Controlling diseases and delivering proper healthcare solutions are the foundation of a healthy and working society. To decrease the challenges it is vital to understand how to make a good report in Microsoft Power BI  to enhance the company’s healthcare operations. 

To support this effort, Microsoft Power BI consulting service can help healthcare organizations streamline and visualize their data in a more meaningful way, giving them the insights they need to drive better decision-making and improve overall operations. This powerful tool allows companies to turn raw data into actionable information, delivering a clear and concise picture of their healthcare operations, including trends and patterns that can inform strategy and planning.

Newer delivery systems, better functionality, and drugs were needed to combat the alarming healthcare situation. The Pharma industry played a pivotal role in ensuring better deliveries and improved healthcare quality.

This is one of the most crisis-proof sectors in the world. Despite all the major issues surrounding the segment globally, it hasn’t seen any drop in revenue. The worldwide revenue generated from this industry in 2021 was $1.42 trillion (Statista). 

The American pharma industry is responsible for over half of the revenue generated as all the top 10 pharma companies are headquartered here. 

The pharma industry holds a huge responsibility for healthcare quality and delivery. They rely on empirical data to test their theories and know the existing patterns, which help with drug development and clinical trials.

Here we will look at how Power BI can help data-dependent Pharma companies. 

What is Power BI?

Power BI is the tool that helps industries globally to start and grow their business using data. It’s Microsoft’s visual data intelligence software that uses visual data and insights to boost decision-making. 

You can look into the latest trends, measure the KPIs you have defined for the particular requirement, and compare with past trends to check the difference. 

The best part about this software solution is it enables companies to make decisions from anywhere as it is easy to access. Having proper Power BI resources can really help you make the most out of data.

How Can Pharma Companies Benefit from Power BI?

Data is at the core of all functions of the pharma industry. Power BI will help and support the different wings to enable better treatments and proactive solutions. 

1. Accelerate Drug Development

It costs a pharma company heavily to launch a new drug. You don’t want to cause more issues with the medicine you have developed. Moreover, people on the drug development side want to ensure minimal side effects and better recovery.

Data can help ensure faster development, smooth clinical trials, and a better understanding of the current drug impacts.

With Power BI, the visual graphs represent how your clinical trials fared, and whether or not you need more trials. Moreover, the predictive analytics into your drug’s outcome.

With the historical data, latest clinical trial data, and other information, PowerBI can help build patterns that can improve your decision-making concerning trials and development. 

2. Better Sales Performance

Adding a new drug to the market that promises instant solutions is not enough; you need more takers. This comes when you work on selling need-based solutions.

With PowerBI, you can build an analysis of the demand in the market. If you have been noticing more people buying headache medicines in the past few months, you can build your inventory accordingly.

The predictive analysis of drugs as per the seasons can help you forecast sales figures and manage the inventory accordingly. For example, there is a likely rise in flu cases during the cold months. If the past patterns show a rise in the consumption of certain drugs, you can accordingly increase the supply. 

This indicates better sales for your pharma store or company, which is reflected in the profits earned during the quarter or year. 

3. Manage the Manufacturing

Data is also an important part of the manufacturing process in the pharma industry. With Power BI, you get complete visibility into the shop floor processes. You are aware of how much time a particular machine or process should take and which parts to automate.

You will also know which machine will enter maintenance and how to substitute it.

With such incredible insight, you can make decisions regarding the amounts you want to manufacture, timelines, and other aspects.

You can also optimize the product lines with PowerBI insights and check the performance of the individual products. Check if the machines can produce more quantity by reading the data. You can also know if the machines are capable of the services you need from them. 

4. Target Specific Patient Clusters

There is a chance that no two patient responds the same way to a drug or treatment. That’s when you need the intervention of Power BI. It helps build clusters of patients with similar responses and side effects to the treatment. 

This data will help build personalized treatment and drugs for the cluster. You can carry out the clinical trials for a particular patient group and accordingly derive the outcomes.

It will help personalize treatment and ensure that everyone with a particular issue is treated in the long run. 

5. Cost-effective Solutions

When you have visually informative data, you can check on the development and ingredient costs for the industry. This will help get an insight into how to improve the cost. 

At the same time, you can check if some parameters can help reduce the development effort and cost. Power BI data can help make better cost decisions, which can help reduce the overall development cost. Eventually, you can reduce the drug’s selling price to increase conversions. 

6. Enhances Risk Management 

When you have launched a new drug to the market, you will start drawing a lot of attention in the early stages. You can receive information and feedback on the drug’s performance across channels (read social media, news, Google search). This data is the unstructured information that you have received about these medicines. It should be treated as feedback and will help in improving the product quality. 

It helps you know what happens when people consume these medicines, and how you can prevent these risks or side effects. 

With this data flow, you can get patient safety and risk information, which can help improve the standards and quality. 

Conclusion

This blog talked about how Power BI can empower pharma companies and improve the quality of drugs developed. It will foster innovation, help predicate sales and improve conversions for the sector.

With the structured/unstructured data, businesses will know what drugs are safe and which ones aren’t. This will benefit in improving safety standards, reducing risk, and enhancing drug development processes.

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