Learning case studies from the pharmaceutical industry
Data analytics and AI in the pharmaceutical industry play a crucial role in optimizing clinical trials, analyzing patients' behavior, improving logistics, and reducing costs.
Case study 7 – pricing analytics for a pharmaceutical company
The organization required a pricing decision support framework to get insights on gross margin increment based on historical events, the prioritization of SKUs, review indicators, and more. The framework was to be designed in a way so that the smart machine learning models could be transferred and scaled to retain the quality and depth of the information gathered.
A pricing decision framework was developed using machine learning on Azure Databricks, which helped to predict the SKU that should go for pricing review. The system was also capable of predicting the next month's volume, which helped in deciding the correct price for a specific SKU.
The solution architecture...
