Health / Pharma

How big data can revolutionize pharmaceutical R&D

21st Apr `13, 12:32 PM in Health / Pharma

After transforming customer-facing functions such as sales and marketing, big data is extending its reach to other parts…

BDMS
Guest Contributor
 

After transforming customer-facing functions such as sales and marketing, big data is extending its reach to other parts of the enterprise. In research and development, for example, big data and analytics are being adopted across industries, including pharmaceuticals.

The McKinsey Global Institute1 estimates that applying big-data strategies to better inform decision making could generate up to $100 billion in value annually across the US health-care system, by optimizing innovation, improving the efficiency of research and clinical trials, and building new tools for physicians, consumers, insurers, and regulators to meet the promise of more individualized approaches. (In a related video, McKinsey director Sam Marwaha outlines examples of how analytics is already changing the health-care industry.)

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