The pharmaceutical industry is harnessing the power of big data to drive innovation and optimize various aspects of drug development and healthcare. Despite fluctuations in patent applications and job postings, strategic investments in big data underscore its pivotal role in shaping the future of pharmaceutical advancements globally. The impact of big data extends beyond the pharmaceutical sector, influencing various industries. GlobalData’s big data market report provides comprehensive analysis of the big data market. Buy the report here.
Smarter leaders trust GlobalData
This article presents a quarterly round-up of the latest trends in the pharmaceutical industry regarding big data. It provides an overview of recent developments in big data-related deals, talent acquisition, and patent filings within the pharmaceutical industry.
Diverse applications of big data in pharmaceutical industry
Pharma companies like Yale University, Adapsyn Bioscience Inc, and Aseko Inc are leveraging new big data technologies through recent patents to innovate and improve their businesses. These technologies include nanobody compositions for identifying proteins, natural product and genetic data analysis systems, workflow performance analytics, classifier apparatus with decision support tools, and advising diabetes medications. By acquiring these patents, a company can benefit from advanced methods for data analysis, improved project performance analytics, enhanced classification accuracy, and personalized medication recommendations based on patient data. These technologies offer opportunities for more efficient drug discovery, personalized healthcare solutions, and overall optimization of pharmaceutical processes through the utilization of big data in the field of healthcare.
The industry experienced a 22% decline in the number of big data-related patent applications in Q4 2023 compared with the previous quarter. On an annual basis, the number of big data-related patent applications in the pharmaceutical industry witnessed a rise of 80% compared with Q4 2022.
Strategic deal trends in big data in pharmaceutical industry
Pharmaceutical companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in big data. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of big data in the pharmaceutical industry.
In Q4 2023, the number of big data-related deals in the pharmaceutical industry declined by 16% compared with Q4 2022. On a quarterly basis, there was 5% increase in the number of deals in Q4 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q4 2023, the pharmaceutical industry experienced a 41% drop compared with the previous quarter. On an annual basis, job postings also declined by 63%. Notably, computer and mathematical occupations, with a share of 35%, emerged as the top big data-related job roles within the pharmaceutical industry in Q4 2023, with new job postings drop by 33% quarter-on-quarter. Life, physical, and social science occupations came in second with a share of 20% in Q4 2023, with new job postings dropping by 50% over the previous quarter. The other prominent big data roles include business and financial operations occupations with an 8% share in Q4 2023, and production occupations with a 5% share of new job postings.
Vitera Healthcare Solutions, Kedrion Biopharma, Greenlight Biosciences, Chan Zuckerberg Biohub, and Encoded Therapeutics are among the top companies leading in big data hiring within the pharmaceutical industry.
Countries driving adoption of big data in pharmaceutical industry
The US is the leading country in big data adoption within the pharmaceutical industry, boasting the highest number of big data-related patents, jobs, and deals. Meanwhile, China, Japan, the UK and India also maintain significant positions in big data adoption within the pharmaceutical industry.
In conclusion, as pharmaceutical companies continue to invest in and leverage big data technologies, they are poised to revolutionize drug discovery, enhance personalized healthcare solutions, and optimize various pharmaceutical processes on a global scale.
To further understand GlobalData's analysis on big data in the pharmaceutical industry, buy the report here.
Premium Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData patent analytics tracks patent filings and grants across companies and themes. Proprietary databases on deals and job analytics are used to respectively monitor global deal activity and uncover insights from daily job postings to identify trends, company activities, and industry dynamics across different sectors globally.
