Riding the wave of data: Transforming the future of biopharma R&D
Unlocking value from your data
- The advancement of analytics and artificial intelligence is creating an opportunity for disruption within R&D by uncovering new value from data, automating processes and augmenting human decisions and actions.
- Although there are clear business needs driving the use of analytics in biopharmaceutical companies, the industry has lagged compared to other industries as a result of several unique challenges, from use of outdated technologies to lack of analytics talent across the industry.
- PwC believes that to truly harness the value of data and differentiate themselves in the industry, companies need to initiate a cultural shift in how data within the organization is collected, shared and analyzed to truly yield meaningful business insights in the marketplace.
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 Additional challenges such as lack of analytics talent and outdated technologies lead to ineffective internal analytics functions and an absence of real insight.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:
1. Aligned analytics vision and strategy
2. Flexible organization and operating model
3. Empowered analytics governance
4. Innovative talent strategies
5. Modern technology platforms
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.
