Data clearly matters in pharma. For the fourth year in a row artificial intelligence (AI) and Big Data ranked as the most impactful technologies in the industry, according to GlobalData’s “The State of the Biopharmaceutical Industry – 2023” report, which includes feedback from 198 companies. On top of that, the life sciences analytic market is expected to surpass $45.1 billion by 2030, according to ReportLinker. But what does all of this investment in data mean to marketers?
“The axiom ‘Most people use statistics like a drunk man uses a lamp post; more for support than illumination’ is especially applicable in today’s era of nearly unlimited data,” says David Marks, PhD, MSc, VP, Medical Director, Elevate Healthcare. “Increasingly powerful computing and AI can explore the relationships between hundreds of thousands of variables simultaneously. However, correlation does not always equal causation between variables. A statistically significant association of two factors does not necessarily imply real-world applicability.”
So, how can marketers get the most out of all of this data? And how can they determine what data will lead to the most meaningful change for their campaigns, healthcare professionals (HCPs), and ultimately patients? Dr. Marks says it helps to have the right people in place.
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