BOSTON, May 24, 2012 /PRNewswire-iReach/ -- Boston Healthcare Associates hosted a roundtable May 16th to discuss the unique challenges and opportunities surrounding the growing volume of big data in the life sciences and how best to utilize its full potential. "Big data" being defined as large sets of data whose size exceeds conventional abilities for effective capture, storage, and analysis.
The increasing volume of life science and health care data offers exciting opportunities for innovators, manufacturers, stakeholders, providers, and patients - but it also poses new challenges. The rising torrent of big data is currently revolutionary in its volume, variety, and potential value. However, the rapid expansion of data, by people and machines, as well as a need for new resources and structures for storage and interpretation, is adding more and more complexity to the task of trying to effectively aggregate and leverage information into actionable insights.
The roundtable discussed these issues as well as the emerging importance of big data and its potential implications on innovation. Several questions were addressed including: What is unique about big data within the life sciences? Who should have access and control? How should we address patient consent? Will big data drive change in policy/regulation, and ultimately science? What type of investments and resources are needed? What new insights will be drawn? And how quickly will those insights drive real-time decision-making?
"We've entered an era of information explosion in which our capacity to generate data is exceeding our ability to store, process, and use it," said Andrew Ferrara, CEO of Boston Healthcare Associates. "Aggregating and processing this data into meaningful information is key to driving better decisions and swifter outcomes in innovation - translating to better care for patients."
|SOURCE Boston Healthcare|
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