How to Deal With Data Discrepancies: Pharma Analytics’ Biggest Challenge
It’s well known that right after fixing the world’s greatest tragedies, like climate change, world hunger and wars, the next challenge would be, without a doubt, fixing those data ‘black holes’ created by missing data and data inaccuracies in the Pharma industry.
Don’t you just wish that were true…?
Pluralism may be essential as a philosophic and social approach, but when it comes to Life Sciences, Pharmaceutical companies need to have a single version of the truth in order to determine market trends accurately. And, thankful as we are to IMS, Symphony and other data providers, the masses of data gathered and then consumed by Pharmaceutical companies raises what may be referred to as the biggest challenge in Pharma analytics today: data cleansing.
What Pharmaceutical companies really strive for, in order to achieve as accurate a picture as possible of the current market trends and their drug’s performances, is the ability to map the behavior of physicians and patients at all different levels: from patient level to account level, etc.
Read on to discover two main analytical issues preventing sleep from Pharma analysts everywhere and their implications. Both issues stem from data source challenges and both are vital in the analyses used for successful drug launches.