By Derek Evans, SVP and Practice Head
The pharmaceutical and life sciences industry is experiencing its own version of Great Flood, but this flood is comprised of a maelstrom of data. Generated by the proliferation of personal medical devices, social media, and electronic medical records, “big data” has the potential to transform the industry but only if companies can translate it into actionable insights. “The challenge lies in harnessing, big healthcare data to create a sustainable competitive advantage.” Many pharma companies are struggling with how to best take advantage of the explosion of information that is suddenly available.
Big data can provide a competitive edge in almost every aspect of commercialization from targeting, to sales force optimization to marketing and payer relationship management. Analysis of real world data can be used to disseminate relevant product information such as drug efficacy and adverse effects as well as provide real-world evidence demanded by payers to prove the efficacy and value of new drugs, or overcome patient hurdles related to compliance and persistence.
Read the full article as it appeared in Pharma Tech Outlook.