Manufacturers in the pharma industry are constantly struggling with stagnant pipelines and a low success rate in R&D activities, however big data has saved the day, emerging as a major game changer. To help companies seize new opportunities while addressing the evolving challenges faced by the pharmaceutical industry, Infiniti Research has announced their top five ways which big data is transforming the pharma industry:
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Infiniti Research helps companies identify new market opportunities. (Graphic: Business Wire)
1) Better sales and marketing
More than 30% of marketing is done on digital platforms, a number that will only increase in the next five years. Until recently, sales and marketing was a grey area in the pharma industry but by integrating big data analytics into strategy building, companies can easily focus on specific geographical areas to promote their medications.
2) Enhanced clinical trials
Big data merges databases from multiple sources, which filters out patients who do not meet the basic prerequisites for undergoing the trials.
3) Predictive Analysis
Algorithms used by predictive analysis can help with early detection of drug toxicity and improve the chances of patient survival, two main goals of every pharma company.
4) Emergence of digital apps
Digital apps can help the pharma industry reach out to their end-users in a better manner. The data collected on these apps can provide first-hand data on patient compliance and instant feedback on a patient's health.
5) Cross-industry collaboration
The pharma industry, healthcare sector, insurance companies, and data management firms are all connected. Bringing all these industries on a common platform will make information sharing easier.
Read more: https://www.infinitiresearch.com/thoughts/top-5-ways-big-data-transforming-pharma-industry
Infiniti Research has over 14 years of experience helping organizations build capabilities and seize new opportunities while addressing the evolving challenges faced by the pharmaceutical industry.
Recent Pharma Studies from Infiniti Research
Drug Development and Key Strategy Analysis for Pharmaceutical Market in Europe
https://www.infinitiresearch.com/casestudy/drug-development-pipeline-and-key-strategy-analysis-european-pharmaceutical-major
Competitive Assessment for Pharmaceutical Industry in EMEA
https://www.infinitiresearch.com/casestudy/competitive-assessment-pre-launch-marketing-expenses-pharmaceutical-industry-emea-region
Competitive Intelligence on Recruitment Incentive Plans Deployed by Pharmacies in US
https://www.infinitiresearch.com/casestudy/competitive-intelligence-recruitment-incentives-plans-deployed-pharmacies-us
View source version on businesswire.com: http://www.businesswire.com/news/home/20170628005442/en/
Contacts:
Infiniti Research
Jesse Maida
Media Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.infiniti.research.com
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