London, UK -- (SBWIRE) -- 10/19/2022 -- The pharma industry produces profuse data from a varied range of sources including pathology reports, EHRs, genomics, clinical trials, wearable devices, physician notes, and others. Big data analytics serve as the apt solution for the stakeholders involved in the pharma industry value chain to secure, store, process, analyze, aggregate, and integrate this huge data for generating new insights. The latest report by GlobalData Plc titled Big Data in Pharmaceuticals – Thematic Research confirms the data and analytics market size in the pharma industry was USD1.4 billion in 2020. The analysts also project the pharma sector to contribute 1.5% to the global data and analytics market in 2025.
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Big Data in Pharma Sector Competitive Analysis
There has been a gradually rising adoption of big data among pharma companies to strengthen their dominant positions in the market. As pharmaceutical companies continue to incorporate products derived using big data, partnering with technology providers becomes a natural step for the industry to take. The partnerships enable fast adoption of new technologies and reduce costs substantially.
The report classifies vendors into key categories including –
Specialist Big Data Vendors in Pharma
- Deep Genomics
- Exscientia
- Antidote Technologies
- Insilico Medicine
- Owkin
Leading Big Data Adopters in Pharma
- Amgen
- AstraZeneca
- Bayer
- GlaxoSmithKlinePlc
- Merck&Co
Leading Big Data Vendors
- Amazon
- Oracle
- Microsoft
- SAP SE
- International Business Machines
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Big Data in Pharma Highlights
- Big data analytics deliver actionable insights based on the information and raw data, and act as the driving force behind many ongoing waves of digital transformation, including synergistic relationships with the use of AI, virtual and augmented reality, and IoT.
- The pharma industry spends billions of dollars on drug R&D with low return on investment (ROI). The rising costs of bringing a drug to market, the high attrition rate for pipeline products, and clinical trials with long durations are among the main reasons for low returns. The implementation of big data analytics and AI has been shown to accelerate drug development timelines, reduce costs, and increased the likelihood of approval.
- Leveraging big data can also optimize and accelerate clinical trial processes, such as by improving recruitment rates with the adoption of digital twins and virtual control groups.
- With digitalization, it becomes imperative for pharma companies to reduce the risks of cyberattacks and comply with privacy regulations, and secure patients' personal data.
- Key healthcare trends boosting the adoption of Big Data in the pharma sector are the increased use of digital technologies in clinical research, drug discovery, drug repurposing, and vaccine development. The pandemic has also played a crucial role and emerged as a major catalyst toward the adoption of innovative technologies including Big Data and AI.
- Emerging technologies such as big data analytics and AI are expected to improve patient selection, data collection, integration, and analysis. Furthermore, clinical trial design can be optimized using AI to predict how patient eligibility criteria affect costs, time, and patient retention.
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Big Data in Pharma Latest Developments
- Sumitomo Dainippon Pharma and Exscientia collaborated on drug discovery and development. The development of DSP-1181 used big data analytics and AI, and it was the first drug that combined these technologies to move into clinical trials. The drug was developed through joint research between Sumitomo Dainippon Pharma and Exscientia and was investigated for the treatment of OCD.
- Syapseis a leading RWE analytics company that aims to improve outcomes for patients with cancer. The Syapse Learning Health Network shares global precision oncology data generated from hospitals across the US and South Korea. Syapse has partnered with leading pharmaceutical companies including Amgen, Pfizer, and Merck& Co. targeting areas of unmet need in oncology and developing observational research analytics to assess treatment outcomes.
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About GlobalData
GlobalData is a leading data, analytics, and insights provider in the world's largest industries. As a leading information services company, thousands of clients rely on GlobalData for trusted, timely, and actionable intelligence. Our mission is to help our clientele ranging from professionals within corporations, financial institutions, professional services, and government agencies to decode the future and profit from faster, more informed decisions. Continuously enriching 50+ terabytes of unique data and leveraging the collective expertise of over 2,000 in-house industry analysts, data scientists, and journalists, as well as a global community of industry professionals, we aim to provide decision-makers with timely, actionable insights.
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