CHAPEL HILL, N.C., Aug. 5, 2016 /PRNewswire/ -- The last decade has seen an explosion in the availability of data that can deliver valuable insights for the pharmaceutical sector– from Electronic Medical Records and clinical trial data to medical claims and patient behavior information.
Pharma recognizes the huge potential that these large banks of data – more commonly referred to as big data - hold for providing critical insights into clinical programs as well as commercial activities, and many organizations are taking steps to develop big data capabilities.
To inform these efforts and to probe current trends and best practices in utilizing big data, research and consulting leader Best Practices, LLC has published a new benchmarking study, "Analytics Excellence: Current and Future Trends for Big Data Utilization in Pharma."
The study, which has healthy amounts of both qualitative and quantitative data, addresses many issues that analytics leaders are wrestling with, including where to invest in their big data efforts.
Data management - data acquisition and infrastructure - represents about 60 percent of study participants' big data non-labor budget. It also is expected to make up most of the growth in future costs for companies as they expand their data capabilities and utilization of big data, according to the study. The average big data non-labor budget for all participants in the research project was just over $14 million.
The data in this study provides an opportunity for gaining actionable insights that goes beyond what's currently available via white papers or symposiums. The depth of insights extends across the critical components of pharma-oriented big data programs and include:
- The types of big data projects and data being used
- The types of data being used for specific medical and commercial big data projects
- The data types and sources that are most valuable
- How companies are organizing their big data efforts
- How much staffing and budgetary resources companies are investing in big data
- Who are the most useful partners for big data projects
- Big data applications for Health Economics Outcomes Research studies
Best Practices, LLC engaged 22 leaders from 18 pharmaceutical companies through a benchmarking survey. Research analysts also conducted seven deep-dive executive interviews with selected benchmark participants.
To learn more about this report, download a complimentary report excerpt at http://www.best-in-class.com/rr1437.htm.
For related research, visit our Best Practices, LLC Web site at www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking and advisory services firm serving pharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and most of the top 50 pharmaceutical companies. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
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SOURCE Best Practices, LLC