Life sciences: preparing for big data and analytics
The health care environment offers an abundance of new opportunities for improvement using big data and analytics — from patient-centricity delivered through smart watches and cloud computing to executing radically smaller, faster and cheaper clinical trials by combining genomic markers and real-world big data analytics.
Patient-centricity powered by big data and advanced analytics is here.
Is your organization ready?
These five trends create an environment that gives life sciences and health care organizations the opportunity to provide true patient-centricity that delivers outcomes:
- Disruptive consumer technology
New smart watch devices constantly and seamlessly stream in real time users’ blood pressure, pulse rates and glucose levels. Right now in Europe, the first ear-clip-linked device monitors glucose levels. Another technology company is believed to have similar plans for a contact lens.
- Personalized medicine
Advances in genomic medicine have enabled medicines which target, more effectively, specific patient genomic segments that improve patient health outcomes.
- Analytics everywhere
Today, advancements in technology and new tools have brought models and data sources into the hands of everyone from shop floor managers to C-level executives. The ability to integrate large volume sets of big data from a variety of sources in real time combined with advanced analytics provides insights and predictive models of patient health and outcomes.
- Maturing capabilities of cloud computing
While life sciences organizations remain concerned about data security and privacy, the rate at which companies are adopting private, hybrid and public clouds that use open architecture is accelerating.
- Health care cost reductions
Health care costs continue to spiral out of proportion to patient health levels. To remedy this, institutional health care customers and the US federal government are focused on lowering costs through preventive medicine. In the UK and Europe, some regulators are paying only for specific drugs based upon pre-agreed levels of outcomes.
Yet, these opportunities accompany some tough choices, calculated risks and significant challenges, including:
- Launching new business models based on data collaboration with payers and other organizations despite uncertain profitability outlooks and potential competitive exposure
- Embracing digital channel analytics to more fully understand perceptions about their products despite the increased adverse event reporting
- Managing and mitigating data privacy and security as more health care delivery capabilities move into the cloud
As life sciences organizations face these challenges, being effective with data becomes essential for sustained success now and into the future. Those who understand how to manage both the internal and external data relevant to their products, markets and customers will create the opportunity for competitive advantage based on improved insight.
If life sciences organizations are able to apply their acumen with big data and analytics to drive decisions and engage in smart collaboration, they will find order and opportunity where others see chaos.
For more detailed insights, see the complete report, Order from chaos: Where big data and analytics are heading, and how life sciences can prepare for the transformational tidal wave.