Global Commercial Pharmaceutical Analytics Market – Overview
The therapeutic industry is experiencing a substantial transformation, shifting away from the product centric emphasis on blockbuster drugs to a more value-driven approach based, gradually, on specialty medicines and patient outcomes. Contending in this environment involves a fresh approach that goes beyond out-dated sales and marketing practices.
Every piece of medical research and development contains generation of massive amounts of data, with the expectation that we can turn this data quickly into beneficial knowledge. This can be used to make ‘data-driven’ decisions to better understand and control processes. This derived information can be used to decrease prices, expand proficiencies, decrease progress time, and smoothen and fasten the post-approval changes. Commercial Pharmaceutical Analytics make the critical alteration by recognising how to best occupy and hold physicians and their patients, while successfully managing payers to enhance revenue and margin during the short patent gap.
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Analytics is fundamentally a tool for the pulling out of enormous amount of scattered data, processing of the data to line it up into a valuable information. This processed data can then be used in various processes. Analytics eases the workload capacity in an organisation and allows us to maintain the well-organized workflow. Analytics can be put in to effect through various software, services provided over web based or Client based model and on-premise model.
Pharmaceutical industry is going through the tectonic shift as analytics is performing a key role by helping the pharmaceutical and life science industry in terms of superiority of process and resulting business impact they create. Factors which helps to boosts the growth of the market, includes growing adoption of new technologies and analytical tools, increasing usage of analytical tools in streamlining business process, rapidly growing pharmaceutical industry. However, limitations such as lack of trained professionals can hamper the growth of the market.
Commercial Pharmaceutical Analytics Market Key Players
Allscripts (U.S), Microsoft (U.S), Wipro Limited (U.S), Statistical Analysis System (U.S), Northwest Analytics, INC. (U.S), International Business Machines Corporation (U.S), ORACLE (U.S), Citiustech INC (U.S), Scio Health Analytics (U.S), Take Solutions LTD (U.S), Trinity Pharma Solutions (U.S), Fuzzy Logix INC (U.S), and Cerner Corporation (U.S)
Global Commercial Pharmaceutical Analytics Market – Competitive Analysis
The North America dominates the global market for Commercial Pharmaceutical Analytics as it holds the highest market share due to increasing demand for the advanced techniques in healthcare sector. The Patient Protection and Affordable Care Act in U.S is serving and helping the pharmaceutical companies in their research and development. With well-established market in the North America region major companies like Allscripts (U.S), Microsoft (U.S), Wipro Limited (U.S) have their home in the region and generate maximum market share.
Allscripts, an American multinational company headquartered in US, is one of the leading players in Commercial Pharmaceutical Analytics. Allscripts is a leader in healthcare information technology solutions that advance clinical, financial and operational results. It provides information technology solutions and services to healthcare organizations in the United States, Canada, and internationally. It offers electronic health records, private cloud hosting, analytics, patient engagement, clinical decision support, and population health management solutions. On January 2018, All scripts has publicized that it will obtain Practice Fusion, a health IT vendor offering a cloud-based EHR and data analytics tools for life science companies, for USD 100 million in cash. The acquisition will allow Allscripts to spread its big data analytics abilities and continue to deliver data-driven solutions to the life science sector. Practice Fusion is most well-known for its cost-effective electronic health record solutions aimed at smaller practices.
Microsoft an American health care company headquartered in US. Microsoft platforms the services provided and lay the foundation for solutions that helps to modernize new treatments. The main focus of Microsoft’s genomics team is to develop analytics, machine learning, and artificial intelligence algorithms to help clinicians to make more accurate diagnoses more quickly and reduce trial-and-error while prescribing treatments.
Statistical Analysis System an American health care company headquartered in US. SAS provides analytics, data management software and services. It provides statistical analysis and data management services to life sciences, pharmaceutical, biotechnology, and medical device companies, as well as CROs. Also, the company provides clinical database formation, authentication, and auditing. CRF tracking and audit trail documentation, concomitant medication, medical history coding, integration, and scrubbing of electronic data, and undisputable correction listing services.
Northwest Analytics (NWA) is a manufacturing leader in delivering manufacturing intelligence and SPC software solutions to efficiently accomplish and improve plant processes in manufacturing enterprises and supply chains. Northwest Analytics (NWA) is honoured with Frost & Sullivan’s Global Enabling Technology Leadership Award. NWA’s product Focus EMI empowers role-based decision support, turning data into action to lesser costs and increase yields to improve supply-chain control.
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