The pharmaceutical industry is currently facing the chill of cold northern winds due to the rising need to invest heavily in patient-centric technologies and development of facilities despite the regulatory constraints. Furthermore, the plunging drug prices and the crash in drug-pipelines are putting huge pressure on players in the pharmaceuticals space. Therefore, companies in this industry are facing the dire need to follow a ‘beyond-the-pill’ approach and become more solution-provider oriented.
Real world evidence (RWE) has been the new buzz word doing the rounds in the pharmaceutical industry. With the help of robust real world evidence capabilities, players in the pharmaceutical industry can optimize the whole drug cycle and improve the healthcare systems. As much as it sounds fascinating to read, there are several challenges that companies the companies in this industry face.
Complexity of Data
The value generated from the real world evidence is directly connected to the sample size of data collected from various sources. Several factors such as the patient’s reluctance to share the data, variations in data collection, and rapidly shifting landscape pose a challenge while extracting meaningful insights from the data. Therefore, finding the right partner is essential for companies before undertaking the RWE approach.
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Alterations in Business Models
To become more patient-centric, it is imperative for pharmaceutical companies to change their business model and leverage best in class RWE solutions. However, a lack of clarity on the delivery models to be adopted and how companies need to restructure is a big concern. Failure to build a fully integrated real world evidence systems can negatively impact the growth prospects of the companies. Therefore, they have to become proactive and take aggressive measures to restructure their functions based on the insights gained from real world evidence.
Addressing Talent Gaps
A robust real world evidence model calls for the need to address talent gaps. Pharmaceutical companies need to be aggressive in eliminating functions that do not fit into the real world evidence model. The right talent with the expected skills sets and competencies have to be hired across domains in the organization.
Identifying the Right Partners
One of the most challenging tasks for pharmaceutical companies is to identify the right partners to support them in building and maintaining a robust real world evidence model. Though companies are heavily investing in real world evidence, it is extremely difficult to find the right partner to support such models.
Patient privacy has become an essential aspect of the medical sector. Hence, researchers often face difficulty in gathering comprehensive and correct data from various sources. Without sufficient and accurate data, undertaking real world evidence become meaningless. Also, it has become essential for market players to coordinate their approach amongst different regulators and decision-makers carefully. They must also ensure that they adhere to various data privacy legislation and legal jurisdictions before implementing a real-world evidence model.