How Data Visualization Is Changing the Health Care Industry
Data visualization can be defined as a representation of data using graphics like charts, plots, infographics and which can also include animation. Such visual displays of information communicate complex data relationships and provide data-driven insights in a way that makes it easy to understand and interpret. Harvard Business Review categorizes data visualization into four categories for key purposes such as idea generation, idea illustration, visual discovery & everyday visualization exercises. It enables and helps evaluate and assess complex data streams in visual form.
In a world of big data, data analytics and cloud computing, the next step to better data representation and analysis is data visualization. The main reason for this is the unprecedented amounts of data available in various formats from many sources including EHRs/EMRs, disease registers, remote monitoring devices, health management systems, billing & coding systems, diagnostic centers, laboratories, pharma companies, IoT devices and more. The data is getting generated at an overwhelming pace around the clock. To make sense of such data, to comprehend it in its complexity, it is necessary to create a layer of visual form that can be interpreted easily.
Data visualization can and is used for a variety of purposes. Company managements use it to convey organizational hierarchy while data scientists and data analysts can use it to discover and convey trends and patterns.
The Pharmaceutical industry is undergoing a rapid change, with a huge quantity of data being generated on a day-to-day basis. Such an enormous volume of data creates challenges, in terms of interpretation and arriving at informed decisions based on such data.
Data analytics are increasingly being used for advanced data visualization to handle the big data and process the information to be able to interpret the results in a better way. Some of the reasons for data analytics being used in pharma are;
●To be compliant with the regulatory bodies and therefore avoid issues and costs associated with non-compliance.
●To avoid regulatory oversight.
●Network visualization helps make it faster and easier for researchers to identify and understand connections between chemicals and their effect, agent and disease, or between a drug and its market. It helps understand the factors for R&D costs and keeps the cost of R&D in check. As the cost of R&D keeps increasing, the R&D team needs to show why using data that demonstrates success in the R&D of new products and support for their pricing and costing position.
●To use the data for opportunities for growth and profitability. The challenges in a global marketplace are many including customer demography, loss of customer exclusivity, and ever-increasing competition. Data analytics using visualization can provide insights to create opportunities and provide the impetus and details to make informed decisions at the right time.
●The pharmaceutical industry is very competitive. Thousands of patents get registered every year. It’s essential to understand competitors, intellectual property rights & product pipelines to make correct and timely decisions. Visualization helps give a clear view between patents, classifications, assignees and inventors. This can be particularly helpful for merger and acquisition activity.
Big data visualization solutions and services, making it earlier to work with and interpret the data more graphically. As more and more data and applications are now based on the cloud computing modes, it provides easy access to all users within the organization. Pharma and life science practitioners can draw information from various sources into one system.
Some of the Data visualization benefits in pharma are;
1. Improved patient care. Data visualization helps medical staff identify and react faster to threats by bringing what matters into focus.
2. Pattern and trend recognition. Using visualization software paired with predictive analytic tools, there is a better estimation of patient health status and better diagnosis. Risks can be identified before they can turn into health issues. It also helps government and insurance companies identify trends in statistical and research reports helping them improve decisions related to public health.
3. Accelerated performance. Real-time data visualization helps speed up the analysis of information, reducing process inefficiencies and at the same time accelerating decision-making processes while helping reduce or optimize costs.
4. Error and fraud detection. Data visualization increases transparency between patients, doctors, providers, and payers. It helps avoid errors and issues related to duplication helps detect anomalies and reduces fraud incidents.
5. Data presentation. Visual aids are extremely useful when the data is being presented for healthcare marketing campaigns, presentations to stakeholders, or even patients. It helps engage people better and can promote a focus on what area needs attention.
In conclusion, Data visualization, or visual storytelling, can help access accurate, complex data information at a glance, help in creating innovative product development, and safe medicines also empower the workforce to make informed life-changing decisions. It helps turn complex multi-format data into user-friendly visuals that are easy to understand and interpret by doctors, pharma companies, including patients.
