The pharmaceutical industry is currently ranked as 2nd on the global scale with a market of estimated US $874 billion which would exponentially soar to US $ 1.22 trillion by 2022, the key drivers for this high stake is mainly due to poly-therapy used in the treatment of multiple chronic conditions like hypertension, diabetes, COPD, hyperlipedmia.
The healthcare system of India is growing at an incredible pace with a current compounded annual growth rate of (CAGR) of 22.9 % which is expected to reach a net worth of USD 150 Billion by 2020.
With easy accessibility of medicines, better nutritional supplements, better formulations and the switch from supervised to self-therapies using engineered technologies like controlled delivery systems, has impacted the pharmaceutical market to a great extent globally.
This impact has also led to many changes in the regulatory framework for instance, with respect to compliance, the marketing authorization holders (MAH) have been asked to focus more on the outcome, rather than the input Irrespective of whether MAH has a robust
pharmacovigilance system in place, if the risk of a drug causing a Serious Adverse Reaction which may also be life threatening is not controlled through implementation of risk mitigation strategies, it may lead to reactive measures which may include complete withdrawal of drug from the pharmaceutical market.
Through the use of Digital/social media platforms like facebook, twitter, blog spot has led people to take health related decisions. Data from such websites when mined and analysed using predictive analytical solutions would help in understanding the patient needs and accordingly this data may be applied in understanding the current market share of the product.
Pharma analytics is a science which provides data insights through reporting, descriptive, predictive and prescriptive analytical solutions. Pharma analytics helps companies to understand current trends in pharmaceutical space.
Its core components comprises of Drug discovery analytics, Supply disruption predictiveanalytics, Product failure analytics which uses predictive analysis to understand product failures, Risk analytics used in understanding the benefit vs risk how the well risk be tolerated in a study population, Social analytics to understand the actual need of the drug in the population. Pharma analytics also enhances reporting systems to ensure effective communication and adherence to regulatory compliance. The use of Business intelligence Visualization software enables better analysis of the business data.
Direct to customer selling, aggressive marketing strategies and launch of a molecules in many countries at the same time has led the MAH to highly depend on analytics for e.g. Pharma analytics is now been profusely used in the reduction of cycle time for clinical trials.
Analytical systems are designed in such a way that they are self-learning, evolving as per feedback received from end users. Lifesciences organisations are now relying on decision made using analytical tools, Pharma analytics thus promises a huge scope in the coming years.
For more information on the career in pharma data analytics, please contact info@cliniminds.com or call +91 98100 68241.
References:
Analytics
1. Analytics in Pharma and Life Sciences; Abhishek Menon, Anupam Jain; Everest group research; page 3,6,7,9
Weblink:http://www.genpact.com/docs/default-source/resource-/analytics-in-pharma-and-life-sciences
(Last accessed on 29 Dec 2017; 16:00)
2. Life Sciences
Weblink: https://www.infosys.com/data-analytics/verticals/Pages/life-sciences.aspx
(Last accessed on 29 Dec 2017; 16:15)
3. Pharmaceutical Commerce; “Global pharma market will reach $1.12 trillion in 2022”; September 26, 2016
Weblink: http://pharmaceuticalcommerce.com/business-and-finance/global-pharma-market-will-reach-1-12-trillion-2022/
(Last accessed on 29 Dec 2017; 16:15)
