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The Pharma and life science industry continuously adapt and evolve with the latest technological trends like IoT, 3D printing, cloud and so on to meet the requirements in the industry. These innovations imbibe the potential to change the basics of the industry by offering improved patient and healthcare professional engagement, better services for patients, higher productivity and so on. The backbone of the Pharma and life science industry is its research and development (R&D) sector. Therefore, to meet the demands of the industry, companies are seeking methods to improve and enhance the R&D sector with the help of information technology.

The initiation of cloud in the industry aids to connect the extended supply chain. For example, information and data from the manufacturing execution systems (MES) and laboratory information management systems (LIMS) can be linked with each other with the help of the cloud technology. The most important component of science is data and the value derived from it. Cloud-based software solves the problem of massive unstructured data, which can be accessed from a single place. The cloud-based software can transform the way scientists perform their experiments by connecting their personal instruments directly to the cloud. When all the data and events are logged, the results of the experiments and the records are seamlessly visible across the entire workflow and project, which in turn enhances the whole process and the outcome.

Big data is another massive game changer in the pharma and life sciences industry. Pharmaceutical firms own massive data that includes patient to supply chain information, the digitization that has happened in the recent years, have made it possible to access this huge volume of data through software, making big data an important factor. The systematic analysis of this big data enhances the success of the industry to a large extent. By implementing big data management systems, businesses can perform better. These management systems can mine previously remote data and unlock the necessary information from unstructured and structured data in a very short period of time. The analytics of these huge volumes of data helps the medical professionals to detect the disease in an early stage by the analysis of the prescription and the treatment patterns. Implementing big data management systems will also aid scientists to derive insights across the entire drug development life cycle. Big data analytics is an exceptional tool that helps to understand relationships and the trends prevailing in the large volumes of data in the industry. The data sets will comprise of prescription orders, customer feedback, transaction records, clinical data, and so on in an accessible way to pharmaceutical companies, which can be used for further strengthening of the company.

By implementing data analysis in the Pharma and life science industry, provides significant value-creation potential. By harnessing the power of data through analytics, scientists will be enabled to source their scientific findings from labs or internal knowledge to enhance discovery, which will also help to reduce cycle time for product development. The risk analytics will aid to evaluate the probable risk posed by elemental impurities in a drug product, which is formulated. Therefore, pharmaceutical organizations should make maximum use of big data and analytics for a better future.

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