Enormous Data Analytics in the Life Sciences and Health Care area will increment multi-crease to a few billion USD. Among the best on the planet, Life Sciences and Healthcare enormous information statical or information specialists to have Advanced Robust Analytics arrangements about numerous difficulties that are coming up because of the current economic situations and the unique changes in the LSHC area. We can have powerful usage of the Revenue Cycle Management framework, utilizing Big Data investigation.Normal Language Processing and enormous information examination assume a significant part in customized medication.
On an average, it takes around 10 Years for Research and Development team to come up with a stable and successful drug. Pharmaceutical companies invest a lot of funds on clinical trials so that they can come up with a blockbuster drug on which they can survive. Failure of these clinical trials would cost them fortunes and thereby leads to the risk of its own existence.
Prognosis & diagnosis is an extremely challenging task for doctors. Bacteria & virus become immune to the medicines & evolve in a different form, making the task of diagnosis extremely difficult for doctors. Heavy antibiotics might temporarily suppress the virus, giving a fake sign of recovery, forcing hospitals to discharge the patients. After a few days’ patients might get re-admitted to hospital, which will have a penalty implication on hospitals for not helping patients recover fully. Sometimes the physicians also might by oversight perform wrong diagnosis leading to patients getting readmitted to hospitals. Patients lose confidence in those hospitals & doctors & might not come back for any other treatment in future. Also insurance firms are taking a huge brunt of claims, which could have been avoided with first time right diagnosis.
Insurance has become a necessity for an individual, be it personal health or commercial insurances. Most of the insurance companies have died down due to improper strategies and irrelevant premium plans. There is no mechanism to predict the diseases, which would result in sharp increase in the number of insurance claims. More the claims, less the profits for the insurance companies.
Although technology is growing at a rapid pace, there are certain gray areas where the tools pertaining to advanced technology needs to be addressed. Life Sciences and Health care sector has many areas where there is a huge potential of unearthing hidden problems. Identifying Triple-Negative breast cancer at any stage is posing a huge challenge in healthcare sector.
Developing & under developed countries are struggling to provide medical services at reasonable cost for the down trodden, thereby reducing the life expectancy. Lack of availability of advanced techniques has inflated the cost of medical service by taking it away from the reach of even the middle-class society. Old fashioned techniques for diagnosis has reduced the chances of correctly identifying the diseases, thereby making the medical procedure of treating the disease very costly.