Current and Future Trends for Big Data Utilization in the Pharmaceutical Industry

CHAPEL HILL, N.C., Jan. 22, 2016 /PRNewswire/ -- The rapid evolution of Big Data is generating greater insights for pharmaceutical companies. At the same time, organizations are encountering challenges in building strong analytical Big Data teams and forming critical data partnerships. Now, more than ever, it is critical for organizations to understand the growing impact of Big Data and how it can impact medical, HEOR, and commercial operations.

According to research from benchmarking firm, Best Practices, LLC, Big Data already informs many commercial, medical and HEOR decisions. All participating companies in the research study leverage Big Data in some way. More than half – 53% - of study participants already have a Big Data team or function. Another 20% expect to have one within a year.

The related report, "Analytics Excellence: Current & Future Trends for Big Data Utilization in Pharma," investigates data types, data partnerships, and the staffing/budget levels  companies are using as they move to a more analytically based approach to commercial, HEOR & medical decisions. The research will help leaders to better understand the growing influence of Big Data in the biopharmaceutical sector and how it can impact operations.

Key study topics covered include:

• Types of Big Data Projects Used to Support Medical, Commercial and HEOR Decisions
• Big Data Capabilities and Governance
• Types and Value of Data Used for Big Data Projects
• Big Data Staffing and Budget Levels
• Value Rating of Partnerships on Big Data Projects
• Policies and Procedures Governing Big Data Activities

Best Practices engaged 22 analytics, marketing and HEOR leaders from 18 different companies for this study. Participants were recruited because of their presumed investment in Big Data analytics. Three companies had multiple responses - each representing a different functional area (medical, commercial, or HEOR).

To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www.best-in-class.com/rr1405.htm

For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website at http://www.best-in-class.com/.

ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. 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.

SOURCE Best Practices, LLC

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