Pharma analytics is arguably one of THE most powerful resources that a company can leverage to learn from their past efforts and optimize for the future. It’s almost like being able to predict the future.
It goes without saying, that clinical trials are an incredibly important aspect of the pharmaceutical industry as a whole. But, unfortunately, they are the furthest thing from inexpensive or easy to manage.
What is driving pharma to the cloud? Sure, it is value-driven, geared to consumers, specifically patients, who take active roles in their health care and want information at their fingertips instead of waiting for it to trickle down through the maze of doctors, tests, and procedures. And yes, it's driven by constantly changing healthcare regulations, finances, digital initiation, and integration. It's also driven by individual companies that want more efficient ways to gather, disseminate and manage their patient data.
Whether you’re knowledgeable on Clinical Trials and the process that goes into it or not, it's correctly assumed that the work is far from light. There are four phases for each study conducted that tells the plot of the story, but doesn’t dive into the supporting elements within.
According to an EvaluatePharma study, two-thirds of all drug launches failed to meet pre-launch expectations in sales their first year on the market.
More importantly, for one-third of the drugs that met their year-one target, 65 percent continued market growth in year two, and 53 percent exceeded goals for year-three.
Every industry is changing at a more rapid pace. Products and services are becoming increasingly commercialized. Technology is playing a progressively bigger role in research and development, marketing and advertising, and sales and distribution.
The pharmaceutical sector is one that has felt this transformation in research and development over the past few years and will start to feel it in the other divisions over the next decade.
Here are a few of the trends that will shape the pharmaceutical industry over the next ten years:
Expiring patterns and growing pressure from authorities to reduce drug prices are testing pharma industry. Digital transformation is the avenue which will help companies succeed in mitigating these challenges. Digital transformation provides keys to unlocking the patient access and interaction challenges. Prescribers are finding various avenues to find the information which in turn is reducing the face time reps get with the prescribers.
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