Application of BI in Pharmaceutical Industry
In today’s competitive market where cutting edge technology rules the era, it is important to stay viable and up-to-date.
Pharmaceutical companies are not only facing challenges with drug development, but they are in competition to lead the market with the current drugs they are manufacturing. Tough competition, patent expirations, decreasing profit margins, generic drugs, intense scrutiny by regulatory agencies and merger and acquisition activity have placed the pharmaceutical industry in its most challenging position in well over a decade.
Biotech firms and pharmaceutical companies are largely challenged by vigilance and stringency of F&D administration due to drug safety issues. Due to this lesser drugs are approved and time for drugs to reach the market is increasing. All these changes are forcing pharmaceutical companies to enhance their R & D investments and marketing efforts. Pharma is thus shifting to translational medicine from development approach and traditional research.
Drug manufacturers are required to design their strategy so that they can maintain their market value and expand in spite of the challenges.
Pharma industry deals with a huge amount of data stuff. To stay ahead of the competition, pharma companies need to manage their data from multiple data sources and analyze this information for smarter business decisions. Data (both external and corporate) is needed to generate the information for evaluation.
“Marketing without data is like driving with your eyes closed.” – Dan Zarella
This is where the application of business intelligence helps them to operate more efficiently, giving richer insights; boosting sales and marketing efforts; develop best and intelligent solutions with innumerable challenges faced.
Clinical Data Challenges
The pharmaceutical industry is under immense pressure to accelerate products to the market simultaneously keeping the costs down. To achieve this, effective management of the clinical data process and monitoring is a must. Business Intelligence software has the analytical capabilities to track a very large amount of data provided by clinical trials, identify the best practices and boost resource distribution. Apart from this by collecting data from multiple sources, BI enables pharmaceutical companies in identifying inconsistencies, trends and scrutinizing risks during launch and product development.
Marketing is one of the core components and pharmaceutical companies spend much amount on the same. Therefore it becomes essential to keep a keen eye on consumer behavior, sales performance to better target and improves marketing strategies as well as ensures complete distribution of the marketing budget.
Use of relevant KPIs such as campaign analysis, customer segmentation, and market share analysis, BI allows pharma companies to delineate most profitable products, analyze company profits by customer demographics, product and other factors, chart the success of marketing campaigns, and monitor consumer behavior as per the product purchases and prescription renewals.
Financial Monitoring & Analysis
Closely monitoring financial data is crucial for pharma companies to maintain a cost factor and develop the best budget plan. Business Intelligence insights help these companies to closely monitor, analyze and predict financial performance as well as produce required financial reports.
There exists a huge amount of information for pharmaceutical companies that require keen monitoring to turn it into useful stuff. The right information can boost profit margins if used in the correct direction. Business intelligence can be highly profitable as tracking of production levels, supplier networks and quality of a product become easier. Also, companies can monitor operational efficiency and costs across the organization, effectively allocate resources; find out employee productivity with BI tools.
We are surrounded by technology in whatever we do, according to one of the analyses conducted by Accenture, by 2021 the growth in the AI health market is expected to reach $6.6 billion—that’s a compound annual growth rate of 40 percent. In just coming five years the health AI market will grow more than 10×2. Hence healthcare sector has begun unlocking the potential of AI, which in future is predicted to benefit to a large extent.
Business competition is keeping companies on their toes. Increased challenges in the pharma sector are forcing pharmaceutical companies to stay ahead in the race. Business intelligence is of great help to these companies as it provides intuitive dashboards, unlimited user access and in-depth analytical reports. With BI tools the information integrated from various sources helps pharma companies to optimize their outcomes, boost revenue and stay in the competition.
Share your feedback and comments on how Business Intelligence has helped your organization. Stay Connected for more helpful stuff on BI.