The emergence of big data, technological advancements, and data science approaches have dramatically transformed industries like retail, finance, and travel. The Life Sciences industry is no exception. Companies in the Life Sciences industry have a high-volume of unorganized data sets they aren’t aware of that contains hidden actionable insights. The life sciences industry hasn’t fully adapted to new technologies but they’ve gotten off to a convincing start. Still, a huge number of enterprises haven’t been able to decode the insights because of lack of expertise in pharma data analytics and inefficient pharma master data management. It’s an undeniable fact that by leveraging big data and data analytics, pharmaceutical companies can enhance their business processes, accelerate their product development and achieve set sales objectives.
It’ll be explained in this article how companies can take advantage of data analytics to boost their pharma sales in today’s market.
Over the years, pharma companies have relied on the traditional ways of managing their pharma sales operations. In the past, many pharmaceutical companies would send their representatives to visit doctors personally. This exhausted the resources of the companies and lacked accuracy and actionable insights. With the traditional way of sales promotion, broad-scale production wasn’t possible. Thus, the ROI generated was comparatively lower.
Today, the market is still at a fairly nascent stage and there are significant challenges. Such as poor data integration, lack of investment in talent and technology, and limited stakeholder alignment impacting this industry. However, best practices are emerging to help overcome these challenges and push pharma and life sciences analytics further on the path of rapid growth. According to a report by the McKinsey Global Institute, applying big-data strategies to make better-informed decisions could generate up to $100 billion in value annually across the US health-care system.
The report also suggests that the following can change the face of the pharma industry:
- Optimizing innovation.
- Improving the efficiency of research and clinical trials.
- Building new tools for physicians, consumers, insurers, and regulators.