Predictive analytics is gaining a lot of traction in the healthcare industry with the consistently growing amount of patient data. The pharmaceutical and life science industry is experiencing problems such as decreasing productivity, low achievement rate in R&D and increasing regulatory challenges. Analytics is assumed to play a key part in helping the industry to manage the dynamic environment and the aforementioned challenges. Every year, healthcare industry related data is expanding at the rate of 35%. Predictive analytics is being adopted by a rising number of healthcare providers to evaluate, support and offer correct medicines to the patients. Even though predictive analytics is utilized in variety of applications, the healthcare industry is still facing a lot of problems.
Lack of data integration from multiple sources, lack of centralization and standardization of data, limited funding, and inadequate talent resources are few of the challenges being faced by the healthcare industry in adopting predictive analytics. While adoption of analytics is at an incipient stage, healthcare organizations and third-party analytics firms are rushing to adopt predictive analytical tools to offer impressive insights. The white paper provides a quick point of view on how predictive analytics will reform the pharmaceutical industry and the major reasons which makes it prevalent across the global healthcare industry.