Future of Data Analytics in PharmaFriday August 3rd, 2018 Anu Gopalakrishnan, Senior Research Analyst
India is majorly positioned in the global pharmaceuticals sector accounting for 20% of exports in terms of volume.
There is high volume of data generated from numerous sources, and with highly complex and sensitive data its high time pharma companies tap this to their advantage with data analytics.
Analytics provides manifold opportunities to improve the efficiency in drug launches.
Receiving reliable, consistent and well linked data is one of the major challenges in pharmaceutical R&D.
It is vital to have the ability to manage data flow and integrate data starting from drug discovery to the end of value chain. This would help companies derive maximum benefits by deciphering meaningful insights and deliver patient centric outcomes. Data is certainly the groundwork upon which the value adding analytics are built.
Predictive analytics is an emerging field for real-time monitoring of the challenges faced by the industry. It includes the following:
Pharmaceutical companies are highly capitalising on predictive modelling, that will help them identify potential drug candidates thus moulding them into medicines in less time.
The path is indeed challenging, but with the big-data vision in pharmaceutical R&D, rewards are expected.