Big Pharma are investing huge amounts in data analytics, but what are the challenges and opportunities of using data? – Infographic: 2019 Latest Industry Trends

In 2018, return on investment for R&D in big pharma companies fell to just 3.7% creating a huge problem for the industry. Big pharma have there been forced to find solutions and are investing enormous amounts into this area as they recognise it improves productivity and reduces development time drastically.

Ahead of the Data Analytics for Pharma Development forum 2019, Pharma IQ conducted an industry wide survey on data professionals working in pharma, to understand what the challenges and opportunities are of using data. Pharma IQ then gave insight into the results producing an infographic that had some key findings.

When discussing the benefits of using AI and Machine Learning, 42% of participants highlighted the reducing time to market as the biggest benefit over reducing costs and staying ahead of the competition. Moving onto challenges, trusting the validity of data was revealed to be the biggest test for data professionals working in pharma using Real World Data/Real World Evidence with 39% of the vote. This was deemed to be more challenging then collating the data with internal data effectively and interpreting the data. Finally, to put to the test how important  data actually is to development, Pharma IQ asked to partakers in the survey to rank on a scale of 1-10 how vital data is to drug development which return a resounding average score 0f 8/10.

View 2019 Industry Trends Infographic Here

This infographic and survey was produced in the build up to the 2019 Data Analytics for Pharma Development Forum.  The 3 day conference is designed to help ensure you maximise your data to improve efficacy, drive innovation and maintain competitive advantage. View the 2019 Agenda here

For 2019, there is also a Certificate Course in Data Analytics to dive deep into data strategy, advanced analytics and machine learning & AI to ensure you are at the forefront of innovation. Find out how you can attend here