The role of big data in the pharmaceutical industry
IntroductionThe emergence of big data affects businesses worldwide. The ever-increasing volume of data is a potential asset and allows companies to gain better business insights and improve customer journeys. In the pharmaceutical industry, this trend towards big data and data-driven decision-making has emerged aggressively over the past year, which has resulted in a true war for talent in pharma. Let’s take a look at the impact of big data and the biggest data-driven trends in the pharmaceutical industry.
Accelerating drug development
The journey from discovering a new drug to releasing it onto the market is long and arduous. It’s also very expensive. AI-driven algorithms give pharmaceutical companies the opportunity to analyse huge data sets, identify patterns and predict outcomes. This allows them to identify and develop cost-effective solutions and procedures for introducing new drugs and medicines to the international market.
Developing precision medicine
The ability to analyse and identify patterns in patient data has greatly improved the highly specialised and challenging field of precision medicine. It allows pharmaceutical companies to personalise medication for individual patients based on their medical history and personality attributes and identify suitable clinical trial participants by genetic makeup and personal traits.
Pharmaceutical companies that operate in multiple countries must contend with varying legislation across borders. Failing to comply with international and local rules can lead to serious reputation damage, expensive lawsuits, and, occasionally, harm to patients. Reaping the benefits of big data through data analysis helps pharmaceutical companies prevent compliance failures.
Boosting marketing efforts
The influence of big data goes way beyond science. It also has the potential to improve the effectiveness of pharma companies’ sales and marketing efforts. Pharmaceutical companies can effectively analyse the data from various sources, such as social media, demographics and medical records. All this information combined allows companies to refine their marketing tactics and gain an edge over the competition.
Driving the war for talent
The increasingly important role of big data and AI analytics has created the requirement for a broader set of tech skills. Pharma companies need skilled workers who can embrace the acceleration of digitalisation in the sector. The demand for these professionals has, in turn, fuelled a war on talent amongst pharmaceutical companies.
How Strand Associates Consulting helps
Strand Associates provides you with a dedicated team of pharma and life sciences experts to effectively scope your need for talent and reap the benefits of big data, AI analytics, and the far-reaching digitisation of medicine and the pharmaceutical industry.
Strand Associates not only brings more than 15 years of business consultancy experience to the table. Our professionals are continuously and intensively trained, giving them the knowledge and expertise to understand the typical industry challenges that pharmaceutical companies face. Depending on your business needs, we deploy consultants with appropriate skill and seniority levels, allowing you to harness the power of big data and data-driven decision-making.
Learn more about Strand's services for the pharmaceutical industry.