Does Big Data in Pharma = Big Money?

As of now, big data is not used as often and as well as it should be in the Pharmaceutical Industry. Slowly the Industry is adopting data and analytics to improve itself.

Big Data Potential

Data usage could lead to accelerated drug discovery, better help patients and predict emergency rush hours. Data and Analytic usage would help companies streamline, become more productive, become more efficient, and drastically reduce costs.

As a result of becoming more efficient through the usage of Big Data, healthcare costs could be reduced by up to $38 billion according to a report from McKinsey&Company. Not only could the right data reduce costs, it could also produce more revenue. The McKinsey Global Institute estimates that by applying these strategies already used in industries like finance, marketing and sports, the US Research and Development Pharma industry could generate up to $100 billion in value across the healthcare system. The strategies that could be used are optimizing innovation, improving the efficiency of research and clinical trials, and building new tools for physicians, consumers, insurers, and regulators.

Leading the Way

Bristol Myers Squibb has already established itself as a leader in Big Data usage. According to Jeff Kelly at Wikibon, Bristol Myers Squibb has brought 11 successful drugs to the market since 1997, while spending $46 billion in research and development. The continued use of data in search of information that will improve the drug discovery process is being increasingly and heavily adopted by all pharmaceutical companies in the market.

The Future

With Big Data, R&D Pharma can use predictive modelling of biological processes and drugs to develop more successful drugs that make it to market. Patients can also be better selected for clinical trials via social media instead of simply doctor visits. This could make the trials smaller, shorter, and cut costs of the trials significantly. Rigid data silos will become a thing of the past as data can now be captured electronically and flow easily between functions and sections of the Pharma and Healthcare industry. This easy flow tool will help real-time and predictive analytics generate more revenue and business value.

Does Big Data in Pharma = Big Money?

In short, yes. Big Data means big money and big changes that have the ability to streamline the industry making it more efficient, cutting excess costs, and producing more revenue. All in all, Big Data stands as a huge opportunity for positive change.