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Life sciences companies are embracing the power of cognitive computing to fuel breakthrough discoveries and better manage the tsunami of data they are looking to mine for insights. In our complex healthcare ecosystem, volumes of seemingly unrelated, disparate data need to be brought together to deliver actionable insights. As more and more data is becoming available, there is an overwhelming need for cognitive computing and its potential benefit in generating actionable insights which can enhance overall quality of care.
The most interesting angle for cognitive computing for the life sciences industry is the potential of innovation in research and development and ability to use Real World Evidence (RWE) to support products beyond the confined space of a clinical trial. However, there are lots of challenges while trying to persuade life sciences organizations to adopt cognitive computing as companies need to do a lot of preparation work in terms of enhancing skills, technology, preparing a business case, justifying the ROI, etc.
The volume of genomic data is growing as the cost of sequencing declines rapidly. Real world evidence data is growing exponentially as the cost of collecting this data is also driven down. Time frame is being driven by customers who have a patient centric focus and willingness to collect real world evidence. Patient safety is an important focus area for life sciences organizations and cognitive computing provides a good case for Pharmacovigilance. The more RWE that is collected, the more important it is to monitor patient safety. So slowly, life sciences companies are realizing the need for cognitive computing and are trying to embrace change.
While some companies excel in one off cognitive solutions, IBM operates across the ecosystem in a secure way, protecting patient data, and performing ground breaking analysis for insight.
In a survey conducted by IBM Institute of Business Value (IBV) for life sciences executives, we found that ‘87% of life sciences executives familiar with cognitive computing believe it will play a critical role in the future of their business’. Thus, companies are getting ready to embrace the power of cognitive computing to stay in front and achieve a brighter future.
To learn more about such interesting results and how life sciences companies are using Cognitive Computing, read the recently published paper from the IBM IBV, “Prescribing a digital transformation for life sciences: Your cognitive future in the life sciences industry.”