|By Business Wire||
|February 3, 2014 10:18 AM EST||
Across the pharmaceutical industry, use of Big Data remains a relatively new concept. According to a new study, at present, just under half of surveyed Top 10 pharmaceutical companies report having dedicated Big Data teams in place.
Cutting Edge Information’s latest study, “Pharmaceutical Big Data Insights: Harnessing Real-Time Data to Drive Decision Making and Innovation,” found that Big Data supports companies’ existing practices to help dedicated teams achieve and expand existing market access, medical affairs, clinical and business development objectives.
As familiarity with Big Data grows, companies are moving toward establishing formal Big Data structures. Implementing dedicated teams enables companies to track and store Big Data within a single structure. Moreover, consolidating Big Data resources allows multiple internal groups to conduct Big Data analytics in-line with their objectives. By comparison, companies without a dedicated team to process and track Big Data usage, may end up expending additional energy by tracking duplicate metrics.
The report reveals that sixty three percent of surveyed companies without dedicated teams report plans to establish formal teams within the next few years. Among these companies, Top 10 pharmaceutical companies are among the frontrunners to establish these teams. A small percentage of Top 50, small pharmaceutical companies and country-level affiliates report similar plans.
“Because establishing Big Data teams requires ongoing planning, many companies that presently lack dedicated teams have become proactive in their approach,” said Nicole May, research analyst at Cutting Edge Information. “These preparations range from recruiting Big Data staff from existing analytics teams to strategically positioning Big Data databases within companies’ structures.”
The study, “Pharmaceutical Big Data Insights: Harnessing Real-Time Data to Drive Decision Making and Innovation” (http://www.cuttingedgeinfo.com/research/market-access/pharmaceutical-big-data/) will help executives develop an initial Big Data team strategy. It presents key performance indicators such as activity budgets, team sizes and specific metrics concerning prospective studies, retrospective studies and market intelligence initiatives. Use this report to:
- Add dedicated teams to maximize value of Big Data/analytics.
- Implement social media initiatives to supplement competitive intelligence and assess product performance.
- Harness Big Data to improve efficiency of data analysis during retrospective studies.
- Leverage health outcomes, patient-reported outcomes and real-world data to drive a broad range of prospective Big Data strategies.
For more information about pharmaceutical Big Data benchmarks, contact Cassie Demeter at 919-403-6583.