Perspectives on Business Management, Economics & Information Technology (PBMEIT) Now also covers research on Psychology

PBME Volume IV ISBN: 978-81-951151-2-9

HEALTHCARE DATA ANALYTICS: A PROMISING APPROACH TO MANAGE BIG DATA IN HEALTHCARE AND PHARMA

Author(s): STUTI THAPLIYAL & Dr. P.S. RAYCHAUDHURI & HIMANSHU KAUSHIK

Abstract

Business managers have to deal with huge amount of data in this technology age. Big data implies highly complex datasets, making them hard to deal with using conventional methods and techniques. Like different industries, things are changing exceptionally quickly in the pharmaceutical and healthcare industries. The organization gets very little time to earn on the investment with the limited time patent period of the drug. There is a significant need to accelerate business profitability with the help of innovative technological salutations. In this study, our objectives are to explore the benefits of big data analytics for healthcare and pharmaceutical business profitability; to understand the role of big data analytics in cost, time, and data management for different operations in healthcare and pharmaceutical industries and to assess the hurdles and challenges in healthcare data analytics. In this paper, the researchers have done secondary research. Big data analytics in pharmaceutical and healthcare is hugely beneficial for coordinating, investigating, and breaking down a lot of complex heterogeneous data with various natures. Healthcare data analytics can mitigate expenses of drug development, treatment, anticipate up-coming pandemics, reduce and manage communicable and preventable diseases, and improve the patient outcome and overall health. Data analytics can help the healthcare and pharmaceutical industry in different ways; therefore, it is imperative to understand its significance.

Keywords: Big data, Healthcare Business, Healthcare data analytics, Pharmaceutical Industries, Marketing Strategy

JEL Classification: I10, M40, M41, I19

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