The use of ‘Big Data’ is the latest, and possibly most powerful tool in a marketer’s arsenal, with more than 2.5 trillion pieces of data created worldwide each day. And according to PharmaTimes, In the healthcare arena, "data generation has gone crazy, driven by the increased use of electronic medical records, technological advances in genomic sequencing and monitoring devices, and an influx of patients and doctors talking online."
So how can those in the Pharma industry use big data to their advantage? Here are the Top 5 ways in which Big Pharma is using big data.
- Characterize diseases and patient populations- by understanding epidemiology trends, treatment patterns, patient adherence, and disease management opportunities.
- R&D- genomic and biological data can aid disease understanding and inform the design of products, trials and treatment decisions, while online social networks and health records offer up a huge repository of real-world patient data that can be used to improve and customise drug development and services
- Develop new products and therapies- by assessing use of competitive products in the market, designing inclusion and exclusion criteria for clinical trials, performing predictive models on virtual trials, identifying patients for recruitment, and identifying unintended uses and indications.
- Real-time data- can be used for tracking drug launches, referral patterns, blockages in the supply chain or patient pathway, drug switches and off-label use, as well as disease trends and locations.
- Assess products and therapies already in use- by observing drug safety, comparing product effectiveness, assessing health economics, and designing pay-for-performance criteria.
Have you branched out into the use of big data for your pharma business? Share your thoughts and comment below.