It’s no surprise that it was only a matter of time before the usage and storage of big data and analytics would come to the health care sector, and many of the top companies are starting to apply these valuable tools across key areas of the industry. Why, one may ask? The reason is simple: Proper implementation of these critical tools could help improve the probability of success in a $350 billion industry, which could increase process efficiency and drive what some on Wall Street feel could be billions in savings.
A new Jefferies research report from makes the case that the emergence of big data, data analytics and technologies could revolutionize the industry by driving drugs with superior efficacy, better savings and again hopefully lowering costs. The report noted this:
There is a concerted effort to use big data & analytics to help drive more efficient decision-making for drug discovery, clinical trial development, safety monitoring, sales and marketing, & more. These efforts have taken shape in the form of a noticeable increase in the number of external collaborations and internal initiatives.
With the cost to bring a single drug to market a stunning $2 billion and growing, meaningful cost savings would be huge for big biotech and pharmaceutical companies. The Jefferies report listed nine top companies that are actively using big data and analytics.
This biotech giant remains a top stock for investors to buy and a safe way to play the massive potential growth in biosimilars. Amgen Inc. (NASDAQ: AMGN) has been a biotechnology pioneer since 1980 and has grown to be one of the world’s leading independent biotech companies. It has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential.
Amgen develops, manufactures and markets biologic therapies for oncology and inflammation. The company’s five key marketed products are among the top-selling pharmaceutical products in the world, with expected collective revenues of more than $22 billion in 2018.
Shareholders are paid a 3.94%% dividend. The Wall Street consensus price target for the shares is $195.35. The stock traded early Friday at $183.80.
This large cap biotech will partner with Samsung Bioepis in the biosimilar world. Biogen Inc. (NASDAQ: BIIB) discovers, develops and delivers to patients worldwide innovative therapies for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders. Founded in 1978, Biogen is one of the world’s oldest independent biotech companies, and patients worldwide benefit from its leading multiple sclerosis (MS) and innovative hemophilia therapies.
The company markets three products, Avonex, Tysabri and Tecfidera, that combined have the leading share of the worldwide $18 billion MS market. Merrill Lynch feels the company will be a big winner with the lower corporate tax rate as it has extensive operations in the United States.
The consensus price target is $350.04, and the shares were trading Friday morning at $296.60.