Healthcare and pharmaceutical
Data science and especially Big data analytics is offering entirely new ways to firms in this domain to develop actionable insights. Three primary areas of impact for the firms is future vision and objective, effective outcomes and reduced cost. Analytics when used efficiently, helps healthcare and pharma firms to improve operations, planning and measurements. It equips senior leadership in decision making which is important for running healthy business. With the soaring demand in this domain, the huge gap in right data management and skills is unavoidable which is a real challenge in Healthcare analytics. Companies are investing continuously in big data infrastructure however the ROI is not increasing. Our domain expertise can help you as healthcare or pharmaceutical company in utilizing the enormous data lakes to provide actionable insights.
Besides the obvious cost of compliance to regulations and the penalties for non-compliance, the regulatory requirements are bringing about far reaching changes in the industry. Drug effectiveness (performance in uncontrolled everyday practice) is becoming more important than drug efficacy. The regulatory regime also differs significantly across geographies, forcing global companies to adhere to multiple regulatory regimes. Analytics plays a significant role in complaint management. The use of analytics helps organizations ensure regulatory compliance, while minimizing the cost of ensuring compliance and mitigating the risk of non-compliance.
Productivity in Research and Development
The increased regulatory oversight is leading to a rise in the cost of R&D for drug development. In spite of this increased supervision, health outcomes are at best static or deteriorating, forcing healthcare payers to move towards an outcome-oriented reimbursement regime. Healthcare providers and pharmaceutical firms are also, then, forced to identify cost optimization measures to reduce costs while delivering better health outcomes. Our machine learning and analytics based solutions can change the game for these companies.
The vast amount of data collected and classified as part of regulatory requirements has created opportunities for enhancing the sales and marketing functions. For example, the marketing expense data collected, is helping pharmaceutical firms measure the RoI from marketing initiatives across channels, products, and locations. Also, learning from the reported information of competitors can help refine and optimize the marketing strategy based on the medical practitioners being targeted. The vast amount of information available from medical claims, health assessments, health screenings, wellness activities, pharmacy claims, and general customer information from online/social media sources, can be brought together to generate significant insights into customers, and hence, aid the sales process. Up- / cross-sell, customer lifetime value, and customer retention metrics can be enhanced with the aid of pharma and life sciences analytics on customer data
Adverse event reporting requirement, as part of PV, and the mandate to drive health outcomes is leading to the integration of clinical trial data, hospital records, physician notes, research papers, and patient demographic and characteristics data (including digital/social media information). This rich source of data can be used to create insights to aid the early stages of drug development and testing for potential adverse events. Also, the health outcome analytics can help guide medical practitioners on the best medical process/approach based on analyzing the past data, giving practical insights relevant to patient demographic, location, etc., to drive the best outcomes.