Here is one option:
>>> data = "00000111010110101"
>>> new_data = data + '0' * ((8 - len(data)) % 8)
>>> '{0:0{width}x}'.format(int(new_data, 2), width=len(new_data) / 4)
'075a80'
The first line appends zeros so the length is a multiple of 8, and the second formats your hex string.