While industries such as financial services have had a long track record of managing data, and applying analytics to optimizing customer relationships and developing new services, life sciences companies have only in recent years begun to fully embrace and seize upon the opportunities to organize and apply their data in a systematic way to a range of drug development and patient care challenges.
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As life science firms begin to actively mature their use of data, notable progress is being made in the efficiencies of drug development and the quality of insights produced at the research stage.
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