The healthcare industry has undergone tremendous reform over the last decade. The life sciences and pharmaceutical industries have felt the effects of those growing pains as well.
The U.S. alone holds over 45 percent of the global pharmaceutical market, making it imperative to stay ahead of trends and requirements.
Increasing competition and legislation, has required pharmaceutical companies to look at streamlining operations, increasing productivity and making data more readily available.
The emergence of big data, technological advancements and data science approaches has dramatically transformed industries like retail, finance, and travel.
The Life Sciences industry is no exception.
Companies in the Life Sciences industry have a high-volume of unorganized data sets they aren't aware of that contains hidden actionable insights.
The life sciences industry hasn't fully adapted to new technologies but they've gotten off to a convincing start.
Still, a huge number of enterprises haven't been able to decode the insights because of lack of expertise in pharma data analytics and inefficient pharma master data management.
Statistics show that close to 90 percent of the entire world’s data has been created only in the last two years, which is growing by leaps and bounds at a mind-boggling rate.
Over 2.62 million terabytes of fresh data is created every day across the world. By 2018, it's estimated that we will use close to 50 TB of data each second.
Also, over 90 percent of all data that’s being produced isn't constructed. That leaves possibilities for inconsistencies, non-standardized units, formats and systems of measurement.
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