‘Big Data’ are two words which has become a rage nowadays. The reason why ‘Big Data’ is attracting so much attention is because of its capability to effectively retrieve and process a large variety and volumes of data that helps meet the demand of a business. The Pharma Industry in India, or anywhere industry for that matter, is always overwhelmed with data complexity. Data analytics will also help the Pharma Industry align manufacturer’s data requirements with its business needs, pharmacy capabilities and therapy category. Making use of Big Data in this sector will help in efficient data quality management and better business utilization.
Tying analytics with this sector allows reporting on demand. Manufacturers, providers and buyers can use this data to improve understanding of obstacles and gaze upon opportunities to improve the Pharma Industry as a whole.
Big Data analytics helps you get a complete insight of an industry with the help of the information collected. This information can guide the whole industry to respond better to the consumers and make meaningful predictions. This encourages the industry to deduce a systematic approach towards any current or future crises that may arise.
Big Data will also play a crucial role in revolutionizing R&D in Pharma. The biggest challenge for pharmaceutical R&D is having data that is consistent, reliable and well linked. New potential drugs candidates can be identified, which in turn can be developed into effective, approved and reimbursed medicines more quickly.
Pharmaceutical R&D has been a secretive activity conducted within the confines of the R&D department, with little internal and external collaboration. By breaking the silos that separate internal functions and enhancing collaborations with external partners, Pharma companies can extend their knowledge and data networks.
Maximizing internal collaborations requires improved linkages among different functions, such as discovery, clinical development and medical affairs. This can lead to insight across the portfolio, including clinical identification and research follow-up on potential opportunities in translational medicine or identification of personalized-medicine opportunities through the combination of biomarkers research and clinical outcomes; predictive sciences could also recommend options at the research stage based on clinical data or simulations.
When Pharma companies bolster their R&D innovations, they can benefit from Big Data and ultimately turn the tide of declining success rates and stagnant pipelines. In short, as Pharma companies shift their investments and focus, they will have to come up with their own approaches for data management and R&D innovation. Some companies in this industry may hesitate to change what has worked in the past. But with the changes already on the horizon, it is inevitable that an entirely new commercial landscape will be created. By leveraging on Big Data it is highly possible that the Pharma industry can transform itself as an indispensable part of the national economy.
Considering the transformational role of the current Pharma CIO’s, Trescon is hosting a panel discussion in its inaugural Pharma CIO Conclave & Awards on 9 August 2017 in Mumbai. The panel discussion will analyse in-depth about how Big Data can be successfully leveraged by Pharma companies and what will be the key benefits for the companies in doing so. The panel discussion will also address some of the challenges faced by Pharma companies in setting up the technology and how will they overcome it.
The Conclave is hosting international and regional Pharma IT advisors who will help CIOs and IT heads to learn and explore effective IT strategies. It will also feature global innovators who will showcase their latest and the most evolved technologies in recent years – that can help organizations become more efficient, affordable and far-reaching.
To attend the event or for sponsorship opportunities go here.