Big data is rapidly gaining traction among business industries, and healthcare and pharmaceuticals are no exception. Truth is, after transforming customer-facing functions including sales and marketing, Big data can offer a valuable insight that holds potential to change the face of the medical industry by combating innate issues, such as declining success rates and stagnant patient data pipeline.
Big data is the new core competency responsible for fueling groundbreaking change in complex healthcare environments.
However, the market is still in its nascent stage and the enormity of Big data* generated from various sources, including DNA tests, clinical trials, and patient health records etc., not only in terms of sheer volume but for its complexity, timeliness, and diversity, is creating obstacles for healthcare providers to generate actionable insights.
*Fact check: Eric Banks, Senior Director of the Data Sciences and Data Engineering (DSDE) group at the Broad Institute says, “The amount of genomic data available for research doubles in size every eight months”. As per his theory, the enormous growth of healthcare data exceeds the limits of Moore’s law.
This ongoing data deluge can be tackled by employing modern analytics and integration systems – raw data can be used by healthcare giants to derive valuable insights that help in enhancing the quality of care while bolstering research as well as innovation.
Further, availability of modern integration systems can ease decision making, reduce costs, increase security & privacy, and facilitate rapid post-approval changes in the healthcare community.
Applying technology-enabled measures such as modernized integration platforms hold the key for pharmaceutical companies to accelerate value and R&D innovation by improving their approach to managing and analyzing Big data.
To derive maximum benefit, companies need to have access to refined integration systems that allow management and interpretation of data at all stages of the value chain, from discovery to real-world use after regulatory approval.
Efficient end-to-end integration creates an authoritative source for all pieces of information and accurately links disparate data regardless of the source—be it internal or external.
Additionally, it enables comprehensive, proactive digging for subsets of data based on the linkages established rather than on the information itself, which ultimately helps in creating automated reports that recognize related applications or compounds as well as raise red flags concerning safety or efficacy.
By using an intelligent integration platform, healthcare data can be employed to:
Creating an integrated healthcare ecosystem guarantees maximized big data usage, improved success rates, and broadened patient-data pipeline. Further, it optimizes, innovates, and enhances the efficiency of research and clinical trials to meet forthcoming challenges.
Deriving value out of Big data using powerful integration systems not only promotes value creation, that could go up to $100 Billion as per a McKinsey report, but also changes the dynamics of the future of healthcare by bolstering healthcare efficiency and innovation.