Big Data Collaboration – The Biggest Change Shaping the Pharma Industry Today
On the 9th day of Christmas my true love sent to me:
Big Data for new drugs discovery!
Okay, so for our 9th day of Christmas we wanted to focus on one of the biggest changes shaping the pharma industry today, and that’s Big Data collaborations.
The sharing of Big Data is hugely proficient in two main aspects:
First, and most importantly, is the Pharma Industry’s main objective – accelerating drug discovery and development, to produce both better outcomes and cheaper ones, for patients. And multiple data sources used collaboratively can produce these richer results.
Another significant aspect is of course the enormous effect on Big Pharma’s commercial operations, cutting at least $35 billion in costs over the next several years! For commercial operations this Big Data collaboration produces better informed commercial organization, and the ability to better negotiate with today’s tight-fisted payers, while helping marketers reach the right doctors and patients.
And although it seems this gives the mid-sized and small drug-makers a better chance of releasing their own drugs without requiring a major marketing partner, the Big Pharma industry benefits this joint collaborative effort as well, both from the R&D aspect and the commercial cost cut-downs.
In short, get ready for a universal interdisciplinary sharing of knowledge, to become the next big thing in Pharma.
Munro, Dan. Big Pharma Opens New Chapter on Big Data Collaboration [Internet]. 2014 April 8. Available from: http://www.forbes.com/sites/danmunro/2014/04/08/big-pharma-opens-new-chapter-on-big-data-collaboration/
Staton, Tracy. Big Data’s Double-edged Sword: Better Drug Marketing, Bigger SG&A Cost Custs. [Internet]. 2014 March 11. Available from: http://www.fiercepharmamarketing.com/story/big-datas-double-edged-sword-better-drug-marketing-bigger-sga-cost-cuts/2014-03-12