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We have long been in an age where there is too much information for one single person to analyze. What we now call “Big data”- consisting of greater volumes, variety, and velocity of data than ever before, is just more data. With big data analytics, we now can process and make sense of that data, thus providing great opportunities for every industry. Over the years, the demand for data has grown exponentially and rapid integration is now considered a business requirement. This is especially true for pharmaceutical companies as they have always relied on empirical data to identify patterns, test theories, and understand the efficacy of treatments. Here is how the introduction of big data analytics in the pharmaceutical industry is helping in streamlining multiple complicated business procedures and improving efficiency across the board.
Big Data Analytics In Drug Discovery
With the hope of the world pinned on the pharmaceutical industry more than ever before in the COVID pandemic times, big data analytics played a crucial role in drug and vaccine development. Traditionally, researchers implemented an iterative process of physically testing various compounds to discover new drugs. This requires an immense amount of time and resources and the cost of developing these drugs can also be increasingly expensive. But with the help of data analytics, researchers can utilize predictive modelling for drug discovery. Predictive modelling enables researchers to predict drug interactions, toxicity, and inhibition and thus speeds up the whole process. Thus, big data analytics in the pharmaceutical industry helps in drug discovery.
Read more: Impact of Artificial Intelligence in the Pharmaceutical Industry
Big Data Analytics In Clinical Trials & Precision Medicine
Clinical trials are crucial in the pharmaceutical and life sciences world as it is used to test whether a specific treatment is effective and safe for human subjects. Moreover, clinical trials are costly, and time-consuming to run and several clinical trials fail as recruiting the right patient for the trial is quite difficult. With the help of big data, pharma companies can recruit the right patients for clinical trials, using data such as genetic information, personality traits, and disease status, which will, in turn, increase the success rate of the drug. This also enables precision medicine, where diagnosis and treatment of disorders are carried out using relevant data about a patient’s genetic makeup, behavioural patterns, etc. With this approach, pharma companies can develop personalized medicine that is suitable for an individual patient’s genes and current lifestyle.
Big Data Analytics In Research & Development
With the insights gained from historical and real-time data sources such as social media, IoT sensors, log files, and patient data, pharma companies can generate informative analytics. This is one of the biggest benefits of big data analytics in the pharmaceutical industry. By collecting large volumes of data generated at the different stages of the value chain from drug discovery to real-world usage, they can employ big data analytics and gain useful insights that are beneficial for research and development.
Big Data Analytics In Sales & Marketing
The application of big data analytics in the pharmaceutical industry doesn’t just stop with the drugs and trials. With increasing competition in the life sciences world, big pharma is getting smarter about analyzing and driving effectiveness in its sales and marketing operations. By analyzing the information from social media, demographics, electronic medical records, and other sources of data, pharma companies can spot and tap into underserved and new markets. Moreover, data management services also analyze the effectiveness of sales efforts and make key decisions in their marketing and sales strategies.
Intone is a leading provider of Data Management services in healthcare, revolutionizing the pharmaceutical industry through the use of big data analytics. By integrating advanced analytics into the infrastructure and enterprise systems, Intone empowers pharmaceutical companies to enhance the effectiveness of treatments and drive innovation. With a comprehensive range of services, including patient services and CRM, commercial services, financial transformation, R&D, supply chain, cloud migration, GRC, and technology design, build, and integration, Intone sets the gold standard in the pharmaceutical and life sciences sector. By unleashing the power and potential of data, Intone enables clients worldwide to achieve new levels of success and gain a real competitive advantage in the dynamic healthcare landscape.