Big Data: Embracing Data to Transform Healthcare and Pharma Commercial Strategy - Featuring Expert Panel Views from Industry Survey 2016

Big Data: Embracing Data to Transform Healthcare and Pharma Commercial Strategy - Featuring Expert Panel Views from Industry Survey 2016

Summary
Data generation is growing at an exponential rate, so much so that 90% of the data in the world today was created in the last two years (IBM, 2016a). Big Data refers to any data set that is too large to store, process or analyze using traditional database software and hardware. As with many other fields, the pharmaceutical and overall healthcare sector is becoming increasingly data-driven, with information being collected from a wide variety of sources. Big Data has a significant impact on all aspects of the pharmaceutical and healthcare sector, and companies are making large investments in technologies to leverage it more effectively.

Big Data and its place within healthcare is set to address problems within the industry, such as the rising costs of developing a single drug, which is currently estimated at USD2.6 Billion (Tufts CSDD, 2014), and the USD1 Trillion of healthcare spending in the US that has been labeled as ‘waste’ (Sahni et al., 2015).

Big Data is no longer an abstract concept that could provide benefits in the future. It exists now, and is already providing competitive advantages for a variety of organizations. As such, companies that ignore its potential risk falling behind their peers in our increasingly data-intensive world. This is demonstrated by results from our proprietary industry survey, which showed that 73% of organizations are set to begin investing in, or increase investment in Big Data within the next five years.

Furthermore, the our industry survey highlighted that the top three areas where organizations are currently implementing Big Data are clinical trials, real-world evidence, and sales, marketing and commercial. However, as mentioned, Big Data can be implemented within virtually every aspect of the healthcare industry, and the survey results show that even organizations already making use of it have a lot of room to grow.

The report “Big Data: Embracing Data to Transform Healthcare and Pharma Commercial Strategy - Featuring Expert Panel Views from Industry Survey 2016” provides an introduction to Big Data, defining its properties and its place within the healthcare landscape and examination of the multitude of data sources within healthcare that can be inputted into Big Data systems.

In particular, it provides the following analysis -
- Provides an analytical review of the most important needs and trends driving the use of Big Data in the healthcare market.
- Explores how different combinations of Big Data sources and analytical techniques could be used to provide direct benefits for pharmaceutical companies, healthcare institutions and patients.
- Provides a detailed analysis of the various challenges associated with the use of Big Data.
- Provides an examination of various real-world case studies of the use of Big Data within pharmaceutical companies and healthcare institutions to achieve a competitive advantage.
- Examines the underlying architecture of Big Data systems, with an overview of popular platforms and tools used in the healthcare context.
- Provides strategic considerations for the effective implementation of Big Data solutions in healthcare based on the totality of our industry survey results and a range of secondary and internal research.

Scope
- What is Big Data? What is its place within healthcare, and what are the main data sources?
- How prevalent is the use of Big Data in healthcare?
- What are the main driving factors necessitating the use of Big Data in healthcare? What is the relative importance of these factors according to industry?
- What are examples of the commercial benefits that the use of Big Data and analytics can provide, in different aspects of the industry?
- In which areas are organizations currently using Big Data, and where do they feel it will have the most impact in the next five years?
- What are the main challenges associated with Big Data in healthcare? What is the relative importance of these factors according to industry? For the organizations that do not yet utilize Big Data, what specific reasons have led to their decision not to do so?
- How do major pharmaceutical and healthcare companies use Big Data in the real world? What are some of the main partnerships between Big Pharma and technology companies? What is the underlying technical architecture of Big Data in healthcare?
- What is the likelihood that organizations that already use Big Data will increase their investment within the next five years? Will those that do not currently invest in the technology begin doing so in the next five years?
- How can Big Data be effectively implemented within an organization?
- What is the overall stance of various experts in the healthcare field on the use of Big Data in healthcare?

Key Reasons to Purchase
This report will allow you to -
- Gain insightful analyses and comprehensive understanding of Big Data in healthcare
- Understand the key drivers necessitating the use of Big Data and the main barriers to implementation
- Understand the views of 73 organizations within the industry on Big Data, and assess real-world case studies
- Assess the most relevant uses of Big Data within your company, and effective ways of implementing Big Data strategies