(Philadelphia, PA – July 23, 2013) – Galileo Analytics Co-Founder and CEO Simon Fitall said today that currently available data analytics paradigms fail to provide the insight needed to support today’s pharmaceutical and biotech business development decisions.
Speaking earlier today at the CBI Bio/Pharma Product Forecasting and Modeling Congress, Fitall said pharmaceutical and biotech executives should demand more from their data and analytics providers and platforms, which are generally too slow, costly and cumbersome to provide needed insight into the array of licensing and forecasting decisions with which life science business development (BD) professionals are faced.
“Today’s BD executive is tasked with an increasing number of products to evaluate and given less time and resources to assess the product’s market viability,” he said. As new compounds target smaller, more complex and niched disease populations, the data access and analytics needs required to determine their market potential have grown more complex.
“Yesterday’s model of using claims data and standard analytics doesn’t work for today’s BD environment. We need – and now have – a better way,” he said.
Fitall said the industry now has much better data through EHRs, but the high price of that data makes it cost prohibitive for many licensing decisions, and gaining access to the data can take weeks. Once the data are available, standard analytics fail to provide the more detailed information needed about patients with co-morbid conditions or less common diseases.
Fitall described how ready access to EHR data through Galileo Analytics’ visual data exploration and advanced analytics platform, Galileo Cosmos™, could provide BD executives with the tools they need to conduct fast, sophisticated and cost-efficient analyses of EHR data, which could provide licensing executives with the information they need to support their licensing decisions.
For more information about Galileo Cosmos™, click here.
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