Data-Driven Decision Making in Healthcare with RxDataScience

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.

The problem of too much data

Every year, pharmaceutical companies are spending 10s or 100s of millions of dollars on data. The problem is, there are so many data sources to account for. Data ranges from patient data, to proprietary clinical trial information, to real world evidence. This data is massive and located in silos across the organization.

The ability to access this data is further complicated by the use of tools pharmaceutical organizations employ on top of these silos. The technology is outdated and slow, and integration is usually difficult due to the way the information is siloed. Because of this, data leakage is a regular occurrence.

Embracing data-driven decision making in healthcare

Companies need to bring new products to market quicker than ever before, and moving to a wholly data-driven approach is the answer. As Larry discusses in the video, the pharmaceutical industry is struggling to utilize all of the data available to them and derive beneficial insights at this moment.

To change the tide, pharmaceutical companies need to turn to new technology. After all, big data is the future of the industry.

RxDataScience and the future of pharma analytics

In addition to analytics-as-a-service and consulting services, RxDataScience has created micro-applications to target specific questions facing the pharmaceutical industry. Larry highlights the managed care profitability modeler, which allows you to use historical data to determine what constitutes a fair deal when purchasing. This micro-app is integral to RxDataScience’s mission to lower costs in the industry.

Using its proprietary underlying technology that is used in high frequency trading on Wall Street, RxDataScience’s platform gives organizations faster querying. That translates to quicker insights and smarter decision making.

Watch the full video below of Larry’s CED Tech Venture presentation. You’ll get more details on why the pharmaceutical industry needs to update its pharma analytics technique and how RxDataScience can help.