Survey reveals nearly half of pharma companies can’t make use of their own data
31 May 2021
Almost one in two pharmaceutical European and US companies surveyed (48%) say their competitiveness is impaired by their inability extract or use insights from the data they already possess.
The findings come from research conducted by global asset optimisation software Aspen Technology among 300 senior decision-makers within the pharmaceutical industry. These included leading Western economies including the UK, US, Germany, France, Spain and Sweden.
Again, 48% admitted not using their own data for business decisions as well as they could, with still more (49%) saying their companies struggle to use data effectively to improve time to market.
“This should sound an alarm bell within the pharmaceutical industry,” said AspenTech senior vice president and general manager pharma David Leitham.
“Leading organisations stand out for their ability to use data effectively across all aspects of drug manufacture. Data-driven organisations are faster to innovate and respond to opportunities or threats at speed,” he commented.
Simimilar levels of responses revealed a widespread lack of predictive capabilities within the industry. Almost half (49%) of respondents said their companies were not good enough at predicting demand for a product and adjusting output to match it, with 48% rating their organisation poor or ineffective at using data to predict and resolve supply shortages.
“Manufacturers have traditionally been moving slowly and incrementally towards pharma 4.0,” said Leitham. “For more than half of all organisations this needs to accelerate if they are to avoid falling further behind.”