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Early adopters of the pharma sector investing in building capabilities in advanced RWE analytics are emerging particularly important.
FREMONT, CA: As the healthcare sector focuses increasingly on outcomes, pharma firms are looking to sources beyond randomized clinical trials to measure and demonstrate the value they bring. Real-world evidence has been in use for years, but recent innovations in digital and advanced analytics enable it to be employed in new ways. It can help pharma companies understand how patient characteristics affect health outcomes—thereby assisting in predicting the progression of a disease, responses to therapy, or the risk of adverse events. Read on to know more.
Pharma companies have been using real-world evidence to inform their decision-making, respond to requests from external stakeholders, and improve therapies’ market positioning. More recently, growing regulatory acceptance, increasing demand from payers and physicians, and increasing familiarity with digital have enabled some companies to derive much broader advantages from RWE. Use of a synthetic trial arm to secure reimbursement for its lung cancer and the use of real-world data to demonstrate the real-world effectiveness of its diabetes therapy are some examples.
Pioneering organizations are already capturing value from innovative RWE through a range of applications, including predicting outcomes in type two diabetes, predicting findings of an ongoing phase IV cardiovascular trial, and modeling the progression of lymphoma to predict therapy escalation. Cost savings apart, the introduction of RWE analytics could support companies identify new targets for molecules, boost time to market, improve formulary position and payer negotiations, and create stronger evidence of differentiation and risk balance for in-market products. A recent analysis suggests that applying these actions to vital assets could generate the top-line value of $200 million or more.
Healthcare firms should also develop a strategy to address disruption from tech leaders and payers—signs of which are already emerging. Google’s engagement with one of the largest US healthcare systems to gather and analyze data from millions of patients is a sign of increasing interest among major firms from outside the sector. As leading pharma companies deepen their analytics potentials, they are also scaling up their ambitions beyond one-off applications for a single brand or market.