How Pharmaceutical Companies Are Using Business Intelligence
by Christian Ofori-Boateng on Mar 7, 2018 8:30:00 AM
To stay viable and competitive, pharmaceutical companies are using business intelligence to keep up with a constantly changing industry. Not only do these companies face the challenge of developing new drugs, they also try to lead the market with the drugs they currently manufacture. Additionally, pharmaceutical companies are facing growing competition from the generic market. This forces them to develop generic drugs to compete with the brand names. Using business intelligence helps pharmaceutical companies develop intelligent solutions to the innumerable challenges of the industry.
Developing new drugs, competing with generic drugs and putting their own generic drugs on the market is putting pharmaceutical companies under incredible pressure to focus efforts on the next great drug.
Pharmaceutical companies spend huge amounts of money on marketing. Therefore, they must closely track sales performance and consumer behavior to better target marketing strategies as well as ensure the proper distribution of the marketing budget. Using relevant KPIs such as customer segmentation, campaign analysis, and market share analysis, business intelligence allows companies to identify the products that are the most profitable, monitor consumer behavior pertaining to prescription renewals and product purchases, chart the success of marketing campaigns, and analyze profitability by product, customer, demographics, and other factors.
To maintain costs and develop effective budgets, it is imperative for pharmaceutical companies to closely monitor financial data. Business Intelligence solutions allow companies to monitor and forecast financial performance as well as produce mandatory financial reports.
The pharmaceutical industry is under intense pressure to expedite products to the market while keeping costs down. To accomplish this, monitoring and effectively managing the clinical data process is imperative. For example, clinical trials provide a very large amount of data. Business intelligence software has the analytical capabilities to track all of this information, identify the most efficient practices, and enhance resource distribution. Furthermore, by gathering data from multiple sources, business intelligence enables pharmaceutical companies to identify trends and inconsistencies as well as scrutinize risks during product development and launch.
Pharmaceutical companies must monitor a vast amount of information from across the entire organization and turn it into useful, actionable information to achieve increased profit margins. Tracking supplier networks, production levels, and qualities of products are all benefits of business intelligence. In addition, business intelligence enables pharmaceutical companies to monitor costs and operational efficiency across the organization, investigate employee productivity, and effectively allocate resources by simultaneously analyzing information from multiple sources.
Increased challenges in the pharmaceutical industry dictate that pharmaceutical companies stay ahead of the competition. Business intelligence provides pharmaceutical companies with in-depth analytical reports, graphic dashboards, and unlimited user access. With all this information integrated from multiple sources, they can operate more efficiently, optimize their competitive edge, and increase revenue. See how we can help today. Get started with your free trial.