Over the past ten years, the increase in data collection and computing power has transformed the way that industries operate and provide value to their clients and constituents. The pharmaceutical industry is no exception. Increasingly, drug companies are leveraging data science insights to drive innovations in research and development, especially in improving existing research processes. In fact, McKinsey identified this back in 2017 as the...
Only about 12 percent of drugs entering clinical trials ultimately gain FDA approval. Recent studies also found that the average R&D cost of a new drug ranges from $1 billion to more than $2 billion. Optimizing these processes without sacrificing the quality of the research is the holy grail to safer medicines that are accessible to the public on a shorter timeline.
During drug discovery, pharmaceutical companies spend millions of dollars screening compounds to test in pre-clinical trials. Until recently, this process could take a decade or longer due to incorporating many manual processes that were time-consuming.
However, using data science and machine learning algorithms can drastically shorten the time that researchers and scientists need in order to achieve results.
Given these insights, data science training can be one of the best decisions a drug company can make for its long-term success. By investing in data science initiatives, organizations can shorten the biopharmaceutical research and development process, which typically requires billions of dollars in investment and many years of testing. From drug discovery to pre-clinical tests to clinical trials, data science can speed up the research and development of new medicines.