The inception of big data analytics in the pharmaceutical industry has enabled businesses to streamline their complex processes and improve efficiency. Drug development is complex and lengthy and involves different processes, applications, and approvals.
The development of a single drug- costs around $2.6 billion, lasting approximately ten years. Big data analytics helps fast-tracking drug research and development with the help of cutting-edge technology like artificial technology and machine learning. With the industry becoming more patient-centric, data analytics supports the pharma industry in identifying hidden patterns and fastening drug discovery, clinical trials, and research and development.
How Data Analytics Supports R&D in Pharma
In the pharmaceutical industry, the data gets generated through several sources, including retailers, patients, caregivers, and even the R&D process itself.
Effective utilization of these data helps identify potential drug candidates and develop approved medicine successfully.
Discovery of R&D Data
Pharma companies can generate informative analytics from historical and real-time data sources such as social media, IoT sensors, log files, and patients’ data. The collection of large volumes of data generated at different stages of the value chain gives relevant insight through analytics for research and development.
Predictive Modeling for Drug Discovery
Data analytics enables researchers to utilize predictive modeling for drug discovery. Researchers can predict drug interaction, toxicity, and inhibitions of the drug and come up with accurate predictions. Technology has reduced the dependence on primitive techniques, such as the physical testing of drugs on plants and animals, which was an iterative process.
Control on Drug Reaction
In the clinical trial process, the real-world scenarios get replicated to test the adverse effects of a drug using predictive modeling. Data mining on social media platforms and medical forums with sentiment analysis helps gain insight into adverse drug reactions.
Precise Drug Development
Data analytics helps in precise drug development after gathering relevant data about the patient’s genetics, environment, and behavior patterns. Analytics enable developing customized drug development for individual patients who shows different symptoms.
Expedite Regulatory Approval Process
Integration of pharma analytics to smart manufacturing solutions, such as batch processing software, stimulates the end-to-end batch processes to expedite the regulatory process approval and further allow for the scale-up of the production process.
Benefits of Pharma Analytics
Pharma analytics brings enormous benefits in drug discovery, manufacturing, and distribution. Some primary benefits are
- Faster data processing allows organizations to support scientific derive more focused business outcomes.
- A better disease understanding, with the help of informative analytics from different data sources and real-world patient data.
- The identification of undiagnosed patients and detection of adverse events. Easy tracking of the patient pathway and drug switches. And an accurate prediction of disease trends along with their locations.
- The pharma companies get a better design of their products, trials, and treatments.
- It helps drug manufacturers reduce costs and increase revenue, helping them get a deeper insight into pertinent data.
Analytics Brings a Data-Driven Transformation in Pharma
Nowadays, Pharma companies are under pressure to adopt effective drug technologies and enterprise-wide M&A to diversify their product portfolio and support their revenue stream. It demands a need for data-driven insight and real-world clinical evidence. Therefore, it is becoming imperative for pharma companies to adopt data analytics solutions into their R&D and manufacturing process to gain consumer demand, drug efficacy, and other factors critical for their performance.
DefineRight (DR), a business enablement service provider, helps organizations improve their business process and operations through business analytics, application engineering, automation, and change management. Our business analytics solutions help pharma companies drive transformation in their drug discovery, development, and manufacturing process. DefineRight’s data-driven insight expedites the complex drug research and development process.