Pharmaceuticals: Drifting towards Big Data & Analytics - Drivers, challenges and technology developments
The volumes of data enterprises are handling continue to increase, and big data analytics (BDA) is an essential part in enabling the systematic management of information. Big data has evolved from just a data management tool to become a more integrated set of business intelligence (BI) solutions that helps management make critical business decisions. With enterprises undergoing digital transformation, investments in BDA has become the next logical step, with the primary motive to simplify decision-making. Furthermore, big data helps organizations harness their data to identify new opportunities and support making strategic business moves. The big data BI functions are evolving where artificial intelligence (AI) and natural language processing (NLP) algorithms are taking business decision making to the next level.
The significance of BDA is not foreign to the pharmaceutical industry, especially in the drug discovery process. Every major pharmaceutical company is investing in some form of drug discovery analytics platform in their various clinical research processes. Even contract research organizations (CRO) are using analytical software in clinical trial processes to identify the best possible outcomes. Apart from the drug discovery, pharmaceutical companies are using analytics solutions in other operational processes such as marketing analytics, pharmacovigilance, drug manufacturing, and targeted marketing of geographies.
Although the adoption of big data in pharmaceutical operations has been focused mostly on R&D, vendors are exploring its potential use in other operational processes. In supply chain, it helps pharmaceutical companies diagnose issues in their logistics, supplier performance, procurement, delays in delivery, demand management, etc. Vendors are launching BDA solutions that focus on increasing supply chain productivity of pharmaceutical companies.
Furthermore, new branches of pharmacology are gaining importance in the market such as pharmacogenomics (the response of drugs to the genetic makeup of an individual) and pharmacokinetics (absorption, distribution, and exit mechanisms of a drug within the body). Consequently, big data vendors and pharmaceutical companies are working together to develop analytics solutions that can be used in the clinical research processes relating to different branches of pharmacology. Likewise, even bio-pharmaceuticals are using AI and cognitive computing applications to predict the effect of biological products (antitoxins, bacterial and viral vaccines etc.) on the human body.
With competition increasing in the pharmaceutical sector and the market flooded with a multitude of treatments and therapies, determining drug efficacy and designing market strategies remains a priority, while maintaining drug safety. The use of big data in these operational domains will enable pharmaceutical companies to introduce innovations in both products and processes. With digital transformation being the main priority of most pharmaceutical enterprises, the adoption of BDA and AI platforms are expected to increase in the coming years.
The report Pharmaceuticals: Drifting towards Big Data & Analytics, is an attempt to analyze the key trends expected to impact the Pharmaceuticals industry and its various stakeholders in 2018.
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