In recent years, there has been an increase in the volume and variety of medical information generated regarding patients’ profiles, compliance and regulatory requirements, and scientific research. Increase in the use of mobile devices and sensors in pharmaceutical and life science organizations has increased data volume, velocity, and variety, driving the need for a new data management and data analytics approach. Traditional collection and processing of such data leads to increased cost and does not improve outcomes.
Data analytics plays a crucial role in segregating and managing data in an efficient manner. Companies such as Oracle Corporation, IBM Corporation, and Google Inc. are emphasizing on developing new data analytics tools for various operations in the life science industry. Furthermore, pharmaceutical and biomedical companies have begun to realize real benefits from this evolving data ecosystem, using cloud-based storage and distributed computing power platforms.
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With the implementation of data analytics tools, drug manufacturers and other stakeholders in the life science industry are developing insightful diagnoses and treatments, delivering higher quality care at lower costs, and achieving better overall outcomes.
Furthermore, data analytics tools have made integration of genomic and clinical data easier, which can help manufacturers develop advance personalized medicines. Rapidly changing and increasingly complex regulatory requirements become a critical risk to the life science sector. Analytics is helping companies in accurate regulatory reporting. The increasing volume of data generated in the life science industry and need to generate value from this data are driving the life science analytics market.