How Data Science is Revolutionizing Healthcare and Life Sciences

Healthcare companies around the world are generating more data than they can manage. Hence they are leveraging the dynamism of Data Science to obtain an edge on their competitors. As these companies today are on the top of great achievements and with the technological advancements, every Healthcare/Life sciences company needs to adopt new solutions which are helpful for them in various ways to accomplish their goals sooner. Data science is being used to enhance outcomes due to its ability to automate in fast, scalable, and precise ways. Each and everyday healthcare workers around the world are trying hard to find more ways of improving our lives. Out of the world’s total data, almost 30% is generated by the healthcare industry. A single patient generates about 65 MB’s every year in electronic medical record and imaging data. In spite of this fact Healthcare industries are far behind in using data science as compared to other Industries.

According to a survey, implementation of Data Science in Healthcare and Life Sciences Industry could save more than $250 billion annually which actually is a large amount. Life Science companies including pharmaceuticals, medical devices, and biotechnology face a huge challenge which can be solved with the help of Data Science and Analytics. Data Science drives the life sciences industry forward, optimizing nearly every dimension of the business.

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Life Sciences companies can leverage Data Science and analytics in a new way to drive big decisions. Data Science can help the organization right from design, product planning, manufacturing, to clinical trials and for Healthcare companies that generate Hospital Claims Data, Clinical Data, Pharma R&D Data, Patient Behaviour and Sentiment Data which lead in better collaboration, cost optimization, failure prediction, information sharing and drive competitive advantage.

Data Science has the computing power & algorithms to transform the Healthcare and Life Sciences industries through:

Risk analytics - To find the possible risks which can be caused by any impurity in the drug.

Product failure analytics - Via predictive and root cause analysis of product failures.

Inventory analytics -Building predictive models from internal and external data, that would predict the shortages in the availability of drugs impacting lost sales revenues & customer service levels.

Prescription compliance - Predicting who won't comply with their prescriptions.

Physician attrition - Hospitals want to retain Drs who have to admit privileges in multiple hospitals.

Survival analysis - Analyze survival statistics for different patient attributes (age, blood type, gender, etc) and treatments.

Real-time medical device analytics and visualizations - Leveraging Interconnecting data from implanted devices and personal care devices.

An Indian Data Science Company, Canopus Data Insights is a leading provider of Data Science Products, Solutions and Services, to clients, from start-ups to large enterprises. It has expertise in generating insights from Life Sciences and Healthcare Data and converting it into profitable business outcomes, be it Big Data or traditional data, structured or unstructured.

About the Company:

Canopus Data Insights provides Data Science and Data Analytics services that enable customer centricity by giving insight into data, which improves productivity and increases the depth of customer engagement and predictive modeling to predict device/machine failure. Canopus Data Insights has an extensive knowledge and experience working with many domains including Data Analytics, Machine Learning, Pattern Recognition, Statistics, Artificial Intelligence, Operations Research and Big Data.

Canopus Infosystems is an Iso 9001:2008 Certified Company that specializes in providing outsourced web & mobile development and testing services to clients worldwide.