The life sciences industry has always been propelled by research and innovation, more now than ever, with breakthrough drug development, massive investments to expedite drug launches, and opportunities for medical advancements. To put this into perspective, let’s consider the clinical development trends for the last ten years. There were more than 16,0001 assets in clinical development in 2019, and almost 1,7002 investigational new drug applications (INDs) were filed, up from 9,700 drugs in clinical development, and 1,300 INDs filed in 20103. Along with substantial investments in drug discovery and research and development, life sciences companies are also transforming in the areas of data management, business intelligence, and analytical capabilities by adopting digital transformation, artificial intelligence (AI), machine learning (ML), NLP (Natural Processing Language), and most pertinently, automation.
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.
We always save the best until last, and PMSA 2017 is no exception. On Wednesday 26th April, we will conclude the conference with an insightful presentation from Asheesh Sharma and Vineet Rathi on Data Strategy and Governance: A Strategic Enabler of Next Generation Analytics and Insight Driven Commercial Excellence.