In this episode, we are delighted to have Arvind Balasundaram as our guest, who serves as the head of the Commercial Insights & Analytics (I&A) division at Regeneron, a pioneering biotechnology firm renowned for its groundbreaking medical innovations. Our conversation centers around data, analytics, and artificial intelligence (AI)'s pivotal role in the Life Sciences industry. Arvind shares his insights on the three significant shifts currently unfolding in the realm of data and analytics, and he delves into the crucial consideration of quantity versus quality when making data-driven decisions. Tune in to gain a deeper understanding of how the dynamics of this industry are transforming.
IN THIS EPISODE:
[4:06] Arvind discusses significant changes in data and analytics and focuses on the first major change.
[8:18] The second major change is the evolution from small data to big data we can store.
[10:43] The third change is how much data we have to parse before we get to knowledge and how quickly we have to turn it around from input to output.
[12:41] Arvind shares his thoughts on the quality versus the quantity of insights and what insights and analytics are all about.
[17:56] Arvind discusses how you make choices on what data you select.
[22:34] Arvind explains why decision-makers need to drop their biases regarding data curation, and he gives an example.
[25:55] Arvind discusses the realm of possibility versus probability.
[33:44] Arvind explains what he sees as the challenges moving forward and how he sees mindset and culture changing.
KEY TAKEAWAYS
-
The concept of having more data is good; however, what is more important is getting the data you need, not just more and more in quantity.
-
The cost of data can be prohibitive, so the selection of the data used is critical.
-
Data that includes sentiment would be a more accurate way of doing insights and analytics in healthcare.
BIOGRAPHY: Arvind Balasundaram
Arvind leads the Commercial Insights & Analytics (I&A) group at Regeneron, a leading biotechnology company that invents life-transforming medicines for people with serious diseases. In this capacity, he oversees the implementation of deep insight frameworks and analytical capabilities to help bring the power of science and new medicines to patients who need them. A primary focus of the I&A group is to help realize Regeneron’s mission to do well by doing good.
Prior to Regeneron, Arvind also spent time at Sanofi, Johnson & Johnson, Bristol-Myers Squibb, and Pfizer, mainly on the early pipeline and launch side of the business. During his tenure at these companies, he participated in several industry-leading pharma brand launches, spanning diverse therapeutic areas.
Arvind earned his MBA from the Owen Graduate School of Management at Vanderbilt University. He also recently attained the Award of Achievement in Digital Analytics degree from the University of British Columbia (in association with the Digital Analytics Association) and a Certification in Data Science at UC Irvine (in association with Predictive Analytics World). He is a former Associate in the Applied Analytics Capstone program at Columbia University and a member of the Design Thinking Advisory Board at Rutgers University.
Arvind is a past President of the Pharmaceutical Management Science Association (PMSA). His interests include exploring new capabilities to enrich the understanding of customer experience and engagement in omnichannel business ecosystems, staying engaged in the evolution of machine intelligence and AI, and identifying choice contexts and biases in noisy decision-making environments.
YOUR HOST: JASMEET SAWHNEY
Jasmeet Sawhney is a life sciences industry executive, marketing leader, and serial entrepreneur with deep roots in technology and data analytics. He is currently the global head of marketing at Axtria. Jasmeet has over 20 years of experience in the life sciences domain and has helped build and scale three successful companies. He has received several company and individual awards, including Inc 500, Deloitte Fast 500, Crain’s NY Fast 50, NJBiz Fast 50, Business of the Year, SmartCEO Future 50, Top CMO, Forty Under 40, and many more.
Jasmeet Sawhney - LinkedIn
Axtria on LinkedIn
Arvind Balasundaram - LinkedIn
