How Data Standards and Technology Empower Life Sciences Companies
Costs to bring a new drug to market are staggering, and life sciences companies face intense pressures to decrease costs and bring new drugs and treatments to market more quickly. The life sciences industry is also facing increasing complexity with the types of data available such as genomic biomarkers, and the increasing amount of data standards and regulatory scrutiny.
Raj Indupuri, our CEO, recently contributed an article to Forbes on-line that describes how data and technology can empower life sciences companies. In the article, Raj shares that data is power, and life sciences companies have an incredible amount of data. What is lacking is the ability to easily integrate, aggregate, and analyze clinical data for enhanced efficiencies and improved decision-making.
The starting point for sharing clinical trial data is data standardization, which allows data to be easily shared with research partners, vendors, and regulatory agencies. Without data standards data sharing is cumbersome, time consuming, and nearly impossible. The Clinical Data Interchange Standards Consortium (CDISC) is becoming the global language for data sharing in clinical research. In the on-line article Raj shares several benefits of leveraging CDISC standards in clinical research settings.
Technology continues to evolve and is dramatically changing how clinical trials are conducted. In the article, Raj provides an overview of the most promising trends in clinical data acquisition and management. We are particularly excited about how standards enable reporting and data analysis in real-time. Our elluminate® platform offers life sciences companies access to all their clinical trial and operational data, whether collected through an EDC or CTMS, in a standardized format, which allows for risk-based monitoring analysis and centralized trial monitoring.
There is an incredible amount of clinical data available, and there will be even more data in the future. Data standards are a critical enabler to efficiently collect and share data in order to enhance efficiencies and inform decision-making throughout the clinical development cycle.
Please join the conversation! How is your organization embracing data standards and technology to to enhance quality, decrease costs, and increase efficiency in collecting and managing clinical trial data?
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