The healthcare industry has undergone tremendous reform over the last decade, and the life sciences and pharmaceutical industries have felt the effects of those growing pains too. 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, as well as new legislation, has required pharmaceutical companies to take a look at streamlining operations, increasing productivity and making data more readily available.
The emergence of big data and advancements in technology 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 are not aware of that contains hidden actionable insights. Life sciences industry is the early adopters of new technologies but still, a huge number of enterprises have not 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. Just to give an idea, over 2.62 million terabytes of fresh data is created every day across the world. By 2018, it is estimated that we would churn out close to 50 TB of data each second. What’s even more daunting is the fact that over 90 percent of all data that’s being produced is unconstructed. Which leaves possibilities for inconsistencies, and non-standardized units, formats and systems of measurement.
Swapan Kumar Manna | July 19, 2017
Anupam Nandwana | January 5, 2018
Anupam Nandwana | February 8, 2017
Swapan Kumar Manna | December 19, 2017
Avirup Basu | June 7, 2018