The pharmaceutical sector is on the verge of a significant shift in the way drugs are discovered, offering exciting opportunities for researchers and investors using the untapped potential of linked data to get ahead of that transition. Information technology is accelerating rapidly, and advances in Machine Learning and Artificial Intelligence are being experimented with to see patterns in data that were invisible before.
These advances are not restricted to self-driving vehicles and automated factories but apply to various sectors, including healthcare and life sciences. Enhanced early decision-making, facilitated by big data analytics in drug discovery, improves project timelines, and reduces clinical attrition. Computational biologists with a Silicon Valley mindset are developing personalized drug treatments based on the patient’s genome. Data scientists look for previously unseen biomarkers using algorithmic models.
New, agile, data science-driven models replace the old way of approaching product development and siloed market access. These models take advantage of ongoing digital innovation and leverage linked data on a large scale.
Data increasingly describes our world.
Using these data ecosystems, real-world evidence can be identified earlier to match the right patient to the proper trial and engage customers proactively throughout the entire drug development process. Democratizing access to data is a crucial aspect of the DATA ECONOMY. Data should be made FAIR (Findable, Accessible, Interoperable, and Reusable) and easy to consume in a secure and regulatory compliant way.
In addition to data-driven evidence based on clinical trials, researchers also tap into data gathered via lab automation and the digitization of claims and medical records. The following data wave will be generated by wearables, ingestibles, and other Internet of Things (IoT) devices. Advances in analytical technologies and artificial intelligence will enable companies to translate massive amounts of data into actionable insights about disease populations and treatments on a large scale. The opportunities for healthcare and life sciences are immense.
Unlocking customized care, faster drug discovery, and preventive medicine
Companies that control large quantities of data are often highly valued. Initially using data for advertising purposes, Google and Facebook have applied their user data to train voice recognition or image recognition using Artificial Intelligence (AI). Uber provides cheaper rides and holds the world’s most giant pool of supply and demand data related to personal transportation.
Data enables companies to understand better the world’s economic, social, consumer and business infrastructures and build data-driven decision-making into every aspect of their operations. In the healthcare and life sciences data economy, data has clear and measurable value – streamlining business processes, discovering new cures, and unlocking better care to prevent diseases.
The urgent need for data valuation frameworks in healthcare and life sciences.
Many businesses own massive undervalued and underutilized databases, resulting in untapped data potential. Data-driven revenue models are missing; there are more and more lost opportunities in the flourishing data economy.
It is crucial for healthcare and life sciences companies to start treating data as an asset and not just a back-office matter. We need to establish marketplaces to promote the correct (re-)use of data to demonstrate its value. Moreover, data utility doesn’t decline with its (re-)use, unlike other assets such as oil, iron, and coal. Will we define economic valuation and trading principles to demonstrate the value of data and maybe even bring it onto the balance sheet, so businesses can evaluate and treat data as an asset, as they are already doing with their brands?
Our next blog will focus on the role of FAIR data, how to calculate ROI, examples showcasing faster market access, and improving the probabilities of success across the entire drug discovery process.