In this episode, we are delighted to have Arvind Balasundaram as our guest, who serves as the head of the Commercial Insights & Analytics (I&A) division at Regeneron, a pioneering biotechnology firm renowned for its groundbreaking medical innovations. Our conversation centers around data, analytics, and artificial intelligence (AI)’s pivotal role in the Life Sciences industry. Arvind shares his insights on the three significant shifts currently unfolding in the realm of data and analytics, and he delves into the crucial consideration of quantity versus quality when making data-driven decisions. Tune in to gain a deeper understanding of how the dynamics of this industry are transforming.
In This Episode, We Cover:
- [4:06] Arvind discusses significant changes in data and analytics and focuses on the first major change.
- [8:18] The second major change is the evolution from small data to big data we can store.
- [10:43] The third change is how much data we have to parse before we get to knowledge and how quickly we have to turn it around from input to output.
- [12:41] Arvind shares his thoughts on the quality versus the quantity of insights and what insights and analytics are all about.
- [17:56] Arvind discusses how you make choices on what data you select.
- [22:34] Arvind explains why decision-makers need to drop their biases regarding data curation, and he gives an example.
- [25:55] Arvind discusses the realm of possibility versus probability.
- [33:44] Arvind explains what he sees as the challenges moving forward and how he sees mindset and culture changing.
Key Takeaways:
- The concept of having more data is good; however, what is more important is getting the data you need, not just more and more in quantity.
- The cost of data can be prohibitive, so the selection of the data used is critical.
- Data that includes sentiment would be a more accurate way of doing insights and analytics in healthcare.