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With an aim to innovate rapidly to gain a competitive edge and harness the opportunities in the market, a significant number of Indian drug companies have made strides in adoption of big data analytics.
“Big data analytics has helped pharmaceutical companies to reduce cost and speed up clinical trials by identifying and analysing various data points viz. participants' demographic and historical data, remote patient monitoring data, and examine past clinical trial events data. With this it also helps improve performance of operations, advance care and treatment for patients, the right treatment for disease discovery, and strengthens access to key information,” said Raheel Shah- director of BDR Pharma Pvt Ltd.
According to the Economic Survey 2020-21, the Indian pharma industry is expected to expand to US$ 65 billion by 2024 and US$ 130 billion by 2030. Analytics of available market data and patient data can help drug companies allocate resources in a better way and increase their sales, said Shah.
Integrating big data analytics solutions into the pharmaceutical manufacturing process allows companies to gain valuable insights to accelerate and optimize production, he stated.
Shedding light on the use of big data analytics in strengthening preventative care, BDR Pharma director said “In modern times, technology has been one of the most important drivers of advancement in the field of healthcare. Since the dawn of the digital age, the latest technology advancements have been pushing the boundaries of the healthcare ecosystem to provide better treatment to patients all over the world. The rapidly developing field of big data analytics in healthcare has begun to play a crucial role in the change of medical practices and science. Pharma corporations can employ big data analytics to leverage existing knowledge and identify new possibilities. It has developed tools for storing, managing, analysing, and assimilating enormous amounts of structured and unstructured data generated by existing healthcare systems.”
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