The article makes reference to insights from global consulting firm, McKinsey & Co. Inc. According to McKinsey & Co., big data could reduce research and development costs for pharmaceutical companies by $40 billion to $70 billion. In fact, pharmaceutical companies are increasingly turning to big data technologies to mine vast troves of data to identify drug candidates with the best chance of navigating the long, expensive and risky path from drug discovery to FDA approval. Armed with big data technologies, it is possible to more quickly assess what treatments are most effective for particular conditions and identify patterns related to potential drug side effects.
This is where CHEMSAS® fits in – it utilizes a series of predictive computer models to identify compounds with a high probability of being successfully developed from disease specific drug discovery through chemical optimization and preclinical testing. With the CHEMSAS® platform failed attempts to hit therapeutic targets occur in computer simulations as opposed to incurring the costs of synthesis and testing at the ‘research bench’. CHEMSAS® substantially reduces the cost and time to market of identifying drug candidates at the discovery stage in drug development. In pharmaceutical drug development, speed is only useful if it comes with accuracy; CHEMSAS® delivers both.
While the business case for Big Pharma to employ big data is clear, drug makers are just one of the stakeholders in the drug discovery process. Others, including investors, can also employ big data and analytics-led approaches to assist in making wiser decisions about which drug candidates will be more effective or more likely to succeed.
"Big data could reduce research and development costs for pharmaceutical companies by $40 billion to $70 billion."
According to estimates by McKinsey & Co., big-data technologies could drive up to $100 billion in savings annually across the U.S. health-care system by improving the efficiency of research and clinical trials, and building new decision making tools for healthcare practitioners, patients, regulators, insurers, and investors.
Interested in learning more on the subject? Check out the videos below:
| || |