The Influence of Data in the Pharmaceutical Industry
The success of the pharmaceutical industry can be considered a gift or a curse. It is a gift because it means the industry is doing well and providing products that help patients manage their wellness and health. On the other hand, success may hide data that can lend itself to improvements for drug efficacy and safety.Data is a great asset to the pharmaceutical industry because it enables these companies operate at a higher level of efficiency than they normally would. Our CEO, Dr Ashifi Gogo, recently published an article discussing the effects of small data on business decision making. This article touched on the benefits of acquiring small data and combining it with big data to make strategic business decisions. Read more of the article at the World Economic Forum (WEF) blog. Data, whether big or small, can make a big impact on any business if leveraged properly.
Some benefits of data for pharma:
- Data helps pharmaceutical companies target certain populations more effectively for specific products or product ranges. Collecting the data of purchase patterns of the consumers buying the products could help the pharmaceutical companies form marketing personas of their target population that can improve the way they communicate to patients.
- Data also provides better insights to patient behaviours, which helps pharmaceutical companies optimize their healthcare delivery services.
- Data enables pharmaceutical companies to improve clinical trials in their research and development department. The data collected would help identify the appropriate demographic of people that would best match the type of patients who would benefit from the drugs.
The relevance of data in the pharmaceutical industry is growing at an exponential rate and now is the best time for pharmaceutical companies to take advantage of it. Through patient engagement, Sproxil acquires small data that enables pharmaceutical companies make strategic decisions for their businesses such as product delivery and protection and supply chain management. If you would like to learn more about how this works, send an email to firstname.lastname@example.org
How are you using data to drive your decision-making process at your organization?