Eighty-four percent of senior life science executives agree that precision medicine represents a new era in drug development, according to the Newsweek Vantage report, Precision Medicine: Creating Value for Everyone. Sponsored by Medidata (NASDAQ: MDSO), Thermo Fisher Scientific, and Bristol-Myers Squibb, the survey report highlights the need for data-centric, AI tools and a connected ecosystem in the age of precision medicine.
The patient-centered approach requires access to more data, from a greater variety of sources, including sensors, wearables and real world data; and integration, preparation, and analysis to derive actionable insights1. Life science executives noted in the survey that new strategies are needed to empower precision medicine initiatives:
- Nearly one in three cited investment in IT systems, changing strategic and scientific mindset, and changing how products and services are commercialized as the top three barriers impacting the success of precision medicine.
- Two in five senior life science executives interviewed recognize unified data strategies and access to real world data as key to precision medicine initiatives.
“The big opportunity to become more efficient and generate better evidence comes from using digital platforms to connect people in new ways. That requires investing in bigger, more sophisticated systems, which is not an easy thing for a company that traditionally makes siloed decisions. It’s not just the cost of the IT; it’s the organizational change management involved,” said Glen de Vries, co-founder and president, Medidata Solutions.
To truly transform drug and data development, it’s not only about collecting large amounts of data; it’s about interpreting it and putting it to work2. Powered by artificial intelligence and delivered by top-ranked industry experts, Medidata is redefining clinical development with:
- Medidata Rave Clinical Cloud™the platform for life sciences to seamlessly unify data, optimize operational execution, and accelerate drug development timelines
- SHYFT (a Medidata company) provides data analytic and real world evidence capabilities, as well as integration of third-party commercial data and real world data sources, empowering users to optimize protocol design and inform decision making
- Acorn AI (a Medidata company) applies machine learning and AI to accelerate the delivery of actionable insights to the frontlines of decision-making across research, development and commercialization by using high-quality liquid data, technology, expertise and a thriving ecosystem
- Rave Patient Cloud a suite of mHealth tools that empower and engage patients from pre-enrollment through the end of a study, always meeting the strictest level of compliance
Sign up today for Medidata NEXT NYC, the premier conference about the digital transformation of life sciences, to join the panel discussion: The Connected Ecosystem for Precision Medicine; and hear more about the tools and industry collaboration needed to make precision medicine a reality.
The research is based on an anonymous survey of 301 senior executives (up to two levels below the C-suite) from organizations involved in diagnostics development and drug discovery and development. Respondents were based in the US, UK, Germany and France, with roles spanning a range of activities and disciplines relevant to precision medicine.
The report was independently researched and written by Newsweek Vantage with sponsorship from Bristol-Myers Squibb, Medidata Solutions and Thermo Fisher Scientific. Barbara Prainsack, Professor at the Department of Political Science at the University of Vienna, and Professor at the Department of Global Health & Social Medicine at King’s College London served as Medidata’s knowledge partner.
Medidata is leading the digital transformation of life science, with the world’s most used platform for clinical development, commercial, and real-world data. Powered by artificial intelligence and delivered by top-ranked industry experts, Medidata helps pharmaceutical, biotech, medical device companies, and academic researchers accelerate value, minimize risk and optimize outcomes. Medidata and its companies, Acorn AI and SHYFT, serve 1,300 customers and partners worldwide and empower more than 150,000 certified users every day to create hope for millions of patients. Discover the future of life science: www.medidata.com
About Newsweek Vantage
Vantage is Newsweek’s thought leadership division that combines meticulous research and expert analysis to explore topics that are defining the global business environment.
Newsweek is the modern global digital news organization built around the iconic, 85-year-old American magazine. Newsweek reaches more than 30 million people each month with its thought-provoking news, opinion, images, graphics and video delivered across a dozen print and digital platforms. Headquartered in New York City, Newsweek also publishes international editions in EMEA and Asia.
1-2Precision Medicine: Creating Value for Everyone, June 2019; researched and written by Newsweek Vantage and sponsored by Bristol-Myers Squibb, Medidata Solutions and Thermo Fisher Scientific.