It is widely believed that machine learning and data mining are right on the cusp of becoming among the most important breakthroughs that the healthcare industry has seen in years. While applications of these techniques have already occurred elsewhere in the pharma sector, wide-spread applications in pharmaceutical commercial analytics have come more recently.
Pharma companies are now looking to these techniques to identify additional sources of value. The expansion of using large databases from patient claims and electronic health records, coupled with expanded sales and marketing channels and associated metrics, have generated substantial opportunities for value to be extracted through these techniques. Increasing complexities of the pharma environment also mean that machine learning can provide earlier anticipation of and faster responses to new threats and opportunities.
Given inquiries we have received from clients, this white paper presents Axtria’s viewpoint on the value of machine learning and data mining in pharmaceutical commercial analytics.