23 September 2014, London, UK
The volume of data is exploding, and that is challenging drug makers' ability to transform big data into additional revenue. But companies who can exploit big data and analytics will have the potential to improve their productivity and efficiency, especially in the discovery, research and development of new products, experts say. McKinsey has predicted big data could reduce research and development costs for pharmaceutical makers by $40 billion to $70 billion. They anticipate that data will form the cornerstone of future value-based assessment and also be used for gaining market access, and enhance competitiveness.