In any industry, the term "marketing” is always a key factor in determining the success of a business. In the pharmaceutical industry, whether the business is being done directly to the customer or to the physician, a lot of data must be kept for executing successful campaigns. While data is important, the last thing companies want to do is market their brand to people who want nothing to do with them. So, the question becomes, how do you know who’s interested?
Whether you’re knowledgeable on Clinical Trials and the process that goes into it or not, it is 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.
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.
The pharma industry is undergoing a transformation that is largely being driven by innovation. Innovation not just in products, but also in the way business is conducted, resources are mobilized, and the benefits that the end user experiences. Holistic innovation is what Pharma 3.0 is about, says an EY research.
Statistics show that close to 90 percent of the entire world’s data has been created only in the last two years, which is growing by leaps and bounds at a mind-boggling rate. Just to give an idea, over 2.62 million terabytes of fresh data is created every day across the world. By 2018, it is estimated that we would churn out close to 50 TB of data each second. What’s even more daunting is the fact that over 90 percent of all data that’s being produced is unconstructed. Which leaves possibilities for inconsistencies, and non-standardized units, formats and systems of measurement.
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Swapan Kumar Manna | December 19, 2017
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