During the past decade, the pharmaceutical and life sciences industry has been flooded with data — often more than companies can effectively use. Generated by the proliferation of personal medical devices, social media, and electronic medical records, this “big data” has the potential to transform the industry — but only if companies can translate it into actionable business intelligence.
The plethora of newfound data made available by modern technologies and generated directly by consumers can give manufacturers valuable insight into how patients are using their products. This information can help pharmaceutical and life sciences companies give payers the real-world evidence they demand to prove the efficacy and value of new drugs and devices. The challenge lies not in collecting this data, but in harnessing, parsing, and analyzing it to create competitive advantage. Insights and intelligence derived from fast-moving data sets can help inform strategy decisions, spur innovation, inspire new products, enhance customer relationships, and bolster operations.
Large amounts of data are being created, collected and stored, but businesses need to turn this data into opportunities and help to lower cost.
Dr. Daniel Vasella, former CEO and Chairman of Novartis AG, explains why big data and comparative effectiveness can save money and improve care.