Data Analytics & Insight Conference 2019
Last month Analytics Director Misti Paul attended the Data Analytics & Insight Conference in London.
The analytics industry is experiencing unparalleled growth, fueled by big data, artificial intelligence, machine learning and social media analysis. According to statistics provided by the Market Research Society, the analytics industry has experienced 350% growth since 2012. Key drivers of this growth have been disruptive innovation, exponential growth of data, data warehousing, architecture and analytics. However, the shortage of skilled analysts and data scientists remains a barrier in this industry. Many organisations are still learning and grappling with ways to integrate analytics in their business.
Big Data—a new player in the Healthcare Industry
Big Data is an exciting by-product of the information technology revolution and offers new ways of understanding customers.
Our previous blog explored the rise of Big Data and its importance to the market research industry. In this blog we investigate some of the ways in which big pharma have used big data and consider the specific implications for us, the healthcare market research industry.
Big data is exciting to healthcare because the integration of data sources, combined with the tremendous volume of data now available, affords pharma the chance to gain fresh insights into patient behavior and HCP decision-making, as well as make improvements to overall health system planning. Major pharma companies, such as Astra Zeneca and GSK, have been quick to embrace Big Data to gain additional market understanding. For example, Astra Zeneca recently partnered with a data analytics company, Healthcore, which analyses insurance claims. By combining large amounts of medical records with insurance claim data, AZ was able to establish the relationship between treatment effectiveness and cost of care. This helps the company to identify more effective and affordable treatment for patients. This level of analytics, which gives pharmaceutical companies a means of developing more effective pricing strategies, is one that traditional market research agencies are unlikely to be equipped to offer.