The pharma and life sciences industr is faced with increasing regulatory oversight, decreasing Research & Development (R&D) productivity, challenges to growth and profitability, and the impact of digitazation in the value chain. The regulatory changes led by the far-reaching Patient Protection and Affordable Care Act (PPACA) in the United States are forcing the pharma and life sciences industry to change its status quo. Besides the increasing cost of regulatory compliance, the industry is facing rising R&D costs, even though the health outcomes are deteriorating.
In the age of Big Data, algorithms give companies a competitive advantage. Today’s most important technology companies all have algorithmic intelligence built into the core of their product: Google Search, Facebook News Feed, Amazon’s and Netflix’s recommendation engines.
Data Sciences and analytics technology can reap huge benefits to both individuals and organizations – bringing personalized service, detection of fraud and abuse, efficient use of resources and prevention of failure or accident. So why are there questions being raised about the ethics of analytics, and its superset, Data Sciences?