Big data analytics is the process of examining large and varied data. The life sciences and healthcare industries historically have generated large amounts of data driven by patient profiling, compliance and regulatory requirements, and scientific research. These massive quantities of data hold the promise of supporting a wide range of medical and healthcare functions, including clinical decision support, disease surveillance, and clinical analytics.
Data in life sciences and healthcare is expected to grow exponentially in the coming years and will be beyond the capability of the traditional methods of data management and data analytics. In addition, healthcare reimbursement models are changing; meaningful use and pay for performance are emerging as critical new factors in today’s healthcare environment. It is vitally important for life sciences and healthcare organizations to acquire the available tools, infrastructures, and techniques to leverage this vast amount of data effectively, or risk losing potentially millions of dollars in revenue and profits.