- December 9, 2022
- Posted by: PharmaScroll
- Category: Business Intelligence, Pharmaceutical
Business intelligence (BI) and analytics are two key areas that have emerged over time to play a significant role in the pharmaceutical industry. The application of these technologies has led to increased efficiency and transparency in clinical trials, more effective marketing campaigns, and improvement in overall decision-making processes.
In the past decade, various technological advancements have taken place that has made it possible to collect and store large volumes of data. This has resulted in exponential growth of data that needs to be managed and analyzed. Business intelligence tools and techniques help organizations to structure this data and use it to their advantage. On the other hand, analytics is used to examine this data further and generate insights that can help improve business decisions.
The use of BI and analytics in the pharma industry is still in its early stages, however, is growing at a rapid pace. Companies are investing heavily in these technologies to gain a competitive edge over the competition.
How BI and analytics are being used in the pharma industry and some of the benefits they offer
1) Clinical Trials
The first area where BI and analytics making a big impact are clinical trials. The traditional way of conducting clinical trials was time-consuming, involved a lot of manual intervention, and often resulted in errors. But thanks to BI tools, it is now possible to conduct clinical trials much more efficiently. For example, patient recruitment can be done through online portals that allow patients to easily find trials that match their criteria. Electronic medical records can also be used to screen eligible patients faster. Additionally, BI tools can be used to monitor trial progress in real-time and timely identify any issues. All of this leads to reduced costs, shorter timelines, and improved accuracy.
Pharmaceutical companies often spend large sums of money on marketing campaigns without really knowing whether they are effective or not. But by using analytics, it is now possible to track the performance of marketing campaigns much more effectively. For instance, it is possible to track how many people saw an advertisement, clicked on it, and then went on to purchase the product. Additionally, demographic information such as age, gender, and location can also be collected which helps create targeted marketing campaigns. All of this leads to higher ROI from marketing campaigns and improved customer acquisition rates.
One of the most important applications of BI and analytics is in decision-making. In the past, decisions were often made based on gut feeling or intuition which often led to sub-optimal outcomes. But with BI tools, it is now possible to base decisions based on data which leads to better results. For example, data from clinical trials can be used to make informed decisions about which drugs should be developed further and which ones should be discontinued. Similarly, market data can be used to understand which products are selling well and which ones need improvement. In short, BI tools help put organizations on a path toward data-driven decision making which leads to improved outcomes overall.
Business intelligence (BI) and analytics are two major areas that have started to play a significant role in the pharmaceutical industry over the past few years. The application of these technologies has led to increased efficiency in clinical trials, more effective marketing campaigns, as well as transparency throughout different aspects within pharma companies. We believe that these technologies will continue to gain traction within the industry as we move forward into the decade.