For pharma companies, one could argue that data is their primary product. Fortunes are spent trialling, recording and interrogating information about different permutations of molecules and their effects. The result is a vast portfolio of information that represents the opportunity to license a drug. Historically this data has been used very inefficiently. Pharma R&D leaders are very good at using advanced analytics during the development and licensing process to acquire information, achieve the best return on investment and improve productivity. But once the process is complete, the data tends to be filed away and ignored.
This is a shame, as that data could be hugely useful for further innovation. Using data more effectively, as well as sharing it across non-competing organisations, presents opportunities to spot new breakthroughs, avoid duplications, and save time and money.
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