Real-world Data is set to revolutionize the business of pharmaceuticals, from R&D to commercialization and beyond.
With exploding real-world data streams – from EHR and claims data to social Analytics – that promises to disrupt research & innovation, provide product risk-benefit to payers, and bring a more customer-centric approach to Pharmaceutical marketing.
Life Sciences Organizations are leveraging this diverse set of data to drive cohort Analytics, disease level patient profile, and patient journeys. The intent is to design & track the performance of their drugs and devices in the real-world beyond a controlled clinical trial.
Some of the common use cases are as follows –
- Comparing treatment effectiveness
- Negotiating drug prices based on outcomes
- Increasing patient medication adherence
However, the volume and variety of Data present a practical implementation challenge for many organizations in effectively utilizing real-world Data.
Semi-structured and unstructured data, mainly from newer sources like Social Media, Patient forums, etc. are very valuable but pose a significant challenge to technologists and Data scientists.
To effectively use real-world Data, companies must have access to technology infrastructure that can process unstructured data along with structured Data and Data scientists with deep domain knowledge to extract scientific insights from these systems.
The need of the hour is having the right combination of a technology platform and Data science excellence that can facilitate analyzing large volumes of data, managing the complexity of unstructured and semi-structured data, and produce meaningful insights.
A comprehensive Advanced Data Analytics solution for Real-World evidence should address the following key attributes –
- Manage, analyze, and turn a complex set of data into valuable and actionable insights
- Ability to leverage volumes and variety of Data types — Image files, video, instrument Data capture — into scientifically relevant insights to successfully impact business outcomes like –
- Brand launch performance
- Pricing and reimbursement favorability
- Better Access
- Optimized allocation of clinical development costs & resources