Big Data Analytics & AI in Pharmaceutical Companies
Despite ongoing efforts Pharma R&D continues to suffer high failure rates. By harnessing the power of Big data and the analytics - firms can use data more effectively in R&D to drive innovation.
Big Data Analytics for Pharma Companies
- Drug discovery and development are often a decade-long process with low success rates and high financial risks. The cost of bringing one new drug to the market is estimated at $2.7 billion – and with approval rate less than 1-in-10 drugs tested. So, how can Big Data help overcome pharma company challenges?
- If R&D is the life-line for pharma companies then data is the jewel. Today, unusual volumes of data are generated at high velocity from numerous sources – from drug discovery to regulatory approval documents, clinical trial results to real patient reported cases, physicians’ notes to electronic medical records on patients. Handling such enormous data sets and formats using outdated technology (corporate data silos) and inefficient manual analytical processes is the major cause for the delays and high costs.
- Having data that is consistent, reliable, and well linked is a fundamental requirement to effectively manage, analyze, and gain insights from data to achieve business goals. This is where emerging new Big Data Analytics is driving pharma companies to improve new drug development productivity and efficiency.
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BIG DATA KEY DRIVERS
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Data Disparity Data stored in silos, on different platforms with different structures
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Time-consuming Process Error prone manual data processing & redundancies
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Accuracy Uncertainty around accuracy & time-based relevance of the reports
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Real-time Analytics Fail to uncover insights fast & easy-to-understand manner
How it’s done?
It is a fact that the entire data capturing, handling, and analytics process needs to change. In fact, the approach towards managing data is already changing. Let’s take a look at some real-life big data use cases in pharma industry.
Why Quadratyx?
With the rise in digital data availability (EMR data, patient insights via social media) and multi-channel marketing (to gain access to actionable insights that directly impact business growth) you need a trusted partner who has worked through these challenges and delivered tailored business solutions across the entire product life-cycle. From consulting to execution, we helped top global pharma companies in leverage advancing technologies and address complex regulatory obligations. No matter what the challenge is - Quadratyx will help keep your business operations moving forward.
Our comprehensive and diverse solution offerings include:
- Licensing evaluation
- Epidemiology studies
- Resource optimization
- Market assessments
- Unmet need analysis
- Territory alignment
- Pricing analytics
- Sampling optimization
- Competitive landscape assessment
- Product safety analysis
- Cost-Benefit analysis
- Revenue forecasting
- Clinical trial analytics
- Incentive compensation segmentation & targeting (GPO/IDN/Distributors/Physician)
- Market entry analysis
- Clinical site performance assessment
- Compliance and persistence studies
- Sales force effectiveness
- Brand trackers
- And many more …