The pharmaceutical industry depends on extensive data in manufacturing, quality control, and compliance. Modern BI solutions (Business Intelligence) are essential for optimizing investments and refining operations. Utilizing big data analytic services, these solutions enhance sales, optimize clinical trials, and strengthen patient safety protocols.
The integration of big data and pharmaceutical analytics into marketing and sales strategies offers businesses a significant competitive advantage. This post explores the transformative impact of modern BI solutions within the pharmaceutical domain. Before we start with this write, let us have a look at what data from McKinsey has to say.
Pharma Business Analytics: The Landmine of Bottomless Potential
- Optimizing Treatment and Personalized Medicine
Considerable progress has been made in personalized medicine, especially in cancer treatment. Genomic sequencing plays a pivotal role, often applied to analyze tumor tissue from patients diagnosed with cancer. To do this, the DNA must be analyzed to find genetic changes unique to the patient’s tumor.
- Data-Driven Drug Repurposing
Data-driven drugs, facilitated by business analytics software, involve uncovering new therapeutic applications for existing drugs by examining comprehensive datasets and biomedical information. Instead of developing entirely new compounds, researchers investigate whether drugs approved for one medical condition could offer benefits in treating other diseases.
- Enhanced Clinical Trial Efficiency
Researchers and pharmaceutical businesses can use big data and sophisticated analytical techniques to accelerate the creation of new treatments, streamline operations, and make informed decisions to advance clinical trials.
- Inventory Control and The Supply Chain
Data Analytics services enable precise demand forecasting by examining historical sales data, industry trends, and external factors. This analysis empowers pharmaceutical companies to maintain optimal inventory levels, avoiding stockouts and minimizing waste.
Challenges Pharma Industry Faces and How Modern BI Solutions Can Mitigate Them
1. Supply Chain Disruption
Problem: Supply chain disruption poses a significant hurdle for the pharma industry. To fortify resilience, businesses adopt innovative supply chain models.
Solution: BI solutions offer real-time visibility, aiding in demand forecasting, managing inventory, and tracking production. Accurate insights enable proactive disruption identification, inventory optimization, and enhanced supply chain resilience.
2. Need for a Competent Workforce
Problem: The pharmaceutical workforce demands expertise and training for enhanced participation.
Solution: BI solutions, featuring user-friendly interfaces, alleviate dependency on highly skilled personnel. Teams gain data access, fostering operational efficiency and informed decision-making, ensuring effective resource utilization without relying solely on specialized expertise.
3. Cybersecurity Risks, Data Breaches and Frauds
Problem: Pharmaceutical businesses are vulnerable to cyberattacks and frauds. The sector always struggles to invest more in cyber security as cyberattacks pose a major threat.
Solution: BI software solutions contribute to bolstering cybersecurity by implementing robust access controls, encryption, and vigilant monitoring. By facilitating early threat detection, these BI services effectively reduce the likelihood of data breaches and protect sensitive pharmaceutical information. BI solutions integrate data for real-time monitoring. Controls, visual reports, and team collaboration help prevent fraud. Manufacturers prevent fraud by discussing and implementing anti-fraud measures internally.
4. Need for Agility and Transparency
Problem: Getting faster, more accurate, and transparent operations are becoming essential across all domains in pharma industry.
Solution: BI solutions help the pharmaceutical industry by providing real-time information into operations, increasing agility in decision-making. Transparent data reporting ensures compliance and increases trust. BI software solutions streamline processes, allowing quick reactions to market changes.
Where Pharma Companies Can Implement BI Strategies in Business Processes?
- Sales Force Management
Sales force management dashboards provide segmented call data, detailing product-specific calls and physician engagement. These tools offer insights into sales team performance, expertise, and outreach to different healthcare professionals.
- Project Management
Dashboard tools aid Project Management Offices (PMOs) in tracking operational expenses and monitoring the development of project pipelines. These dashboards ensure efficient oversight of project progress and resource allocation.
- Market Share Analysis
Pharmaceutical companies utilize market share analysis to assess their product performance in the market landscape. This analysis helps identify opportunities to enhance market share through strategic interventions.
- Self-Service BI
Empowering users to create dashboards and reports using existing data models characterizes self-service BI. Users are familiar with data, so it would be beneficial to give them the ability to create dashboards and reports to enhance data utilization and decision-making.
- Financial Monitoring
Financial dashboards play a vital role in monitoring the financial health of pharmaceutical companies. These tools offer a comprehensive view of financial metrics, aiding in informed decision-making and strategic planning.
In order to successfully implement a BI in the system and harness the potential of BI services a company needs to approach an experienced IT consultant like Uneecops, with high experience in Big Data, Business Intelligence, and Artificial Intelligence. Team Uneecops help you to implement the right BI solutions in order to set up success with analytics.