BURLINGTON, Mass., April 22, 2014 /PRNewswire/ -- Decision Resources Group announced today that, consistent with its long history of providing life science insight and analysis, it will be formalizing its offering of Analytics-as-a-Service to its pharmaceutical, medical device, managed care and other healthcare industry clients. The recent acquisition of Relay Technology Management and the consolidation of historic analytic capabilities will formalize the company's ability to combine its proprietary data and content with custom analytic and data science solutions.
In contrast to industry-agnostic "analytics" vendors, Decision Resources Group will specifically provide these data science solutions in conjunction with its market leading life sciences domain expertise. These client services include:
The healthcare industry generates huge amounts of data, but this data arrives with a variety of disparate structures, standards and degrees of completeness. To be useful for decision makers, these datasets must be integrated and harmonized. Given the lexicon and complexity of healthcare, integrating with an eye towards facilitating a structure that enables scalable analytics is critical and is the primary focus of Decision Resources Group's custom data integration services.
Once these disparate datasets are unified, Decision Resources Group clients can benefit from this newly powerful data and Decision Resources Group's proprietary algorithms to inform business decisions in areas such as:
- Maximizing success of brand launches
- Maintaining and justifying pricing through negotiations and contracting
- Early opportunity detection through dynamic market sizing
- Trend leading assessment of market dynamics
Predictive Modeling and Decision Support
Statistical techniques including machine learning, data mining, and neural networks are used to accurately analyze and forecast trends and events such as:
- Predicting and gauging market reactions
- Identifying and tracking physician adoption patterns, including propensity to switch therapies
- "What if?" and "war games" scenario modeling
The Data Sciences team will also specialize in segregating causal inferences to help understand which market dynamics are actually significant.
The new Data Sciences team will be led by Brigham Hyde, Ph.D., Vice President of Data Science, and former co-founder and CEO of Relay Technology Management.
"Like everyone in life sciences markets, our clients are drowning in data," said Decision Resources Group CEO Jim Lang. "That data is absolutely necessary to making effective decisions that allow both for effective provision of healthcare and for competitive success. But it has to be harmonized and integrated, and used as the input to dependable predictive models. Our clients have been desperate for help with this, and this team, enabled with DRG's massive repository of proprietary content and data, are exactly the people to provide them with what they need to succeed."
About Decision Resources Group
Decision Resources Group offers best-in-class, high-value information and insights on critical issues within the healthcare industry. Clients rely on this analysis and data to make informed decisions. Find out more at www.DecisionResourcesGroup.com.
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