The Convergence of Big Pharma & Big Data
‘Big data’ is making ‘Big headlines’ everywhere. It has become the topic of discussion in most corporate boardrooms. Historically, research and analysis have been the backbone of the pharma industry. No medicine would see the light of the day without adequate data and research backing it. The focus today is on velocity, volume and variety that ultimately translates into value for the consumer.
In layman terms, the data today is received faster, it is being gathered in great volumes, and has greater variety, thus posing greater challenges in analysis and business implementation. The ability to make real time business decisions in seconds, holds the key in determining success and failure. Platforms like PharmGPS® are examples of new age tools that help companies apply complex algorithms and arrive at actionable business insights.
In an ideal world people would picture big data as a series of cleanly organized files, full of numbers and easily-digestible information. The ground reality is a lot different with the data being very heterogeneous and scattered. It could be in the form of a file, a database and sometimes even encrypted. Pharma companies collect massive amounts of data on everything from how much of their product is sold at any particular pharmacy to whether a doctor prescribes its medication versus a competing one. The sooner they embrace big data, the sooner they will be able to filter out the noise and stand out from the herd.
To know more about our offerings write to us at pgpsgroup(at)bioxcel.in