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Big Data, the value of data in the pharmaceutical sector

Big Data, the value of data in the pharmaceutical sector

Big Data is a tool that could help to improve your business, but its efficiency depends on its being applied properly. Because it is not an end in itself, but rather a way, it is necessary to carry out a detailed analysis before incorporating Big Data solutions effectively.

Big Data is precisely what its name suggests, 'large volume of information'. This can tell you in general what you are doing, what type of product is sold more in your pharmacy, what people are looking for or what catches their attention.
However, why are we interested in all this information? What do we do with it? These questions are very interesting, due to recent advances in technology, which allow us collect and store more and more data.

A simple case that can serve as an example: advertising can be carried out segmented by the consumer's profile, improving the effectiveness of advertising by preventing consumers from receiving advertisements that do not interest them. This is the true magic of Big Data, we introduce a large volume of data in our computers and these are able to relate or correlate what the human mind cannot.

However, the pharmaceutical industry is among the sectors that are taken more time to incorporate online marketing strategies. Although digitization in the pharmaceutical sector has resisted change, pharmaceutical groups and major laboratories generate a large amount of information every day. Through Big Data, pharmacists and suppliers can collect important data such as the number of visits received daily, sales reports, collect information from pharmaceutical colleges; corroborate the needs of the patients or the quantity of products available, as well as the price. Therefore, it is essential to develop adequate mass data analysis techniques that allow pharmacies and laboratories to be more competitive.

Benefits of Big Data for the Pharmaceutical Industry:
- More efficient diagnostics
- Improvements in planning and interpretation of results
- Creation of disease patterns
- Better prediction of the safety and efficiency of a medicine
- Accurate measurement of representative’s activity efficiency
- Cost savings

Benefits of Big Data for pharmacists and suppliers:

Examining big data in real time has been a key factor in developing strategies that require rapid decision making.

The control of inventories in the pharmacy is frequently carried out with non-intelligent tools that demand exclusive dedication from pharmaceutical professionals. This can cause large losses when mistakes are made in purchases and there is over-stock or stock-out,. This could be avoided if in the pharmacy supply chain we consider each and every one of the planning processes, and by this way predict those events that are going to change your stock every day and generate great opportunities to maximize your profitability and efficiency.

Besides, big data allows the pharmacy:
- Instantly search your products historical sales.
- Get a stock report, fast and easy.
- Control of offers, orders, billing or contacts with managers.
- Improve the service to your customers.
- Improve and grow your pharmacy or laboratory in the commercial field.
- Get a list of offers of those products that are predictably accurate and you do not have in the warehouse.
- Have a register of entry and exit of drugs and other pharmaceutical products.
- Manage all your orders in an integral way (online and offline)
- Advance demand increases based on your historical data
- Use Big-Data to improve the efficiency of the administration of your pharmacy

The application of Big Data strategies to encourage the decision making in the health industry could produce hundreds of millions of annual value in the health system, optimizing innovation, improving the efficacy of research and clinical trials; as well as designing new tools that doctors, users and regulators fulfill the promise of a more personalized approach.

Likewise, the model adapted to "Big Pharma" must work in a different way than the Internet search engines that we currently know. That is, in a scientific research environment, exact predictive analytics search results are required. This brings complexity in the applications of digital marketing techniques in the sector.

Big Data not only benefits the pharmaceutical sector, it also benefits many other sectors that need to look for additional information on the products that change people's lives, which would lead to the management of how to use more efficiently the products that have several or many indications

Analyze, store and make decisions about the wide information that the Big Data of the pharmacy and laboratories offers through the purchase algorithms of ebuyFarma, will allow them to acquire and offer products with a simple click at the best price through this digital MarketPlace.

Do you want more information? Contact EbuyFarma without obligation.

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Tuesday, 26 May 2020

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