Pharmaceutical companies are in absolute need to develop new drugs and to compete with the growing generic drug market. This has led to a sharp increase in R&D and marketing costs. Pharma companies are now increasingly partnering with each other and with bio-tech firms in order to face the demands of the industry. As a result, firms are getting access to a wealth of data regarding drugs, customers and industry. For the firms to win in the long run, they need to make the best use of this data.
Pharmaceutical firm's spend on marketing is on the rise and the companies are in absolute need to track sales performance and consumer behaviour in order to fully understand the worth of their marketing efforts and to determine the areas in which they are over/under spending. BI platforms help firms to monitor consumer behaviour, track performance of marketing campaigns and analyze profitability by product, customer segments, geography etc. BI tools pull together information about all relevant areas that can help create a clear picture of what is working and what is not for firms.
Regulatory compliance is an absolute requirement in the pharmaceutical industry. Firms spend a lot of time and effort collecting and presenting periodic information on compliance. BI tools provide firms with the necessary analytical and reporting capabilities that are required for this process. BI can also provide the strong security framework that is necessary for protecting these kind of highly confidential data.
Monitoring and effectively managing the drug discovery process is essential for pharmaceutical company to control their R&D spend and to increase their speed-to-market. BI tool's analytical capabilities enable companies to track large amounts of information stemming from clinical trials, and provide them with a framework to analyze the data efficiently. Companies can perform –what if analysis and identify risks at the right time before too much effort and time is spent in pursuing a wrong direction.
Drug discovery requires very high throughput screening and the powerful analytical and visual tools. Advance BI tools are available to specially aid pharmaceutical firms in these processes.