(Philadelphia, PA – October 29, 2013) – Pharmaceutical companies have been slow to adjust to the new paradigm of complexity that has emerged as the era of big data has spread to the health care sector, Galileo Analytics Co-Founder and CEO, Simon Fitall, said today at the CBI 2013 Commercial Data Congress in Philadelphia.
Fitall said the pharmaceutical sector, once a source of innovation, actually lags behind both government and health care providers in their ability to use data to understand patient needs.
Through the HITECH Act, the Affordable Care Act and the 2009 stimulus bill, the federal government has helped build an infrastructure for the capture of complex data about patient health and care and has incentivized health care providers to use this data to identify patients who need specific interventions to improve care quality.
“Accountable care organizations are using EHR and other data to revolutionize their approach to patient care, as well as their business models,” he said. “While pharmaceutical companies are purchasing access to the same type of EHR data, they’re analyzing it with tools developed for Claims or chart review data. They’re failing to utilize the rich detail that is now available, and their business model is suffering as a consequence.”
Drawing from examples from other industries, Fitall described how real-time visual analytics can help identify opportunities for targeted investments, utilization of resources and efficiencies.
Fitall demonstrated how real-time visual analytics and exploration through Galileo Cosmos can help pharma companies better understand patient needs, so they can develop products and strategies that provide qualitative improvements in patient health and care.
For more information about Fitall’s presentation and the CBI 2013 Commercial Data Congress, click here.