potential value of analytics to biopharmaceutical companies
percent survey participants that believe “lack of properly skilled teams” is a barrier
percent survey participants that believe their data analytics capabilities are highly developed
Biopharmaceutical companies operate in functional silos that lead to significant challenges such as differences in data standards between functions and an inability to perform aggregate analyses. Additional challenges such as lack of analytics talent and outdated technologies lead to ineffective internal analytics functions and an absence of real insight.
We believe the key to unlocking value from data and analytics involves the integration of five pillars. These pillars should be considered when exploring new ideas, building required scale and maturity, extracting business value and ultimately transforming your R&D organization:
If the biopharmaceutical industry is to take advantage of the data revolution to transform its R&D, it must initiate a cultural shift that breaks down silos between functions. A joint vision and governance model can allow the business to truly harness the power of its data.