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Best Practice Database
Market Research, Analytics and Forecasting ╗ Analytics
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The rapid evolution of Big Data is generating greater insights for both medical and commercial decisions within the biopharmaceutical industry. The inherent costs and challenges that come with harnessing large sets of information in varied formats have caused the pharmaceutical sector to embrace Big Data analytics slower than other industries.
Identifying the most useful types of data and sources of data is an important initial step to realizing the huge potential that Big Data holds for pharma. Just as important is understanding what types of Big Data studies are best for key medical and commercial decisions like drug development decisions and pricing & reimbursement strategy.
Best Practices, LLC undertook this study to probe current trends and best practices in utilizing Big Data. The study offers key benchmarks around what types of data organizations are using most frequently as well as the data sources they find most useful. Also, the research examines which types of Big Data studies organizations are performing to inform their medical and commercial decisions.