The global pharmaceutical companies market has been growing at a rate of 5.8% since 2017 and by 2021, it should reach a size of $1,170 billion. Much of this growth has relied on empirical data, which has presented significant challenges over the last decade.
The utilisation of data analytics to comb through available big data can offer valuable insight to pharma companies regarding the necessities, use, contraindications, market trends and sales performance. Here are five ways in which leading pharma companies are already using data analytics –
i. Using patient data for personal chronic disease management: Although India does not have a unified electronic health record (EHR) infrastructure, the increasing use of wearable technology that monitors vital stats and people’s preference for syncing data from their devices to the cloud can facilitate the development of programmes for tailored chronic disease management.
Chronic diseases can range from diabetes to heart problems, which are becoming more common in India by the day. Pharma companies can use data from patient healthcare records to offer tailored management solutions and healthcare tips to the registered patients regularly. However, the lack of a dedicated HER system currently makes it extremely challenging for healthcare professionals as well as pharmaceutical companies to gain access to patient history, case studies and healthcare references.
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