|The biopharmaceutical (pharma) industry is undergoing major transformation. This transformation is being driven by the changing face of healthcare, characterized by demographic changes, rapid technological developments, and new healthcare expectations, all occurring at the same time as rising regulatory and compliance challenges.|
The ability of pharma to respond successfully to these challenges depends on improving the use of information and data. Research by the McKinsey Global Institute estimates that applying big data strategies to improve decision-making could generate up to $100 million in value annually across the US healthcare system. Critical here is by improving their use of information; pharma can improve clinical-trial efficiency, improve collaboration, and use this data to improve their R&D processes. Ultimately this will help pharma find the insights necessary to drive personal or precision medicine, where patients are treated using individualized approaches. However within pharma, one department in particular is currently being dramatically impacted by, as well as tasked with using, insights, and that´s Medical Affairs.