Andrew Brosnan, Senior Analyst, Health Sciences
Life sciences companies are faced with significant economic challenges that necessitate a change in their business model: the cost of developing new drugs is too high, and the current cost of healthcare is unsustainable. As a result, big pharmaceutical companies must leverage new technologies to extract greater value from their data while reducing the cost of drug development.
At this year’s Oracle OpenWorld conference, Oracle and Accenture outlined the R&D IT platform that they are developing to provide pharma companies with enhanced analytical capabilities while streamlining the industry’s drug development operations.
A complex environment and increasing trial costs necessitate change
The cost of clinical trials has been steadily increasing, and the thresholds for the commercialization of new drugs have been raised. Clinical trials are becoming more difficult to run and more complex in nature, particularly with the increasing application of personalized …