Cloud-Based Applications, Embedded Analytics and Integrated Systems Focused on Lowering Pharma and Payer Costs, Improving Patient Outcomes
Life sciences companies are aggressively embracing new technology-driven approaches to commercialize their products and reduce operating costs, according to a new report issued recently by the IMS Institute for Healthcare Informatics. The current technology wave in life sciences – including cloud-based business intelligence applications and storage, embedded analytics and systems integration – has the potential to drive transformational change over the next three years in overall healthcare system efficiency and the effectiveness of treatments. The availability and adoption of secure, healthcare-specific tools and services are key to accelerating that opportunity and deriving greater value from new, expanded sources of health information to optimize patient outcomes.
The study – Riding the Information Technology Wave in Life Sciences: Priorities, Pitfalls and Promise – found that life sciences companies are aggressively shifting their technology-based approaches to align cross-functional activities, optimize their organizations and improve the effectiveness and agility of commercial teams. In addition, new investment is being focused on enabling greater patient engagement.
The report cites findings from an IMS Institute survey of decision makers in IT, marketing, sales, operations and management from 70 life sciences organizations who were asked about their current and planned use of new IT solutions. Overall, respondents expect continued cost reductions across the industry, and 40 percent pointed to planned cuts of more than 10 percent in their organizations during the next three years. In addition, 74 percent of survey participants are looking to derive greater value from the influx of healthcare information that includes anonymized Electronic Medical Records (EMR) and other real-world data. New investments in a range of commercial operations applications, such as customer relationship management, social media or integrated multi-channel marketing solutions, were cited by more than 70 percent of respondents as a priority.
“Realizing the full benefit from new technologies will be a high priority for all life sciences companies as commercialization approaches are revised amid changing customer demands and a growing need for efficiency,” said Murray Aitken, executive director of the IMS Institute for Healthcare Informatics. “Applications that are healthcare-specific, cloud-based, integrated, secure and analytically powerful will yield tremendous advantage to these organizations, and ultimately to patients and the health system overall.”
The report’s key findings include the following:
The full version of the report, including a detailed description of the methodology, is available at www.theimsinstitute.org. It can also be downloaded as an app via iTunes at https://itunes.apple.com/app/ims-institute/id625347542.The study was produced independently as a public service, without industry or government funding.
About The IMS Institute for Healthcare Informatics
The IMS Institute for Healthcare Informatics provides key policy setters and decision makers in the global health sector with unique and transformational insights into healthcare dynamics derived from granular analysis of information. It is a research-driven entity with a worldwide reach that collaborates with external healthcare experts from across academia and the public and private sectors to objectively apply IMS Health’s proprietary global information and analytical assets. For more information, visit http://www.theimsinstitute.org.
About IMS Health
IMS Health is a leading global information and technology services company providing clients in the healthcare industry with comprehensive solutions to measure and improve their performance. By applying sophisticated analytics and proprietary application suites hosted on the IMS One intelligent cloud, the company connects more than 10 petabytes of complex healthcare data on diseases, treatments, costs and outcomes to help its clients run their operations more efficiently. Drawing on information from 100,000 suppliers, and on insights from more than 45 billion healthcare transactions processed annually, IMS Health’s 9,500 professionals drive results for over 5,000 healthcare clients globally. Customers include pharmaceutical, consumer health and medical device manufacturers and distributors, providers, payers, government agencies, policymakers, researchers and the financial community.
As a global leader in protecting individual patient privacy, IMS Health uses anonymous healthcare data to deliver critical, real-world disease and treatment insights. These insights help biotech and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders to identify unmet treatment needs and understand the effectiveness and value of pharmaceutical products in improving overall health outcomes.
SOURCE: IMS Health