting to sophisticated prescriptive and predictive analytics.
The companies who leverage pharma analytics to tap the hidden potential of the data identify new avenues of growth andachieve business agility. What’s more, these insights and tools make a pharma company time-efficient. For eg: today, a single sample of a RNA sequence demands around 3-4 days time for processing before it reaches the industry experts. With the help of big data analytics and tools, the processing cycle time can be decreased, which, in turn, makes the organization cost-effective and time effective. On the other hand, increasing stringent guidelines of FDA (U.S. Food and Drug Administration), mandatory reporting under PPSA (Physicians Payments Sunshine Act), and other such regulations are causing a delay in production and are also reducing the chances drug approval.
Pharma analytics help organizations in the life sciences industry to streamline business processes along with improving functional efficiencies and optimizing their time-to-market.
An Everest Group report reveals that the healthcare IT outsourcing (ITO) market segment is expected to double by 2020, growing at an estimated 12 percent compounded annual growth rate from USD 34.5 billion in 2014 to USD 68.3 billion.
As the life sciences industry is moving towards Pharma 3.0, Prescriber 360, built on Microsoft’s cloud platform empowers its clients to leverage data and introduces them to the revolutionized world of sophisticated and outcome driven tools while offering specialized pharma solutions to the pharmaceutical companies.
The pharma analytics models of Prescriber 360 are designed to deploy rapidly and provide analytics that are specific to the business. The advanced outcome-driven tools and analytics help enterprises transform insights into intelligent actions. The Master Data Management tool provided by Prescriber 360 drive efficiencies in data investing by consolidating, integrating, filtering, and providing real-time insights to their valuable clients. With these tools, pharma companies can attain efficiency across all segments of the organization.
Click here to find out how you can leverage pharma analytics, drive growth, and stay ahead in the game.