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Mini Case (Big pharma) The reality of “big data” and “big data analytics” (which is “the process of examining big data to uncover hidden patterns, unknown correlations, and other useful information that can be used to make better decisions”) is becoming increasingly popular in business. Indeed, in the current competitive landscape, most businesses must use big data analytics (BDA) across all customer channels (mobile, Web, e-mail, and physical stores) throughout their supply chain to help them become more innovative. This is the situation for large pharmaceutical companies (the firms often called “big pharma”) in that many have been working to develop a core competence in BDA. There are several reasons they are doing this. In addition to the vast increases in the amounts of data that must be studied and interpreted for competitive purposes, “health care reform and the changing landscape of health care delivery” systems throughout the world are influencing these firms to think about developing BDA as a core competence. Many benefits can accrue to big pharma firms that develop BDA as a core competence. For example, having BDA as a core competence can help a firm quickly identify trial candidates and accelerate their recruitment, develop improved inclusion and exclusion criteria to use in clinical trials, and uncover unintended uses and indications for products Developing A Core Competence In Big Data Analytics Essay Paper.

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Artificial intelligence (AI) provides the capability to analyze many different sets of information. For example, AI can help analyze data on clinical trials, health records, genetic profiles, and preclinical studies. AI can analyze and integrate these data to identify patterns in the data and suggest hypotheses about relationships. A new drug generally requires a decade of research and $2.6 billion of investment. And only about 5 percent of the drugs that enter experimental research make it to the market and are successful. Eventually, it is expected that the use of AI could reduce the early research development time from 4-6 years to 1 year, not only greatly reducing the time of development but also the costs. Capabilities are the foundation for developing core competencies. There are several capabilities big pharma companies need for BDA to be a core competence. Supportive architecture, the proper mix of data scientists, and “technology that integrates and manages new types and sources of data flexibility and scalability while maintaining the highest standards of data governance, data quality, and data security” are examples of capabilities that big pharma need if they wish to develop BDA as a core competence. Of course, using artificial intelligence provides strong support for the application of BDA. Having a strong BDA competence could be critical for pharmaceutical firms in the future. Big pharma executives feel pressure especially with the initial costs of developing BDA and AI. Hopefully, they soon will be able to reduce their costs and experience higher rates of success in the development of new drugs. Until then, however, analysts are predicting record numbers of mergers and acquisitions in the pharmaceutical industry, with big pharma acquiring successful medium-sized pharmaceuticals and biotechnology firms. Sources: B. Nelson, 2018, Why big pharma and biotech are betting big on AI, NBC News, www.nbc.news, March 1. Refer to the mini case above, answer the following questions: a) What may be the resources, competencies, and capabilities of big pharma firms? b) What may be the strategic resources, core competencies, and strategic capabilities of big pharma firms? Developing A Core Competence In Big Data Analytics Essay Paper