How can predictive analytics help pharmaceutical manufacturing?
Predictive analytics can help pharmaceutical companies with better strategies, communication, and ways to meet the needs of end users…
Predictive analytics uses existing data sets, extrapolating the given information and making predictions for future outcomes and possible future trends. It cannot say exactly what will happen, however it can sometimes give a good indication of what is more likely to happen.
In recent years, Amazon and Microsoft have used predictive analytics to recommend products and as a digital assistant to predict what could be of interest to users.
The pharmaceutical industry is fully capable of conducting research, clinical trials, generating the necessary data and disseminating it, however it can still use, and benefit from predictive analytics.
Using pharmaceutical analytics, data can be contextualised, and patterns and trends in the data can be established. Researchers can then use this information to assess the data and decide how to present it to pharma companies in the future.
Using these techniques, companies could potentially position molecule for entry into the market more effectively, based on their efficacy and safety profile, making sure clinicians and patients are better served.
Pharmaceutical companies will be able to gauge how well they are doing in comparison to other companies, competitively and scientifically. Information gained can be utilised in the best possible manner, to track discoveries, research trends and shifts in the market place, and in ways to establish new supply chain methods.
Companies will also be able to look out for the most appropriate researchers for their investigations, and decide on the best scientific journals for their publications. Predictive analytics can also mean that research teams, medical teams and marketing teams work more cooperatively together, to ensure best practices for commercialisation before the launch of a new drug. Increased strategic approaches can also be used to ensure sales and marketing approaches meet the needs of customers, from doctors, chemists and pharmacists, to patient needs.
The application of predictive analytics has been beneficial for many large companies, and can benefit pharmaceutical firms, enabling precision, effective communication and strong competition.