The pharma and biotech industry is faced with heavy regulatory oversight, decreasing research and development (R&D) productivity, challenges to growth and profitability, and impact of digitization in the value chain. There is a major cost for regulatory compliance and big penalties for non-compliance. The industry is also facing rising R&D costs as health outcomes deteriorate. The customer demographics isisis changing, digital media is playing more of a role in consumer sentiment towards products, and market opportunities are continually shifting. These are catalysts for advanced analytics.
This paper describes how advanced analytics can add value to the pharma and biotech industry.
The paper focuses on:
• Pharma and biotech industry challenges and opportunities, and how advanced analytics plays a role in the industry
• Advanced analytics applications in the pharma and biotech industry and examples of how it creates value
• The process and challenges of operationalizing advanced analytics in the pharma and biotech industry