In today's digital era, the term "data" often poses a challenge for many industries, including pharma and biotech, as they grapple with an abundance of raw data but lack a clear understanding of how to leverage it. The pharmaceutical industry is experiencing a significant impact from the growing accessibility of high-quality real-world healthcare data.
Recent findings highlight the importance of applying specific data strategies for innovation optimization, enhanced research and clinical trial efficiency, and transitioning to a patient-centric healthcare approach. Pharma leadership teams consistently prioritize these strategies to stay ahead in the industry.
Pharma analytics are deemed crucial, with nearly 40% of industry professionals identifying it as the most significant trend in the upcoming year. Key areas of focus include:
- Identifying potential drug candidates.
- Monitoring clinical trials.
- Analyzing trends in electronic health records.
- Improving tracking of patient statistics.
- Predicting healthcare outcomes.
- Designing treatment protocols.
To thrive in the evolving field of pharma data, organizations must grasp the relevance of available data sources, understand their unique differences, recognize the importance of the information they provide, and learn how to harness it for company benefit.
Primary vs. Secondary Data Sources
In pharma data analytics, data falls into two main categories: primary and secondary data sources.
Primary Data Sources: Gathered through direct interactions with end-users, such as physicians, clinical trial participants, or patients involved in treatment generating medical claims.
Secondary Data Sources: Collected through market research, utilizing databases, and registries, including information from sources like social media, websites, the Sunshine Act Database, and FDA databases.
Both primary and secondary data sources offer timely, relevant information crucial for evaluating strategic opportunities in the global pharma market.
Examples of Primary Data Sources in Pharma
- Clinical Trials:
- Essential for providing detailed information on the safety and efficacy of pharma products.
- A crucial phase in drug development, with associated costs estimated at over $2.5 billion.
- Patient Testimonials:
- Increasingly important for building patient connections.
- Research shows that inspirational patient stories lead to increased hope and proactive actions.
- Adverse Events:
- Crucial for legal compliance and improving future trials.
- FDA guidance emphasizes the importance of managing and tracking adverse events.
- Sales Operations and CRM Software:
- Essential for effective sales operations.
- Analyzes data to develop comprehensive promotion strategies and target audiences.
Examples of Secondary Data Sources
- Social Media:
- Transforming pharma and healthcare industries.
- Over 80% of social media users actively seek health-related information, with patient testimonials driving engagement.
- Sunshine Act Database:
- Publishes data disclosing payments made to healthcare professionals and organizations.
- Valuable for understanding the financial interactions impacting decision-making and healthcare costs.
In the current open healthcare information era, access to actionable pharma data is crucial for meeting customer needs, driving innovation, and increasing revenue. P360 proudly serves as a premium pharma data solutions provider, offering streamlined access to primary and secondary data sources. Our advanced pharma analytics and data management platform empower organizations to adapt to customer needs, achieve better results, and enhance overall performance.
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