An analysis by the pharmaceutical recruitment specialists found that a greater focus on exploiting data could drive greater efficiency which would benefit the entire sector. The price of developing new drugs has risen to prohibitive levels with the failure of late stage clinical trials often costing firms millions. NonStop has argued that hiring big data specialists could mean that the data from these trials is more effectively exploited.
Abid Kanji, Associate Director of NonStop Recruitment, comments: “As we all know, the process of getting a new drug to market is a long and costly one. Firms produce enormous amounts of data from trials and testing, but currently use it very inefficiently.
“Taking on larger numbers of data scientists and big data experts could mean that organisations can exploit the data more effectively and then save costs further down the line when it comes to drug development. This isn’t reinventing the wheel. It’s a relatively simple solution to an obvious problem that is causing massive wastage.
“The data can be used to help direct research more efficiently and could reduce the amount of time that firms spend pursuing unviable opportunities. The process would start with sharing information internally, but eventually the entire sector could reap the benefits.
“The pharmaceutical industry arrived somewhat late to the ‘big data revolution’ and with the sector in such a tumultuous state it seems clear that firms should be doing all they can to become more efficient. They don’t even need to take on an expert with extensive direct experience in the pharmaceutical sector, firms simply require specialists who understand how to break down and analyse data to spot areas where their employers could improve efficiency. This could be a significant opportunity for the entire industry and it’s one that we hope they will adopt.”