Due to its sophisticated and long-term undertakings, the pharmaceutical and life sciences industries are well-positioned to receive outsized benefits from analytic investments. The rapid expansion of relevant data sources, shifting compliance and legislation environments, and new buyer incentives all contribute to accelerated need for analytics investments.
Pharmaceutical manufacturers face increased regulatory scrutiny on a global basis, with the United States being no exception. The Patient Protection and Affordable Care Act (PPAC) has created requirements that increase research and development costs while forcing a shift to an ‘outcomes-based’ reimbursement model. Simultaneously, the FDA (Food and Drug Administration) is enforcing more stringent guidelines that make finding successful drugs more difficult.