Data is the new oil. The organizations which are able to handle large data and extract information out of it, are going to win the business battle. But the big question is: “where from this data is to be collected?”, because quality of data is important for quality of information to be extracted out of it, which affects the decision making.
The information is as good, as the data itself is. It becomes more important while we talk about clinical or pharma industry.
Large data sets are needed for clinical trials, we need timely feedback to make the desired changes for betterment of clinical devices or medicine compositions.
The overall clinical cycle can be to find symptoms (by BP, Sugar, ECG etc.), performing diagnosis (using medicines or therapy) and then keep monitoring (the progress/effect of diagnosis ) over the patient. The shorter the cycle, the better is treatment plan
This is where WEARABLE DEVICES are playing vital role. These are able to collect user’s/patient’s live track of body symptoms using various type of sensors before and after diagnosis. Large pharma industries are collecting, analyzing and using AI tools to find patterns/predictions in large EHR datasets.
It is expected that more than 50% of clinical trials will be using sensors (Wearables) in next 5 years. Many life science organizations have started seeing their value and are moving to adapt these components in their product/services ecosystem.