Enabling real-world evidence use cases through data analytics
We have previously discussed the benefits and business cases of real-world data (RWD) and real-world evidence (RWE). However, the key question is how can value be added to business using this “new” data? RWE has been around for some time, but recent advances in analytics enabled new use cases. It can provide understanding on how patient characteristics and behaviors affect health outcomes (helping to predict the progression of a disease, a patient’s responses to therapy, or the risk of adverse events) while also increasing the efficiency of R&D investments and accelerating time to market. For any company considering implementing advanced RWE analytics, its success will depend on using the right framework and capabilities.
In combination with technology-enabled planning to integrate evidence generation across functions, these engines will transform RWE from a source of insights into a foundational pillar of corporate strategy and a key part of the value chain. Companies lacking this vision could struggle to compete with others that can base their decisions on richer insights generated at a fraction of the usual time and cost.
By taking full advantage of real-world evidence and advanced analytics, pharma companies can accelerate their transformation from product-focused to patient-focused organizations. Now it is time for the industry to set its sights on the next horizon of evidence-generation capabilities.