Executive Briefs

Dell Boomi - Data Driven Pharma - Executive Brief

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Executive Brief – Data-Driven Pharma | 1 Leading pharmaceutical and life sciences organizations that are effectively managing digital disruption have made great strides in harnessing data for insights and informed business decisions. They're gaining a competitive edge over rivals that struggle to create a cohesive view of data spread across their large enterprises and partner organizations. Mismanaging data leads to decreased productivity and a lack of focus in research that can limit important process improvements and increase time to analysis and outcomes — which all delay the drive to real innovation. Research by the Tufts Center for the Study of Drug Development has shown that the cost of drug development is rising, with the full cost of an approved drug at an average of $2.87 billion 1 . Life sciences companies need to reduce R&D costs to better compete as healthcare providers, governments and consumers put increasing pressure on manufacturers to reduce drug prices. Since research efficiency is aided by the creation and analysis of data insights, a cohesive view and contextual awareness across all R&D activities will improve time to insight. Because of differences among stakeholders, data should be delivered in the context that matters most for each group. Improved transparency builds trust from the public and regulators, contributing to a lower regulatory burden. Additionally, new and emerging technologies including machine learning, AI and crowdsourcing can drive better data analysis, modeling and, most importantly, prediction. Companies like the UK-based McLaren Applied Technologies, a leader in motorsports, electronics and healthcare innovation, are showing that data science can play a major role in drug discovery, patient safety and healthcare. Pharmaceutical firms that want to systematically unleash the potential from their data need to embark on a strategic remake of their data architecture. Establishing a single data platform in which new applications and technologies can be simply plugged in will accelerate their discovery processes and bring expanded value to their investments. However, legacy pharmaceutical and life science companies continue to struggle to bring together their data silos for their data science initiatives. Bottlenecks, including regulatory compliance, legacy infrastructure and disconnected on-premise applications, are slowing progress. Another complication is legacy interfaces that are coding-heavy and require frequent re-validation for interfaces related to GxP good practices. EXECUTIVE BRIEF – DATA-DRIVEN PHARMA Creating a Data-Driven Business in Pharmaceuticals and Life Sciences By unifying data with modern integration technologies, pharmaceutical organizations can accelerate drug discovery research, improve trial efficiency, strengthen regulatory compliance and connect with supply chain systems. 1 Outsourcing-Pharma, https://www.outsourcing-pharma.com/ Article/2016/03/14/Tufts-examines-2.87bn-drug-development-cost.

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