The healthcare sector is in dire need of the ability to access data that describes the current standard of care and deficiencies in patient care, social-patient reports, etc. This is where real world data comes into the picture. Real world data, or RWD, is the data which is derived from a number of sources that are based on the outcomes in a heterogeneous patient population in real-world settings. The extensive analysis of this data generates real world evidence which, in turn, offers strategic insights into interventional pathways, unmet needs, and the clinical and economic impact on patients and healthcare systems.
Why is real world data promising for pharmaceutical companies?
Many companies assume that assembling and preparing data is a great challenge, especially in an industry like pharmaceuticals where the size of data can be daunting. If used correctly, RWD can help pharmaceutical companies improve health outcomes for patients by being more quicker and smarter in drug development. With the help of real world data, both the patients and pharmaceutical companies benefit, which ultimately leads to better patient experience and health outcomes. Real world data also helps pharmaceutical companies come up with breakthroughs that would help enhance healthcare in the long run.
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Benefits for the pharmaceutical industry
Here are a few key benefits that real world data offers to the players in the pharmaceutical industry:
- Outcomes-Based on Larger Data Samples – Real world data is obtained from tens of thousands of patients in real-time as opposed to a smaller and narrower range of patient samples taken for conventional research.
- Reduce Cost and Efficiency of Clinical Trials – Narrow data sets are often misleading. This problem can be overcome with the help of real world data as it takes into consideration a wider range of data. This helps companies identify gaps, take corrective actions, reduce further R&D costs that eventually result in better clinical facilities, and reduced costs.
- Respond Faster to Adverse Developments – Collecting real-time data helps researchers to quickly identify side effects, negative reactions, and medication errors; thereby, reducing the level of risk. The information gathered through real world data can also be used to identify the best way to consume the medicine, eg., before food or after food, etc.
- Personalization of Drug Therapy and Treatment – Sourcing a large number of patient records and tracking the patient data over time can help identify subsets of patients that can better benefit from a particular set of medications. This further aids in providing personalized medications and treatments to the patients.