LONDON--(BUSINESS WIRE)--Quantzig, a leading analytics advisory firm, has announced the completion of their new article on the role of big data analytics in the pharmaceutical industry. Big data analytics is creating potential opportunities for companies in the pharmaceutical industry to deal with complex business environments amidst the explosion of data sets. The effective utilization of these datasets can help pharmaceutical companies in drug development. Also, big data analytics has helped companies to improve clinical trials, manage risks efficiently, and improve patient safety.
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Big data and machine learning can be essential in lowering the cost of drug discovery, moving the experiment from clinical researchers to a combination of AI, complex software, and powerful computers to minimize the time needed for clinical trials. This, in turn, would drastically decrease the amount of research necessary, lowering the costs significantly for manufacturers and, as a result, patients.
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Role of Big Data Analytics in the Pharmaceutical Industry
Improves insights into marketing and sales performance
With increasing competition from generics, big pharma companies are getting smarter about analyzing and driving effectiveness in their sales and marketing operations. New, niche, and underserved markets may be spotted by analyzing information from social media, demographics, electronic medical records, and other sources of data. Analyzing the effectiveness of sales efforts and capturing the feedback received by the sales force during client visits and using it effectively can help pharmaceutical companies gain an edge over their competition.
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Enhances the efficiency of clinical trials
Clinical trials are an integral part of the pharma industry. Big data has enabled pharma companies to combat the rising costs of traditional clinical trials while still offering an effective way to help patients. Also, big data analytics solutions help companies to merge the databases from multiple sources, to spot trends and patterns that can allow them to come up with more targeted medications for patients that share common features. Furthermore, these solutions have helped researchers to monitor the patients on a real-time basis and predict the side-effects of drugs.
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To learn more about the role of big data analytics in the pharmaceutical industry, read the complete article.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal