Key Benefits of Advanced Analytics in the Pharma Industry | Quantzig

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Advanced Analytics in Pharma Benefits You Might Not Have Known. (Graphic: Business Wire)

Pharma industry players have trusted on experimental data to test theories, identify patterns, and understand the effectiveness of treatments for a long time. Innovation is a key strategy for pharma companies to preserve their operating buffers when it comes to launching new products. But inappropriately designed clinical trials, a patient population that are not suitable, and lack of competitive difference are some of the key features fueling drug failures pre- and post-launch. Advanced analytics has the ability to change the growth strategies of pharma companies. In this blog, Quantzig has listed the key benefits of advanced analytics in the pharma industry.

According to the advanced analytics experts at Quantzig, “Pharma companies benefit from adopting advanced analytics for their sales and marketing functions.”

Speak to an expert to know more about the scope of our research.

Key benefits of advanced analytics in the pharma industry

• Drug discovery and development: With the help of advanced analytics, pharma companies can wisely search vast data sets of patents, scientific publications, and clinical trials data to help fast-track the discovery of new drugs by allowing researchers to examine results of previous tests. Players in the pharma industry can gain pertinent information and also gain insights into the avenues to yield the best results with analytics techniques like predictive analytics.
• Marketing and sales performance: By using advanced analytics, pharma companies can quickly find the new, niche, and underserved markets to understand information from many sources such as demographics, social media, electronic medical records, and other sources of data. Also, by analyzing the efficiency of sales efforts and recording the feedback received by the sales team during client visits, pharmaceutical companies can gain an edge over their competition.
• Better safety and risk management: Data gathered and analyzed from social media, customer feedback, Google searches, and a range of other sources can act as an early warning signal for pharma organizations about product safety issues. Additionally, pharma companies can think of ways in which this type of unstructured data can be used more competently. Players in the pharma industry can commence advanced analytics techniques like web scraping, where they can draw down many hits or posts from the Internet and then examine that data. This will help firms to see a larger picture of the public sentiment towards the brand and its products.
• Visit our page, to view a comprehensive list of key benefits of advanced analytics in the pharma industry

Quantzig is a pure-play analytics advisory firm concentrated on leveraging analytics for prudent decision making and offering solutions to clients across several industrial sectors.

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View the complete list of the key benefits of advanced analytics in the pharma industry here:

https://www.quantzig.com/blog/advanced-analytics-pharma-companies

About Quantzig

Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.

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