Technological growth and easy access to sophisticated gadgets have led to a digital data explosion. The life sciences industry is no exception, with its top priority being to improve the quality of human health and well being. Big Data helps achieve this by leveraging innovative techniques to enhance productivity in R&D, and reducing the cycle time for drug development and delivering them to the correct market and customer segments. The large volume of data generated can be processed using a Big Data platform to support scientific analytics.
In a very short time, Big Data has entered the technology arena and has established its presence across industry verticals. Recognizing the real power of Big Data, organizations are now actively trying to leverage this technology to derive business benefits and also, to not face a competitive disadvantage in the long run.
Benefits of Big Data across the life sciences industry value chain:
- Disease Pattern Analysis
- Drug Discovery
- Clinical Trials Management
- Large scale genome sequencing
- Pharmaceutical Manufacturing and Engineering systems
- Supply Chain Management and Logistics
- Sales and marketing
- Patient care quality and program analysis
- Serving human lives through Big Data analytics
- Call center data analytics
- Data archival solution for long periods
Concerns to be addressed:
- Is Big Data capable of solving existing data management problems?
- Is Big Data just another technology trend?
- Will Big Data uniquely exist in times to come?
- What does the future hold for Big Data?
Adoption challenges and solutions:
- Inhibition in making the first move for a particular use case
- Reluctance towards making Big Data strategy investment in the current financial year
- Absence of any single Big Data vendor
- Integration of already available traditional data with Big Data
- Scarcity of combined Big Data and domain skills
This white paper attempts to provide a perspective to some fundamental questions regarding Big Data and highlights certain Big Data prospects that the pharmaceutical and life sciences industry can take advantage of.
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