Traceable Predictive Analytics - The Competitive Advantage for Pharmaceutical Industry Profits
Predictive analytics provides key advantages to businesses seeking to both forecast future business outcomes and to prevent potentially avoidable disasters, which have been well-documented in a wide variety of media, most notably in Moneyball. Although the pharmaceutical industry is no exception to the rule in this regard, pharma requires a specific set of data, integration, and analytic requirements to fully take advantage of predictive analytics.
The pharmaceutical industry faces a variety of key challenges based on the complexity of its business model that, in conjunction, represent a unique set of circumstances that must be managed to ensure business success. To take full advantage of predictive analytics, pharmaceutical companies must effectively account for regulatory, environmental, manufacturing, and business customization issues.