Other than large, academic medical centers, or medical giants such as Quest or Kaiser Permanente, a majority of big hospitals are doing very little with their big data for a variety of reasons; not the least of which is a drought of data scientists to drill down and dissect the data.
Kingsbrook discovered big data could lead to success when they started to dig into the reason for delays and broken appointments in its radiology center. Thanks to analytics, they were able to reduce their broken appointments by 25% and create an efficiency value of a little bit more than $1 million.
Real World Data can benefit multiple stakeholders within the value chain in order to support the commercialisation of strategies and provide insightful analysis for differentiation, to assist with regulatory submissions and to influence the market access strategies. However, it is not without its limitations and there a number of issues related to the consistency and repeatability of real world data in the pharma industry.
We spoke to two industry experts in order to better understand the role that RWD can play in drug development, improving patient outcomes and the speed at which products come to market.
The biggest challenge life science companies now face is to learn how to use data, source of an enormous amount of information, and step out of the silos. Ahead of the third annual Data Analytics for Pharma Development, PharmaIQ had an exclusive interview Marie Montoya, CEO and Founder or M Montoya Consultancy, to understand how data visualisation, once incorporated into a business strategy, can help life science companies turn their business around into a cost efficient model.