Big Data is Already Providing Commercial Benefits to Pharma Companies, Says GBI Research
Dec 08, 2016, 11:00 ET
LONDON, December 8, 2016 /PRNewswire/ --
Big Data simply refers to any data set which is too large to store, process or analyze using traditional database software and hardware. As technology advances, data generation is growing exponentially. For example, 90% of the data in the world today was created in the last two years alone.
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Big Data can have a significant impact on all aspects of the pharmaceutical and healthcare sector. It can be used to address many of the challenges faced by the industry today. For example, up to $1 trillion of annual healthcare spending in the US has been labeled 'waste'. This includes spending that could be reduced with better disease prevention or eliminated with more standardized processes, overspending on inefficient suppliers and money lost to the illegitimate delivery of healthcare services. As another example, the current cost to develop and gain approval for a new drug is estimated at $2.6 billion. Big Data can be used to increase operational and R&D efficiency in the face of rising healthcare and drug development costs.
GBI Research's latest report Big Data: Embracing Data to Transform Healthcare and Pharma Commercial Strategy - Featuring Expert Panel Views from Industry Survey 2016 provides a comprehensive analysis of the Big Data landscape. The company conducted an extensive industry survey of 73 experts from the pharmaceutical and healthcare industries, including organizations that already utilize Big Data and those that do not. The findings from the survey and results from secondary research efforts have been triangulated with GBI Research's own analytical views to provide an assessment that is comprehensive in outlook.
Some of the key insights the survey provides are:
- 73% of pharmaceutical and healthcare organizations are set to begin investing in or increase investment in Big Data within the next five years.
- The top three areas where healthcare organizations are currently utilizing Big Data are clinical trials, real-world evidence, and in sales, marketing, and commercial activities.
- The three most important restraints on the use of Big Data in healthcare are a shortage of people with the relevant skills, a lack of clarity as to how to use the technology to provide actionable commercial insights, and cost and infrastructure challenges.
The report features an overview of Big Data and its place within healthcare. It examines the factors driving and necessitating the use of the technology within this industry and provides detailed examples as to how different Big Data sources and analytics techniques could be used to provide direct benefits to pharmaceutical companies, healthcare institutions, and patients themselves. There is also an analysis of the main challenges surrounding the technology, as well as detailed real-world case studies of how major companies already implement Big Data and deal with some of these challenges. Finally, based upon the totality of our survey results and research, strategic recommendations and guidelines are provided for the effective implementation of Big Data within healthcare.
This new report adds to GBI Research's unique portfolio of trusted industry analyses that enable our clients to assess the most promising areas in the market and exploit key business opportunities.
Sample pages of GBI Research's report Big Data: Embracing Data to Transform Healthcare and Pharma Commercial Strategy - Featuring Expert Panel Views from Industry Survey 2016 are available upon request.
About GBI Research
GBI Research is a leading provider of business intelligence reports, offering actionable data and forecasts based on the insights of key healthcare industry influencers to ensure you stay up-to-date with the latest market trends. For more information about our offerings, please contact us on:
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SOURCE GBI Research