The current operating model for the health care and life sciences sector is unsustainable. Better innovation with more predictable outcomes at a lower cost is the overreaching imperative. The health care environment offers an abundance of new opportunities for improvement using big data and analytics – from patient – centricity delivered through smart watches and cloud computing to executing radically smaller, faster and cheaper clinical trials by combining genomic markers and real- world big data analytics.
The ability to keep up with today’s compliance demands requires both a proactive, integrated approach to analysis and the analytic tools to overcome the many obstacles to effective risk management.
Yes, these opportunities accompany come tough choices, calculated risks and significant challenges, including:
- Launching new business models based on data collaboration with payers and other organizations despite uncertain profitability outlooks and potential competitive exposure
- Embracing digital channel analytics to more fully understand perceptions about their products despite the increased adverse event reporting
- Managing and mitigating data privacy and security as more health care delivery capabilities move in the cloud
Accelerating R&D using big data analytics
For life sciences organizations, clinical trials are often the largest source of any R&D budget. However, as regulatory requirements continue to tighten and research and development costs continue to rise, there is an ever-growing need to improve productivity. Historically, this has meant large trials and a focus on data gathering, collection and analysis. This approach increases costs but does not consistently improve outcomes.
As risk-based approaches focused on specific patient allies lead to a world where demonstrating actual outcomes is as important as initial, pre-market evidence, R&D organizations have an opportunity to improve productivity using big data analytical capabilities. By combining real-world outcomes data with clinical data, mining genetic data, and more broadly understanding regional and population data, analytics savvy organizations can gain insights to recognize research failures faster, design more efficient streamlined clinical trials, and speed the discovery and approval of new medicines while reducing the cost burden.
Our experience with healthcare providers made us understand the intricacies of complex challenges that healthcare providers are facing today. Bodhtree’s disease management solutions and BI platform are focused on helping healthcare organizations adopt to this new era of services by leveraging analytics and Big Data.
We created a common enterprise platform for providers to address both operational and strategic information needs and provide necessary regulatory reports. Healthcare providers can leverage our analytical solutions for longitudinal view of patient data across a host of disparate systems and provide a transparent view of the patient across the continuum of care.