Pharmaceutical companies are responsible for the ideation, development, and marketing of new drugs and therapies. Data is critical to pharmaceutical companies to pursue innovative R&D and commercial strategies; however, given the sensitivity of these datasets, third-party data access concerns, internal security and governance requirements, and cross-border regulations limit pharmaceutical companies from being able to fully implement their data strategy.
Current approaches to address this problem are limited — anonymization and data governance technologies reduce data quality and further reinforce information silos. Today, researchers and data scientists may wait weeks or even months for access to even internal datasets, and third-party data sources, such as data from hospital systems, can take years to integrate, if it can be done at all. Worse still is that current methods to protect data do not provide any meaningful privacy assurances; anonymized data is easily reverse engineered, creating substantial regulatory and reputational risk.
Pharmaceutical companies need a new mechanism for safely democratizing data across internal silos and acquiring third-party data sources while protecting sensitive information about individuals.
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