This type of analysis can have many different objectives, but in today’s article we will talk about how it benefits the pharmaceutical industry. Want to understand more about the subject? Keep reading and get all your questions answered!
What is statistical analysis?
Statistical analysis is one of several types of business intelligence that can help a company get ahead. It is especially useful in the pharmaceutical industry not only because it helps companies save money, but also because it reduces the risk in testing and distributing a given drug.
The characteristics of statistical analyses are:
describe the data analyzed;
explore the relationship between them and a population;
create comprehensive models of the information australia whatsapp users through analysis;
prove the validity of a given hypothesis; and
validate data that may indicate future trends.
Statistical analyses, in general, are performed using cutting-edge software, customized to identify and point out the most relevant data for a given business and type of analysis.
These software programs are not limited to statistical analysis; they can also provide data such as estimates, prediction intervals and confidence intervals so that companies can better understand how their processes and operations can be optimized and how muchreliableare the data they have.
Statistical analysis and the pharmaceutical industry: how are they related?
Over the years, the pharmaceutical industry has always been one of the biggest beneficiaries of the use of data in product research and development. Tools such as clinical trials, for example, only exist because they can be analyzed and proven to be effective or not.
With the advent ofBusiness Intelligenceand advances in the industry, it is not surprising that companies in the sector are at the forefront when it comes to data analysis.
The resource is often applied to reducing drug production costs, predicting their effectiveness and in the marketing efforts of industries in the sector, one of the most competitive in the world.
What are the benefits of statistical analysis in the pharmaceutical industry?
Now that you know everything about statistical analysis and how it is performed in the pharmaceutical industry, how about checking out some of the benefits that valuable insights can bring to a business in this sector? See how industries around the world use statistical analysis and predictive analysis to gain competitiveness and productivity.
Improvements in new product development
One of the main ways the pharmaceutical industry can generate value is through the creation, development and optimization of drugs.
Although millions of dollars have been invested in these processes, today only 14% of clinical drug trials are successful. A very low rate for an industry that can invest billions in the launch of a single drug.
Statistical analysis emerges as an alternative to overcome this challenge. Solutions fordata analysiscan unify information from multiple product testing silos and, with the help of machine learning tools, predict how the drug will behave in each situation.
This brings many advantages to industries that can obtain more accurate results in their tests, without putting populations at risk or affecting the effectiveness of a drug, nor its production and distribution.
Prediction of drug efficiency
Did you know that for every five medications that are placed in themarket, at least one has a high chance of causing serious reactions in consumers, even after testing and approval by regulatory bodies?
This is very important data for the pharmaceutical industry around the world, after all, it shows that there are several errors in the testing processes that reduce the efficiency of medications.
Statistical analysis software is a great ally in combating problems like this. It can identify the efficiency of a given treatment using machine learning and algorithms to analyze the patient's profile and the likely drug interactions common to that user.
With this information, software becomes capable of predicting not only which medication is least likely to put a patient's life at risk, but also when and why these risks occur.
These valuable insights can be used by the organization in further drug testing and development, resulting in less risky and more effective medicines.
Optimize drug sales and distribution
Another major challenge for the pharmaceutical industry is ensuring that the billions invested in developing a drug result in new business for the organization. Identifying doctors who treat patients who could benefit from a new drug, for example, makes this task more complex than many imagine.
Statistical analysis tools can help you make more sales based on relevant information about health insurance plans, professionals in a given region and demographic profile.
All of this will help your business find population segments that can benefit most from a medication, as well as which doctors should be approached for that drug to gain market share.
According to data fromPEX (Process Excellence Network), the pharmaceutical industry tends to benefit from the use of statistical analysis both when it comes to generating value for the consumer and when we talk about innovation. Therefore, software capable of analyzing data proficiently is some of the most sought after in this market.
The organization estimates that for the pharmaceutical industry to launch a new product on the market — including expenses for patents, research, manufacturing and distribution — a company may have to invest up to five billion dollars. Ideally, all this work should be done withdecisionsdata-based, less prone to errors and closer to consumers' reality to avoid wasting money.
That is why it is so important for the pharmaceutical industry to develop analysis mechanisms capable of leveraging the sector, optimizing the effectiveness of clinical trials and creating personalized products that serve specific patient populations more effectively.
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