Drug and product development is costly, risky and time consuming. The sooner a product can get to market, the sooner it will be in the hands of patients and doctors improving peoples lives. Getting a drug or product to market in a timely, safe and cost effective manner is the key to maximising profits. Analysing your companies research data could help improve project success rates, cut costs and keep your pipeline moving.
The pharmaceutical sector is becoming increasing competitive with lower margins per sale, pharmaceutical companies need to use every tool at their disposal to operate more efficiently and increase revenue. Data Analytics is an essential cost saving tool to help you get a drug or product to market faster.
Data Analytics usually starts revolutionising the sales and marketing departments of pharmaceutical and research based companies before it migrates to Research & Development, a department that stands to gain the most from understanding their data.
There has been an explosion in the types and volume of data available within the pharmaceutical and medical industries. This data growth has come from various sources including R&D, clinical trials, sales, marketing, market trends, regulators, retailers, caregivers and patients. Appropriate analysis of data already collected by your company could lead to better identification of viable drug candidates and can potentially speed up their progression through your pipeline.
The cost of bringing a drug or product to market has increased dramatically – driven by higher failure rates, larger clinical trial sizes and the need to demonstrate a significant improvement over competing products. There is also the added stress of getting products to market sooner to make the most of the patent protection period to maximise profits.
Some of the benefits Data Analytics can bring to your R&D pipelines:
- Being able to collate and analyse large amounts of data generated by sequential testing.
- Can enable more efficient collaboration by combining data from different locations.
- Researchers can focus on statistical and clinical results rather than programing or the technical details of data analysis.
- Improving the efficiency of research by being better able to quickly identify viable drug candidates.
- Quickly identify therapies that show little or no improvement to already available treatments, saving money and potential brand damage.
- Clinical trials can be better curated resulting in shorter, smaller and safer trials by better analysis of trial participants.
- Tracking and reporting of real world clinical evidence once a product is in the market.
- Significantly cutting costs of drug development will improve the company’s bottom line.
- Proving a drug or products success in the real world can lead to an increased tier of pricing, directly increasing profits.
- Getting to market quicker will maximise profits by getting the most out of patent protection.
The cost of generating and storing data keeps dropping but the true value of this data is in the analytics. Excel spreadsheets cannot handle the quantity and variety of data available to you and lets face it, not everyone in your organisation is a data scientist.
Easy to use Dashboard Analytics
The user-friendly graphical interface is very easy to use. An intuitive dashboard gives you, and any staff member with access, the ability to analyse available data on a desktop computer, tablet or smartphone. Most people require very little instruction to begin finding their own insights and understanding from your company’s data.
Dashboard Analytics can let anyone with access to your dashboard get a better understanding of how a project or product is developing. Easy to read charts and graphs can provide insight into a specific project, research success and running costs compared to projections.
Precision R&D powered by Data Analytics can bring much needed relief from the increasing costs of drug and product development. Data Analytics can provide the cost savings and competitive edge desperately required in a competitive and time sensitive industry.
Analytics software is an essential tool to optimise innovation and the potential time and cost savings are real.
We are focused on solving business problems where complex data is involved. We deliver business intelligence solutions using intuitive visualisations to support data driven decisions through data discovery and self-service analytics.
Satsumas have worked with financial, pharmaceutical, utility, retail and mining companies and understand the challenges you need to overcome.