Ten Commandments of Pharma Big Data Analytics
1. Thou shalt innovate and explore using the power of big data
Innovation has become the Holy Grail for all key pharma R&D initiatives. As a brand custodian, you need to constantly reevaluate how your brand stays relevant in the eyes of the patient. Invest time to assess how big data analytics can have a positive impact on your therapeutic area franchise.
2. Thou shalt focus on speedy decision making
To stand out in a constantly changing healthcare environment, speed in decision making is imperative. Use relevant data analytics platforms to make a compelling case for launching a new drug or sealing a licensing and M&A deal.
3. Thou shalt be open to sharing and collaboration
Some potential blockbusters never see the light of day because of poor information sharing across all key stakeholders. All commercial, finance, strategy and R&D heads should be on the same page to accomplish a better equilibrium between clinical and business goals. These functional heads must harness the skills of external industry networks via an open culture that facilitates scientific dialogue and sharing of key outcomes and findings.
4. Thou shalt have real-time access to information
By digitizing and mobilizing data and information consumption, key pharma C-level stakeholders must possess access to important decision making parameters on the go. Timely decisions will make the difference between a good and a blockbuster drug launch.
5. Thou shalt focus on both ’discovery’ & ‘production’
The outcome of data driven discovery can be a new molecule or a hypothesis where an existing marketed drug can be improved. It is paramount that these ideas and discoveries are taken to the rightful conclusion. You will play the role of hands on producer by honoring what your data says and tell its real story.
6. Thou shalt adopt the ‘FORCE MODEL’ of big data analytics
F: Fact based decision making; O-Organization of analytical tools and resources; R– Religious review of business and clinical assumptions and analytical frameworks; C-Create and build a culture of analytics based decision making; E– Embed analytics across all key functions and business processes.
7. Thou shalt have a healthy sense of impatience with the status quo
The ultimate goal is to help patients by solving their unmet needs with innovative solutions. This can be made possible if relevant C-level decision makers stop being content and satisfied with existing best practices. Out of the box is passé, it’s time to break the box.
8. Thou shalt find the shortest route to market
A new revolution of drug development and discovery is taking place driven by the repurposing and reformulation of existing drugs. By applying an algorithm based analytics approach to the approximately 18,000 known active pharmaceutical ingredients (APIs), key decision makers can capitalize on the known safety and pharmacokinetic data of these APIs to solve challenging unmet needs in major therapeutic areas.
9. Thou shalt design your Big Data Initiative Portfolio to improve productivity
With R&D productivity under pressure and the average patent life span and money making opportunity window not too high it becomes all the more relevant for big pharma to invest in technology and big data platforms. It is time to build a repository of new molecular candidates using big data analytics. If Netflix can use big data analytics to entertain viewers with ‘Houses Of Cards’ then pharma can use big data analytics to produce drugs impacting millions of patients.
10. Thou shalt experiment and learn
Experimenting in terms of technology, clinical trial designs, algorithm based analytics, expecting clinical and business surprises and being ready to pivot where necessary is the need of the hour. The ecosystem will need to engage with each other to gain insights, innovate and make a deep impact on existing and new capabilities in addressing unmet patient needs.