Life Sciences Firms Garner Large Amount of Data, but Fall Short on Generating Revenue from it: Oracle

There is good news and some disappointing news for organizations in the life sciences, according to Oracle (News - Alert). The organizations are accumulating data at what the company calls “unprecedented rates.” But they are not doing well on generating revenue from the data.

In a new study called “From Overload to Impact: An Industry Scorecard on Big Data Business Challenges,” 333 U.S. and Canadian executives from life sciences and 10 other sectors were questioned.

Some 93 percent of the life sciences executives say their organization is collecting and managing more business information now, compared to two years ago, working out to an average of 78 percent more. But life sciences executives are ill-prepared to handle the increasing amount of data.

When it comes to grading their organizations, 29 percent gave a “D” or “F” for being prepared to manage the data deluge. Forty-seven percent gave a “C” or lower. Only 10 percent of executives gave their organization an “A” in preparedness.

“Life science is a data-intensive industry ? from discovery to regulatory compliance to sales and marketing,” said Neil de Crescenzo, senior vice president and general manager, Oracle Health Sciences Global Business Unit. “Pharmaceutical companies as well as biotechnology firms are struggling to make the most of their data and translate it into innovation and new revenue. This study underscores these challenges and identifies executives’ strategies and priorities to put big data to work for their organizations, including deploying industry-specific solutions and analytical applications that deliver timely information when and where it is needed.”

Life sciences executives also say they were unable to realize, on average, 20 percent of additional revenue per year, translating to an average of $98.5 million per year.

Company executives say they are most frustrated with the inability to give business managers access to the information they need without relying on IT staff. Another frustration is that information is no longer timely when it gets to business managers, and current systems are not designed to meet the specific needs of the industry.

In other recent company news, Oracle plans to acquire the assets of Skire, a provider of capital program management and facilities management applications, according to a recent company statement.

In other life sciences news, TMCnet reported recently that investors, innovators and executives will attend August 15’s Investorfest Media's LifeScienceFest Americas in Redwood Shores, Calif. Attendees have special interest in the healthcare and medical device sectors.

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