Insight by: Jon Warner
The rate at which the Pharma industry is investing in digitalization has increased greatly in the last few years and is set to become even more significant going forward as the industry hires experts in big data, artificial intelligence and machine learning, cloud technology, digital ‘apps’ and related tools and systems and platforms to manage internal processes more efficiently, just to name a few). Let’s look briefly at just one of these areas and its potential impact on the pharmaceutical industry -the deployment of ‘Big Data’.
To accomplish complete visibility, supply chain participants have to exchange a high volume of data that includes all product and regulatory information. This means that big data management is likely to have perhaps the most significant impact on Pharmaceuticals and thus will continue to be a hot topic because it helps in the prediction of a variety of issues thanks to increases in real-time monitoring, as well as impact the process development allowing the opportunity for optimization and diagnostic analytics. This simply means that pharma will not only be able to collect more ongoing information on its patients and customers but to gain population health insights at a level of depth never seen previously.
This means that Big data can be beneficial in the pharmaceutical industry there in many ways, a few of which are:
- Reducing Research and development cost
- More efficient and Effective Clinical trials
- Escalating Drug Discovery processes and times
- More effective Control over Drug Reactions
- Greater Use of Precision Medicine
- Smarter Sales and marketing approaches
- Better External and Internal Collaboration with Healthcare stakeholders
