A huge challenge in a busy hospital is accurately predicting usage – which beds and wards will be filled, how many surgical sponges will be required, what volumes of medical waste will be created and much more. Pharmaceutical and medical device companies often deal with very similar difficulties: How can the organization anticipate demand for a particular drug and therefore ensure sufficient supply? In both cases, there is also the question of supply chain resilience. Can everyone be absolutely sure that supplies and equipment will travel safely and arrive on time at the right destination?
These challenges are being met head on by advanced data analytics, a logical extension of patient-centered healthcare. The global healthcare analytics market is set to expand by nearly 24%, from $8.48 billion in 2015 to $23.8 billion in 2020. Accurately crunching high-volume, high-value, high-velocity data can help save lives. Many of life sciences and healthcare companies are investing wisely.