Data and technology are etching a new DNA of each touchpoint of our lives today. As we live and breathe, the fourth industrial revolution and its fusion of technologies are dissolving the boundaries of physical, digital, and biological spheres1. As humans, we are more connected than ever before, using extremely advanced technologies, creating unbelievable amounts of extremely granular data. This data explosion is feeding into AI-based quantum computing engines for instant and highly-personalized insights, which help us make better decisions. To operationalize our informed decisions, Internet of Things (IoT) and its connected experience step in to deliver instantaneous desired results. As customers, we are embracing these advancements towards elite customer experiences. As professionals, we need to follow suit, by leveraging data and technology to create innovative products, operational efficiencies, stronger customer equity, and higher profit margins.
Most pharma organizations consider ‘data’ as a key focus area to forge emerging business models by harnessing its immense potential. Data is crucial to fulfilling critical decision making across the Pharma value chain. Today, IT functions in most organizations focus on areas such as data governance, data quality, access management, model configuration, etc. along with data maintenance, processing, and storage. A robust data management solution is a critical IT requirement across pharma organizations. With the advent of cloud infrastructure and new-age technologies, most of the pharma organizations are now preferring advanced next-generation data management solutions for cleaned, integrated and streamlined data on-demand, along with intelligent insights, leading to better decision-making driving long-term profitability.
Pharma companies realize the value of data-driven insights and decision making and employing best-in-class technology and infrastructure to enable them. So, in recent years, pharma companies are investing heavily in big data solutions. However, these systems do not yield the kind of value expected from the investment. Some of the reasons include:
Making the right clinical and business decisions requires the leadership teams of healthcare providers and life sciences companies to have access to the right information, at the right time, and in the right format. Health data is a strategic asset. It includes health information captured throughout a patient’s healthcare journey – right from the time the individual first entered into the healthcare system until the end of the treatment process. Organizations strategically use this data to improve the quality of patient care by determining the best possible treatment plans. The healthcare users also get direct benefits when data enables the ecosystem’s business operations to be tightened and managed efficiently. In turn, organizations are impacted by the availability and use of the data at the center of this ecosystem in many ways, including: