RxDataScience Blog

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.

Data-driven from the beginning

RxDataScience began as a small team at a mid-market pharmaceutical manufacturer, led by Larry Pickett as CIO. 

In the pharmaceutical industry, research into discovery of novel compounds to fill unmet medical needs has long been the driver of growth. This, combined with a strong commercial focus targeting the right messages to prescribers, solving medical problems, and improving patient outcomes, has led to unprecedented growth in the industry with patients as the primary beneficiaries. Now, a new discipline—data science—is emerging as a competitive weapon to disrupt the traditional approach to creating economic value and driving business growth for pharma companies.

Interview conducted by:
Lynn Fosse, Senior Editor
CEOCFO Magazine

CEOCFO: Mr. Pickett, what is the vision for RxDataScience?

Mr. Pickett: Our vision is to apply data science to healthcare data to improve patient lives worldwide. The focus is on applying advanced predictive statistical techniques to either very large or very complex healthcare data sets. The goal is for these efforts to lead to improved patient lives and patient outcomes. We are also hoping to use some of our algorithms and solutions to be able to lower, or help control, l the cost of care, which is a big issue for patients and the healthcare community.

• Kx selected by RxDS as the platform for its data analytics solutions
• Solutions based on Kx will unlock the data within pharma and healthcare companies to allow better and more rapid decisions
• RxDS aims to disrupt market valued at US$ 24.6 billion by 2021¹