The Potential of Big Data in Disrupting Pharma Industry
We have currently progressed to a state where there is too much information for one person to analyze. What we now call “Big data”- composed of more significant volumes, variety, and velocity of data than ever before, is just more data. With big data analytics, we can now process and make sense of that data, thus providing excellent opportunities for every industry. Over the years, the demand for data has grown exponentially, and quick integration is now considered a business requirement. It is particularly true for pharmaceutical industries as they have always trusted empirical data to identify patterns, test theories, and understand the efficacy of treatments. For big data analysis, one can manage an extensive collection of digital health records and administrative data, including medicine safety reports, drug prescriptions, and hospital discharge datasets. Effectively leveraging these data will enable pharmaceutical companies to better identify new potential drug candidates an...