Back in 2010, humankind had generated an estimated two zetabytes of data. By 2022 that figure had reached 97 zetabytes, and it’s projected to almost double over the next three years. We’ve truly entered the data age, but for life science, more doesn’t necessarily mean ‘more’. The life science insight gap acknowledges the difficulty of capturing and disseminating scientific and other forms of data, and converting that data into actionable insights. Writing in The Journal of mHealth, Within3 CEO Lance Hill explains how the insight gap problem can be a hugely expensive one for medical device and pharmaceutical companies.
“Fewer than 10% of drugs in development make it to market from phase I clinical trials,” Hill explains, “and, on average, the successful development of a single drug costs more than $2 billion. Despite the acceleration of digital transformation, ROI for R&D investment at large biotechs has consistently declined for the last decade. These are all consequences of the life science insights gap.”
Hill explores what pharmaceutical companies can do to bridge the insights gap, how medical affairs teams can harness technology to gain strategic advantage, and the role insights management platforms have to play.
“Companies must conduct robust, data-led insights management to take full advantage of the information collected to close the insight gap and capitalize on growing data sets.”
– Lance Hill, CEO, Within3