One thing that I found most interesting about my industry report is how
important a role business plays on the pharmaceutical industry. I always
thought that the pharmaceutical industry was strictly medications and coming up
with new medications to cure certain incurable illnesses and diseases. Now I
realize that Business Intelligence has a lot to do with the success of the
industry as a whole. By adopting Business Intelligence, organizations get the
benefits of improved data management, improved sales performance, a breakdown
of organizational silos to improve investment decisions, and reduced costs (Mahajan, 2010, p. 22). I
think it is very interesting that the pharmaceutical industry relies so heavily
on Business Intelligence. Without it, they will not be as successful in
marketing and selling their products, as well as, managing data and making
smarter investments (Mahajan, 2010, p. 22). I want to further explore the rest of the pharmaceutical
industry. This report was only on the Business Intelligence part of the industry.
I am very interested in learning more about the other aspects involved in the
pharmaceutical industry. I feel that there are so many parts involved in the
success of pharmaceuticals, such as Business Intelligence, and I am very
interested in learning more about all of those parts. My initial thoughts about
the future of this industry were that it is a big industry and it is worth a
lot. All of the companies in the pharmaceutical industry will be very valuable
to invest in, because the industry is always improving. Even in this report, it
is shown how the changes to the industry by Business Intelligence are earning
the companies more money and making them more successful. Every year the
Business Intelligence market in the pharmaceutical industry is worth more and
more millions of dollars. It is expected to be worth $555 million dollars in
2012 (Mahajan, 2010, p. 20). Also, each year Business Intelligence helps companies market their
products, manage their data, invest properly and keep them on a low budget (Mahajan, 2010, p. 22). All
of this proves how much the pharmaceutical industry develops each year, and how
important this industry is becoming. My assigned company is Novo Nordisk. One
interesting data point about my company is that they have significantly more
sales in the United States than any other region of the world. Their sales in
the United States are 8,356 million Danish kroner while Europe is 5,081 and
China is 1,550. This is significantly interesting because Novo Nordisk's
product areas are mainly diabetes care and growth hormone therapy (Novo Nordisk, 2012). This gives
me the sense that Americans are more in need of this company’s products because
we have more problems with diabetes and growth hormones than any other region
of the world. And these problems are so plentiful that we significantly surpass
the sales of their products in all regions of the world.
Works Cited
Mahajan, Rashmi. (2010, May 17). Business Intelligence in the Pharmaceutical Market. Retrieved
from
http://360.datamonitor.com/Product?pid=BI00027-036&view=d0e11
Novo Nordisk. (2012). General Information. Retrieved
from
http://www.novonordisk.com/about_us/facts_and_figures/facts.asp
It is true that the pharmaceutical industry is always growing. The industry is on a upward trend especially that the baby boom generation are becoming older and need more medical care. It is so successful in many ways other than new technology, including data analyses, marketing and elite workers. This all helps create a large GDP for the Pharmaceutical industry.
ReplyDeleteThis was a great first post and it’s awesome that you were able to find an industry report about business intelligence in the pharmaceutical industry as it plays such an important role! To strengthen your analysis for future posts, make sure you examine both sides of the industry. While the industry is improving in some areas, in what areas could it be losing profit and why?
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