Big data - the huge volume of digital data generated worldwide - continues to grow exponentially, opening up new opportunities and creating new challenges for the healthcare, pharmaceutical and biotech industries.
As society adapts to new activities and technologies that generate ever-greater quantities of data relevant to pharma, it is fast becoming a marketing tool that cannot be overlooked. Exactly how best to use big data has yet to be established, but recent research indicates its potential worth in market research, product pricing, patient support and education, and more. The very scale of big data and the difficulty of working with it pose difficult questions about data capture standards and the protection of privacy while accessing invaluable information. Who, for example, provides the expertise?
This comprehensive study will prove an essential companion for anyone hoping to understand big data and its role in pharma marketing.
For this essential report, FirstWord consulted experts on the analysis and application of big data such as Duncan Ross, Director of Data Science at Teradata, a company that works in data management, data gathering and data analysis, for their views, which inform a document that guides the reader through every facet of a complex and ever-expanding subject.
The report opens with a broad definition of big data and goes on to examine the subject in great detail, from looking at its sources to explaining how it is being used as a marketing tool.
Sections on usage in other industries and on the issues and challenges it raises will ensure the reader is fully briefed on big data and how to work with it.
Key Report Features A background to big data A summary of big data sources for pharma and biotech Uses for big data in pharma and biotech marketing Lessons from other industries Challenges facing those wanting to use big data Predictions for the future of big data in pharma and biotech
Learn from experts in the industry Know what to expect (and what not to expect) from big data in marketing Recognise the key issues in the use of big data Know why big data is important Understand how big data can tailor marketing Be able to get the best from big data Know the weaknesses in text analytics in social media
Key Questions Answered
Why should I take an interest in big data? Can I use social media findings in marketing? Should I perform data analysis in-house or use third party suppliers? Why is patient support and education important?
Who Should Read This Report
Marketing directors at pharmaceutical and biotech companies Marketing directors at social media companies Business development teams at data analytics companies Heads of IT at pharmaceutical and biotech companies
Expert Views Include: Nic Brereton, Founder and director at BresMed Health Chris Winchester, deputy managing director at Oxford PharmaGenesis Dennis Urbaniak, VP, US Diabetes at Sanofi US Destry Sulkes, executive vice president and co-founder of Medivo Mark Divers, head of the Karolinska Institutet biobank Michael Doyle, director of marketing at Accelrys Joel Dudley, assistant professor of genetics and genomic sciences and director of biomedical informatics at Mount Sinai School of Medicine Duncan Ross, director of data science at Teradata Jan-Eric Litton, professor, department of medical epidemiology and biostatistics, Karolinska Institutet Jonathan Peachey, head of consulting, Kinapse Andy Black, co-founder and chief executive officer, Kinapse Ryan Peeler, director at Lnx Research Dream Samir, managing director at Merck Serono
"Big data isn't just about the amount of data, it's about having the means to analyse the data, and gain knowledge and insights from the whole dataset, not just a bit at a time. It's also about combining multiple data sources and learning from the relationships across these." Joel Dudley, assistant professor of genetics and genomic sciences and director of biomedical informatics at Mount Sinai School of Medicine
"Big data’s real sweet spot is around innovation, and innovation always has an element of risk associated with it. Failing fast is important – you want to identify the approaches that are heading towards value and very quickly discard the ones that aren't.” Duncan Ross, Director of Data Science at Teradata
"There are lots of software developers and engineers who were not working in the healthcare arena but love working with data to find new solutions, and they and their platforms can easily be transferred over into our industry." Dennis Urbaniak, VP, US Diabetes at Sanofi US
"There is potential for companies to be able to differentiate themselves and their products through big information." Jonathan Peachey, head of consulting, Kinapse
Table Of Contents
Big Data in Pharma Marketing 1. The big data explosion
2. Knowing what big data means Big data is everywhere
2.1. Clinical trials as a resource for big data analysis 2.2. Mining patient data from electronic records and registers 2.3. Social media as a source to understand the individual 2.4. 'Quantified self': Self-sourced data tracking in real time 2.5. Sales and marketing data sources add to the dataset
3. The role of analysis in big data-led marketing Using big data to support pharma marketing 3.1. Big data's role in knowing your customer and market 3.2. Using big data to tailor drug messaging 3.3. Big data can support product pricing 3.4. Keeping and growing customer loyalty 3.5. Big data's role in support and education 3.6. Using big data to support peer-to-peer marketing 3.7. Improving the industry image through big data Learning from other industries 3.8. 'Gamification': Having fun and creating data The challenges inherent in big data
3.9. Big data means big investments but big value 3.10. Big data for marketing relies on the right skills 3.11. Data standardisation as an important step 3.12. The challenge of big data approaches in social media 3.13. Data privacy, security and ownership is a sensitive issue 3.14. Only the right questions get the right answer 3.15. Dealing with big data fallout Big data in pharma marketing: Present and future Acknowledgements