Best Practices, LLC to benchmark analytics and informatics usage inside the healthcare industry - NBC12.com - Richmond, VA News

Best Practices, LLC to benchmark analytics and informatics usage inside the healthcare industry

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SOURCE Best Practices, LLC

CHAPEL HILL, N.C., May 13, 2014 /PRNewswire/ -- Best Practices, LLC, a research and consulting firm serving the life sciences industries, recently earned a new engagement supporting a top-20 global biopharmaceutical company's efforts to understand how the industry currently uses analytics and informatics to support its medical and commercial operations.

As part of this client engagement, Best Practices LLC will conduct a benchmarking study to explore:

  • Staffing levels and budget investments around analytics and informatics programs
  • Evolving data and information partnerships
  • Most valuable sources of data
  • Most impactful types of medical, commercial, and health outcomes from analytics and informatics projects
  • Policies and procedures that govern successful data acquisition and development programs

To participate in this groundbreaking research, go to http://www.best-in-class.com/cr234.htm.

The client company, known worldwide for its dedication to improving people's health via innovative products, chose Best Practices, LLC to help the company uncover and develop strategies to:

  • Develop health outcomes data that payers want to determine drug formulary
  • Speed up drug development process
  • Improve commercial effectiveness – specific messages for specific consumers
  • Improve patient care - match drugs to the right patients

The McKinsey Global Institute estimates that applying big-data strategies industrywide could generate as much as $100 billion in value annually in the U.S. health-care system alone. Companies are beginning to explore how to optimize innovation, improve efficiency of research and clinical trials, and build tools focused on individualized care that can be used by physicians, patients and insurers.

For this engagement, Best Practices will analyze the breadth and depth of analytics and informatics usage in the industry to determine how companies are beginning to utilize the wealth of data being created and warehoused in today's Information Age.

"Best Practices has a great history of working with pharmaceutical and health care companies, and this project will allow us to explore the exciting frontier of Big Data and how companies will use it to better the lives of patients in the future," said Cameron Tew, executive director of Research Services at the Triangle-based consulting firm.

About Best Practices, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies.

The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. For more information about Best Practices, LLC visit our Web site at www.best-in-class.com.

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