The Life Sciences industry functions around data collected from different sources, for various purposes. As pharmaceutical and biotechnology markets are poised to exceed USD 1.2 trillion by 2022, it is only natural for organizations in the industry to want to invest in innovative and cutting-edge technologies to manage their biggest asset – massive volume of data from numerous sources.
With a great amount of data comes a great amount of challenges. Storing and recording data from various sources is one thing, leveraging it accurately for insights, is quite another.
Even today, when there are so many examples of big data analytics in pharmaceutical industry, very few pharmaceutical companies have been able to truly leverage their data for competitive advantage. The main challenges in doing so are: