Pharmaceutical companies today are experiencing ever-growing challenges. This includes the need for the expedited product as well as product launches, development of personalized therapies and medicines, and patient outreach in a more virtual world.
In order to deal with all these challenges, Pharma companies must get smarter. They need to know their patients better, comprehend healthcare data, understand how to target and educate healthcare providers, and enhance engagement and deliver value across clinical and commercial spaces.
For organizations to address these challenges, it’s critical to integrate patient or healthcare data and establish connectivity across the network. In this blog post, we’ll discuss why integration is integral in enabling pharmaceutical companies to deliver high-quality patient care and achieve business priorities.
Creating data connections across clinical and commercial settings has been gaining traction for companies seeking growth. Increasingly, companies are relying on Artificial Intelligence and Machine Learning solutions to garner data insights. An example of this could be gleaning insights to understand how patients interact, or what providers have contacted a company’s website.
AI-powered solutions are helping Pharma companies map and integrate healthcare data in minutes instead of months. These solutions make use of Machine Learning algorithms to map complex, diverse data at the speed of business. The biggest advantage of these solutions is that even non-technical users can leverage the transformative powers of AI and ML to gain actionable insights without seeking IT or technical support. This accelerates decision-making and ensures the best-quality patient experiences and care.
All of these insights can lead to enhanced patient engagement, recruitment, and retention. They can also help sales representatives know what hospitals or healthcare providers they must target. Data integration is fundamental to delivering these insights. And when leveraged effectively, the insights can turn into the important top as well as the bottom-line impact for Pharma companies.
Pharmaceutical organizations are relying on external partnerships or vendors to proffer a plethora of services and product offerings. For example, organizations depend on CROs to streamline clinical research, pharmacovigilance, clinical trials, and more. Enterprises are collaborating with each other to hone capabilities that would otherwise take years to develop in-house, like commercialization services and next-level therapies.
These increased partnerships can help companies scale up and grow faster. At the same time, it increases the need for backend IT data sources to connect and communicate. Business-as-usual tasks, including financial reporting and compliance, calls for the need to integrate data across ecosystems. Additionally, there is a growing need for this data to be viewed and accessed in real-time.
A Pharma company can expand its product offerings through Mergers and Acquisitions (M&A). But with any M&A, there are times when data must be integrated across myriad partner ecosystems, CRMs, ERPs, portfolio management solutions, and so on. This integration is fundamental because it ensures that operations are not disrupted and that organization is remaining compliant with governance bodies and regulatory boards. Companies are dealing with two different sets of data, applications, processes, and systems, and they must incorporate a robust data integration strategy to ensure that they streamline operations and create value.
Automation enables companies to save time. And that creates cost savings and ultimately generates revenue. For example, users may spend time sorting through customers, orders, fulfilment, and contract data across multiple disparate systems. This creates inefficiencies. By automating data exchange between systems into a single connected experience, Pharma companies can generate significant value.
Data integration platforms can transform the way Pharma companies create connections and deliver quality experiences. Consequently, companies can improve patient outcomes and care.