With the constantly changing pharmaceutical industry environment, pharmaceutical companies need to stay competitive and sustainable. These companies encounter challenges such as developing new drugs, leading the market in the drugs they already manufacture, competing with generic drug and forwarding their own generic drug.
Pharmaceutical companies and Biotech firms also face greater Food and Drug Administration stringency and vigilance than before due to drug safety issues. This has resulted in fewer drugs being approved and increased time for drugs to reach the market. These changes in the drug market are compelling pharmaceutical companies to increase their investment in R & D and their marketing efforts. Therefore to operate cost-effectively and efficiently the Pharmaceuticals industry is shifting from traditional research and development approach to translational medicine.
Some Pharma companies are partnering or acquiring Biotech companies to reduce costs by incorporating their manufacturing and Research & development infrastructure and remove redundancies in their sales & Marketing and Admin functions. Subsequently companies are inheriting wealth of data such as R & D, clinical trials, drug development cycle, regulatory compliance, distribution, side effects, patient care, prescriptions etc.
Amidst these scenarios, Pharmaceutical companies have to identify best available tools to increase revenue, reduce costs, operate more efficiently, improve marketing brand awareness and consumer loyalty along with keeping up with changing regulations and compliance. Also to stay in forefront of the competition, pharmaceutical companies are required to proactively manage their data stored in multiple data sources and the ability to analyze this information to make smart business decisions. That’s where Business Intelligence can help Pharmaceutical and Biotech firms giving richer insights to their business, reducing time to market, manage and predict drug development, regulatory and improve marketing and sales efforts.
Business intelligence tools can help evaluating drug safety information. With the help of visualization which is a key part of business intelligence software, one can prove the relationships between patient demographics and adverse effects. The industry has realized that there is a need for technologies that could assist in mining, analyzing and translating archipelago of information from the Human genome project into particular therapies drug targets. The R & D productivity crisis that comprise of drug development pipelines needs that the industry predicts and validates the clinical properties of a drug earlier in their product life cycle. Business intelligence can help analyze the heteronomous data available with pharmaceutical companies and link scientific patterns with clinical outcomes for patients. It can also identify cost effective and viable drugs, tack thousands of clinical trials running simultaneously and globally, align field sales force and marketing for effective efforts and output.
Bista has wealth of experience working with Business Intelligence tools in numerous scenarios faced in Pharmaceutical and Biotech industry. Our experts and consultants can bring wider insights into your business exploring the opportunity with Business Intelligence. We are partners with Tableau, Jaspersoft, Talend, SpagoBI and Pentaho, with BI capabilities allowing us to recommend technology best suited to your requirements and business. Bista Solutions provides BI tools and all related services such as BI and DW consulting, architecture, designing reporting dashboards, data warehousing, Talend (ETL), R analytics, Mondrains OLAP analysis and support. We can be your solution partners and provide support in areas such as marketing and sales, research and development, supply chain, drug safety and drug development, production, legal & regulatory reporting and financial accounting.
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