Large-scale big data analytics are expensive. How can the pharmaceutical companies justify investments in big data?
Large-scale big data analytics are expensive. How can the pharmaceutical companies justify investments in big data?
Answer:
The utilization of big data has revolutionized industries such as telecommunications, advertisement, healthcare, and finance. Similarly, the pharmaceutical industry is also evolving with the increasing utilization of big data. The emergence of big data in the pharmaceutical industry is helping in streamlining multiple complicated business procedures and improving efficiency across the board. Hence, investors from healthcare and pharmaceutical industries have invested nearly $4.7 billion in big data. With continued investments, pharmaceutical businesses aim to develop several innovative applications.
Big data can enable businesses to gain insights from historical and real-time data sources such as social media, IoT sensors, log files, and patient data. Big data analytics can help in finding hidden patterns in such data that can be used to generate informative analytics. Leveraging big data, pharmaceutical companies can take a data-driven approach to several business procedures. Therefore, business leaders must stay informed about big data and its applications to benefit from the technology.
Step by step
Solved in 2 steps
