Report

How machine learning, real-world evidence, and synthetic data are connecting the dots between life sciences and healthcare

Presented by IDC and Virtusa

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Published: March 3, 2022

Connecting the dots between life sciences and healthcare

Trying to build ML algorithms without the right data is like running a car without fuel — you are going nowhere!

IDC predicts that the investment in artificial intelligence for Real World Evidence (RWE) by life sciences companies is set to double by 2025, driven by health data interoperability initiatives and platforms.

Real-world data (RWD) and, more recently, synthetic data have taken center stage in the life sciences and healthcare industries as these industries attempt to leverage ML to dig deep into this data and derive critical insights that will transform business.

Download the IDC Technology Spotlight: How Machine Learning, Real World Evidence and Synthetic Data Are Connecting the Dots Between Life Sciences and Healthcare to learn how healthcare and life sciences organizations can unleash the combined potential of AI, ML, RWD, and Synthetic Data to accelerate innovation and its application in a range of use cases.

Highlights

Understanding the basics – definition, uses, and the benefits of ML and RWD/Synthetic Data
The diverse applications of ML and RWD/Synthetic Data in life sciences and healthcare
Considering Virtusa’s vLife, an award-winning healthcare and life sciences marketplace for anyone who deals with data and data science

At a glance

Key Stats
»Per IDC's May 2021 Industry AI Path Survey, AI in supply chain orchestration (in control towers and supply chain digital twins) is already being deployed at life sciences firms, with 43% of life sciences respondents citing current use of AI and 27% planning on using AI within 12 months.
»Per IDC's April 2021 European Industry Acceleration Survey, 66% of European life sciences firms have already invested in RWE utilization and about half of them plan to invest in the next 12 months.

What's important
The focus on accelerating drug discovery, on intelligent omnichannel communication to enhance patient and HCP engagement, on intelligent supply chains, and on commercial analytics has led the life sciences and healthcare industries to focus on prebuilt ML models to drive accelerated insights. It will continue to increasingly leverage RWD and synthetic data to build these algorithms and fuel collaborative innovation.

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Presented by IDC and Virtusa

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How machine learning, real-world evidence, and synthetic data are connecting the dots between life sciences and healthcare

At a glance

vLife™ marketplace

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