RxDataScience Blog

Recently, Health IT Analytics published a blog on how the healthcare industry needs to prepare for advances in artificial intelligence and machine learning.

In 2015, a survey by Accenture found that two-thirds of chief marketing officers (CMOs) in the pharmaceutical industry did not consider collaboration with their chief information officers (CIOs) as an important strategy. In the past, CMO/CIO collaboration was not a central focus as these two roles hardly ever coincided – CMOs generally focused on marketing technologies while CIOs focused on IT.

Advanced analytics necessitate the use of complex statistics and mathematical systems to improve the business operations of a company. Evidence shows that companies that use advanced analytics have repeatedly reduced variability in product quality and simultaneously lowered costs and increased sales.

The 21st Century Cures Act

In late December 2016 and with only three days remaining in session for the year, the U.S. Congress passed the 21st Century Cures Act, now commonly referred to as the Cures Act. This act laid out goals to “accelerate the discovery, development, and delivery of 21st century cures.” The law authorized $6.3 billion in funding, mostly for the National Institutes of Health. The Cures Act was first introduced nearly two years prior by seven bipartisan cosponsors, many of whom resided on the Science, Space, and Technology Committee. The legislation was supported by pharmaceutical manufacturers, as it had several important measures that would allow the healthcare and pharma industry to make more informed decisions to ultimately improve the patient journey. President Obama said the Cures Act will “modernize research and accelerate discovery” using data so that “treatment and healthcare can be tailored to individual patients.” It is a highly significant piece of legislation that will impact every pharmaceutical company and the way in which they manage, analyze, and leverage their real world data.

Providing data-driven healthcare solutions for better patient outcomes

Earlier in the year, our CEO Larry A. Pickett, Jr. gave a presentation at the CED Tech Venture Conference on RxDataScience’s solutions. There, he discussed RxDataScience’s ultimate goal of providing data-driven decision making in healthcare for better patient outcomes and lower costs of care. To achieve that goal, we’re helping companies unlock the value from their data.