Relevance of Big Data in Pharmaceutical Industry
Big Data has already transformed the way in which most companies manage CRM or customer relationship management. Cloud propelled CRM technologies have made customer management better and less expensive. At the same time social media and smartphone usage has brought about a big change in the way customer service was handled in the past. While it has opened up new avenues through which far reaching sales and marketing campaigns can be launched, it has also made the markets highly competitive wherein power of analytics have be understood and fully embraced. Big Data has lent a helping hand to business visionaries and marketers by providing a close scrutiny of customers and market. Considering the growth of Big Data in last few years, it has now become part of varied departments and industry, including pharmaceuticals and health. It has been estimated that implementing the strategies of big data in a pharmaceutical setting can be a big boon to the entire health care system of the world.
According to McKinsey Global Institute, Big Data can annually generate up to $100 billion worth of revenue in the US health sector alone. It can have a huge impact on the varied facet of the health domain. The data volume of the entire health ecosystem is huge and forever expanding. There are various sources through which high volume data are being formed such as research results, hospital records, patient details, retailers and pharmacy. For a pharmaceutical company, the data and information stemming from these sources is highly valuable as it helps them identify probable administrators of drugs and much more. It will also foster health care outreach programs as well as paves way for further research and development.
The usefulness of Big Data and analysis in pharmaceutical industry will also accelerate decision making process, enabling companies to make informed choices that will be incremental in bringing down the cost of R&D. It will also help drug companies make profit through better launch and marketing of a given drug. However, the most important breakthrough would be a new trend of collaboration between hospitals, pharmaceutical companies, caregivers and patients find cure for the most challenging and deadly illnesses.
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