Panalgo Releases Industry Benchmarking Report Exploring Data Analytics and Machine-Learning Capabilities of Life Sciences Organizations
Report examines the drivers, barriers, and benefits of using real-world data (RWD) and advanced analytics
Panalgo, a leading healthcare analytics company, announced the findings of its 2021 State of Healthcare Analytics Benchmarking Report, focused on real-world data (RWD) usage and analytics capabilities at pharmaceutical, biotechnology, and medical device companies worldwide.
This report, based on one of the most extensive surveys of RWD usage in life sciences to date, examines current capabilities of life sciences companies to analyze healthcare data, analytics tools currently being used, barriers to adoption, and progress toward utilizing advanced analytics.
“There are a lot of questions concerning how life science companies can use real-world data to facilitate decisions to substantively benefit their businesses. There’s also a fair amount of uncertainty about how new approaches, like machine learning, should be leveraged. We conducted our survey of life sciences leaders to better understand both the current state and future goals,” said Joseph Menzin, PhD, CEO and founder of Panalgo. “We believe that our benchmarking report will offer important insights to organizations of all sizes as they look to scale their analytics teams, optimize their RWD investments, and improve the timeliness of insights.”
The survey, which was fielded by FiercePharma, includes responses from 100 experts directly involved in healthcare analytics at organizations worldwide. Based on their opinions and experiences, the report suggests three steps that organizations looking to implement a comprehensive analytics strategy should take: (1) Build out centralized, multidisciplinary RWD teams with deep expertise; (2) streamline and democratize access to RWD; and (3) invest in analytics platforms to increase efficiency and collaboration.
Recommended AI News : InsurePay Secures $5 Million Series A Investment Round Led by FINTOP Capital
“With increased focus from regulatory agencies, mounting public scrutiny of drug prices, and the shift to value-based care, we are at an inflection point in the healthcare industry during which time life sciences companies must examine their analytics programs and think critically about optimization and democratization,” said Margaret McDonald, PhD, RWD Expert at Apex Data Consulting and former executive at Pfizer who participated in designing the survey. “Access to real-time, real-world data presents enormous opportunities, including the ability to address unmet medical needs, drive deeper engagement with patients, reduce healthcare costs, and improve the overall quality of care. Organizations that promote an enterprise-wide understanding of and respect for data and analytics will have a clear advantage in this highly competitive marketplace.”