Pharma Analytics: How To Leverage Big Data For Optimizing Pharmaceutical Value Chain
Over the last couple of decades, the global pharmaceutical industry has been in doldrums and this is leading to increasing investments in pharma analytics. With tightening margins, tighter government regulations, complicated supply chains and burgeoning competition, pharmaceutical companies have been forced to adapt and innovate by investing in cutting-edge technology infrastructure to develop a strong framework to succeed with their strategy and make smart decisions amidst a VUCA business climate.
The growing ubiquity of the internet, combined with a strong industry emphasis on data-driven policy making has encouraged executives across the pharmaceutical industry to invest in setting up strong capabilities around pharma analytics and big data offerings.
The Covid19 pandemic has only accelerated the digital transformation across industries, and pharmaceutical companies are no exception. Utilizing strong data analytics, data science and big data processes into their various workflows and functions has become an essential talking point in boardroom discussions driving cost-savings, increasing operational efficiencies and delivering superior customer service levels.
Pharmaceutical industry has attained an exalted status during the pandemic. As the eyes of the world have turned to pharmaceutical companies to develop life saving drugs and vaccinations, and these have been developed and produced at record-breaking speeds, by manoeuvering complex supply chains to respond to and help alleviate the crisis.
At the same time, pharma companies have benefited from the influx of technology and are increasing their adoption of pharma analytics and other supporting digital technologies to become more resilient and become even better prepared in handling future systemic shocks. The digital acceleration has not only generated more data, but also made it easier to collect, process and analyze different kinds of data - from structured, to unstructured and semi-structured.
By unifying the data from diverse sources and building an efficient and fast data pipeline on top, pharma analytics is providing many important opportunities for pharmaceutical companies to leverage and capitalize upon. For example, data analytics in pharma is making it possible for pharma companies to design more efficient clinical trials, leading to significant cost savings in drug development and R&D.
What Use Cases Are Important Within Pharma Analytics
From accelerating drug research, and streamlining clinical trials, to optimizing sales and marketing effectiveness, data analytics in pharma today serves a number of important use cases across the entire pharmaceutical value chain.
Some of the areas within the pharmaceutical value chain where pharma analytics is driving significant value are:-
FP&A - The CFO office needs to become increasingly agile to add value and to steer the business towards successful outcomes. But in order to achieve this, the FP&A function needs to transform itself and utilize modern analytics and big data platforms to plan, analyze and budget with speed.
Production Planning - In an increasingly turbulent business environment of today, an agile manufacturing approach utilizing big data has emerged as a useful method to make quick adjustments to the manufacturing plan on the basis of real world factors, helping pharmaceutical companies to capitalize on.
Supply Chain - The Covid19 pandemic has given a bitter lesson to pharmaceutical business managers. It created significant operational and financial challenges, as supply chain planners had to address several issues such as demand drops and surges in various segments, and supply shortages. inventory placement issues and reduced factory outputs. Pharma analytics and big data can help quickly identify issues and proactively respond to them. What-If Scenarios can be used to simulate unforeseen events and predict disruptions to your supply chain agility and performance levels.
Workforce Optimization & Planning - By analyzing workforce data, from surveys, leveraging behavioural data, and by utilizing advanced analytics capabilities like natural language processing, etc., companies can better optimize their workforce, boost the morale and productivity levels and improve engagement and satisfaction levels.
Sales Incentive & Territory Planning - Sales processes need to quickly adapt to support new working models, and data analytics can provide useful insights into how to pivot effectively to support the evolving business needs. Data analytics in pharma can be utilized to design and deliver a sound sales incentive and territory planning.
At Polestar Solutions, we have helped Pharma companies optimize their processes and derive value from their data investments with our state of art solutions.
The pharmaceutical industry has taken active steps in driving innovative developments over the last few years, with technology and data analytics in pharma impacting and changing every aspect of the pharmaceutical value chain.
Leveraging big data analytics in pharma can throw up several opportunities for business such as designing and deploying effective marketing and advertising by utilizing consumer demographic data points.
Data analytics in pharma has made it possible for these pharma companies to use more sources of data, and utilize sophisticated and high grade computation to sieve through mountains of data, and to quickly and effectively arrive at useful insights that will expedite this process.
But in order to effectively capitalize on the opportunities presented by pharma analytics and big data technologies, organizations need to lay down an effective strategy and groundwork. Two major areas that organizations must optimize around are:-
- Data Security and compliance.
- Utilize the flexibility and innovation offered by cloud computing platforms to build and deploy advanced applications.
Bridging the gulf is essential to make the shift to a new and successful paradigm.
4 Essential Tenets of Successful Pharma Analytics Solutions
Data governance refers to the process of having a strong framework in place to manage the data workload, from its entry into the system, to its processing and its visualization. Every step should be well-designed and well-planned. Data governance refers to how data is collected and handled within the organization. Well-designed data governance can manage risks, maximize value while minimizing costs.
An effectively designed dashboard will go a long way in maximizing the effectiveness of your data analytics programme. Such a well-designed dashboard will make it easy to consume the information and lead to increased adoption of data analytics within the company.
Leveraging The Power of the Cloud
Cloud solutions have become quite popular in recent times due to the immense scalability, flexibility, cost-efficiency and security requirements.
Tailored solutions that are aligned with your business bespoke requirements. Our experts in the pharma industry have delivered several innovative solutions for our customers that are world-class and suited to meet your exact business challenges and requirements with a robust pharma analytics architecture.
A consulting session that will help you to identify your as-is state, review and assess your requirements and get a solid roadmap to excel in future.
Wrapping Up & Going Forward From Here
Today, as pharma planning becomes more tightly coupled across the different departments, adopting new-age planning methodologies that incorporate real-time insights (and evolving market dynamics), will enable a comprehensive enterprise planning approach to help give them full visibility across their ever-changing operations.
At the same time, setting up a centre of excellence that will provide guidelines around best practices, and frame guidelines on data quality will help accelerate and quicken the adoption.
Change management becomes another crucial aspect to manage the cultural resistance effectively and to expand the success rate of analytics technology.
Often, having the right external partner can augment the success by simplifying and enabling best practices to be adopted and implemented organization-wide.
At Polestar Solutions, we bring years of expertise of serving multiple Fortune 500 enterprises, Government entities and New-age funded Startups across 13 geographies. We make sure our clients get the best technology stack to achieve their organizational goals.