Life Sciences Analytics
Life sciences companies, which provide the drugs and medical devices that have dramatically changed healthcare over the past several decades, have also employed analytics much more than providers. However, their analytical environment is also changing dramatically. On the R&D and clinical side, analytics will be reshaped by the advent of personalized medicine—the rise of treatments tailored to individual patient genomes, proteomes, and metabolic attributes. This is an enormous (and expensive) analytical challenge that no drug company has yet mastered. On the commercial analytics side, there is new data as well—from marketing drugs directly to consumers, rather than through physicians—and new urgency to rein in costs by increasing marketing and sales effectiveness.
Dave Handelson in Chapter 4, “Surveying the Analytical Landscape in Life Sciences Organizations,” starts off with the contextual reality that it is no longer “business as usual” in the life sciences industries, which has resulted in a heightened focus on analytics. He describes the potential analytical contributions related to the primary business functions, including research discovery, clinical trials, manufacturing, and sales and marketing. He notes that healthcare reform and the emphasis on cost containment place more reliance on analytics that includes new reimbursement strategies and the need to use comparative effectiveness results in assessing the value of therapies.