Explore and aggregate currently accessible data sources
Siloed data continues to prevent pharmaceutical and life sciences companies from extracting the maximum amount of value from data. Drug and device companies should introduce digital and analytic training programs to current employees to increase workforce digital IQ.
Adopt analytics and technologies used in other industries
The collection and use of consumer data has dramatically improved revenue growth in other industry sectors. Drug and device makers should consider bringing in new talent with experience using technology, data and analytics to generate insights. Organizations should also evaluate new technologies in the context of specific business problems to get the most out of investments.
Find a partner to overcome challenges associated with cost, time and talent
While many of the largest pharmaceutical companies have organically grown their advanced analytics function over time, midtier and smaller manufacturers need to catch up quickly in order to compete. A hybrid or fully outsourced model for analytics may help these organizations catch up with, or leapfrog, their competitors. Organizations should evaluate the pros and cons of each model type according to individual needs and experience.
