Big Data could improve results in the biopharmaceutical industry—if companies can improve their use and avoid pitfalls, writes Jefferies’ Michael Yee in a report issued today.
In this way, using Big Data to “find better drugs at a lower cost” will put drug makers at an advantage by increasing return on investment. Companies that are using Big Data include Amgen (AMGN), Biogen (BIIB), Celgene (CELG), Gilead Sciences (GILD), Johnson & Johnson (JNJ), Eli Lilly (LLY), Merck (MRK), Novartis (NVS), and Regeneron Pharmaceuticals (REGN).
Yee writes that Big Data can help in a number of areas, including research and target discovery, drug discovery, clinical development, the manufacturing and supply chain, marketing and sales, and drug real-world evidence, although he argues that the huge amounts of data generated by scientific trials aren’t yet being mined well.
Moreover, Yee warns, there are drawbacks that drug makers have to be mindful of, including storage, ensuring privacy and security, and translating Big Data to actions that can be quantified and add to the bottom line.