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Best Practices, LLC's Study Examines How Medical Affairs Function is Utilizing Big Data in the Pharmaceutical Industry
CHAPEL HILL, N.C., May 18, 2018 /PRNewswire/ -- The medical affairs function within the pharmaceutical industry is seen as one group that can find great value in Big Data.
Medical records, clinical trial data and claims information are some of the information sources that pharma uses to produce Big Data insights related to their therapies and patients.
The last decade has seen an explosion in the availability of data that can deliver valuable insights for the pharmaceutical sector in general and drug development specifically. Pharma recognizes the huge potential that Big Data holds for providing critical insights into clinical programs, such as aiding biomarker discovery or increasing the understanding of a disease, and many organizations are taking steps to develop Big Data capabilities.
To inform these efforts and to probe current trends and best practices in utilizing Big Data, research and consulting leader Best Practices, LLC has published a benchmarking study, "Big Data in Pharma: Current & Future Trends for Big Data Utilization Across Medical Affairs Functions."
The study addresses many issues that analytics and medical affairs leaders are wrestling with, including whether Big Data should be a centralized or decentralized function or group. Just over 50 percent of study participants said they have a centralized/dedicated group (Big Data team or function) to support Big Data projects.
The data in this study provides an opportunity for gaining actionable insights that goes beyond what's currently available via white papers or symposiums. The depth of insights extends across the critical components of pharma-oriented Big Data programs and include:
- The types of Big Data projects and data being used
- The types of data being used for specific medical Big Data projects
- The data types and sources that are most valuable
- How companies are organizing their Big Data efforts
- Who are the most useful partners for Big Data Projects?
Best Practices, LLC engaged 12 medical affairs leaders from 11 pharmaceutical companies through a benchmarking survey. Research analysts also conducted deep-dive executive interviews with selected benchmark participants.
To learn more about this report, download a complimentary report excerpt at http://www.best-in-class.com/rr1496.htm.
For related research, visit our Best Practices, LLC Web site at www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking and advisory services firm serving pharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and most of the top 50 pharmaceutical companies. The firm conducts primary research and uses its comprehensive benchmarking tools and executives interviews to form the basis for our Benchmarking Reports and advisory services utilized by top executives. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
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