Pharma companies is using analytics to cut operations cost

Pharmaceutical businesses, on account of cost pressures and an intensive regulatory gaze, are actually investing in digital tools and data analytics to hone the marketing focus of theirs and boost compliance.

The move is available in the backdrop of cost competitiveness in regulatory actions and key markets leading to negative audit observations as well as warning letters.

According to Cipla’s global chief financial officer, Kedar Upadhye  “Businesses that digitalize will have a huge competitive advantage over others. At we are leveraging new-age technologies to drive efficiencies,”.

For drugmakers, cost optimization is an important factor since progress is under stress due to cost erosion. GSK Pharmaceuticals are utilizing the same techniques with the help of analytics to generate consumer insight and better engagement with doctors.

“Under our new marketing model, we are accelerating the use of credible scientific data, data analytics, and digital tools across our operations. We increased the hiring of experts in digital technology and data analytics this year,” GSK Pharmaceuticals said in its latest annual report.

Zydus Cadila is actually employing analytics by using digital applications for advancements in supply chain procedure, product development, as well as marketing and sales. These assist the business to prepare sales and vendor management.

Inputs from: https://www.business-standard.com/article/companies/as-price-pressure-mounts-pharma-companies-tap-analytics-to-cut-costs-119080300921_1.html

 

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