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After more than a decade of explosive growth in the availability and diversity of healthcare real-world data (RWD), a comprehensive data and analytics strategy is now table stakes for pharmaceutical and life science organizations.
The right approach provides demonstrable advantages to advance crucial clinical and business objectives that define success—for the business and patients alike.
A data and analytics strategy consumes time and resources. The right strategy must balance demonstrating short-term outcomes to build confidence in the approach within an organization, and long-term solutions that truly alter the usual course of business.
Consider these four core pharmaceutical operations and the role that a data strategy plays.
For each of these functions, the standards for analytical sophistication have risen significantly, increasing the urgency for companies to buy, build, or partner with companies to incorporate data and analytics into their decision-making across the entire development and commercialization life cycle. No matter the size of the organization, data can and should inform all workstreams.
Here are four common questions organizations often need to answer as they develop or expand their data and analytics strategies, as well as considerations for each question.
In today’s competitive global market, organizations cannot afford to waste time or resources on strategies that do not increase patient access, drive revenue, and ultimately improve patient outcomes. A clear data and analytics strategy is a must, and the modern data and analytics marketplace has enabled life sciences functions to make significant improvements, and the scope is expanding. As the COVID pandemic revealed, when groups bring new data together in privacy-compliant fashions, decisions can be made at extreme velocity.
Data and analytics practices will continue to grow, and the industry can expect modularity that allows companies to buy, build, and partner only for what they need. This will drive innovation including the emergence of new data sources while creating jobs as the industry looks for the best and brightest talent. Understanding how the power of data and analytics, privacy, and other factors that go into creating the right strategy means more now than ever. Now is the time to get your data house in order. Your success, and the impact on the patients you serve, depend on it.