What the Client Wanted
To leverage real world evidence analytics to compare the patient outcomes and cost of their active pharmaceutical ingredient drug formulations against that of their competitors.
This real world evidence analytics engagement entailed the implementation of a new platform to combine and analyze large amounts of diverse real world data and offer clinical and cost-related insights. It also helped them uncover new opportunities to better understand patient outcomes and improve their experience at each phase of their journey.
To gain critical insights into treatment patterns and patient experience using real world data analytics, contact our experts.
Overview of the Active Pharmaceutical Ingredient Market
Active Pharmaceutical Ingredient, or API, is a component that is used in the manufacture of pharmaceutical drug formulations and has therapeutic effects on the body. It constitutes the main ingredient or the part of the drug that helps cure diseases. The rise in the occurrence of chronic diseases is expected to drive the growth of the global API market in the coming years. Also, the increasing demand has posed major challenges for manufacturers in the active pharmaceutical ingredient market.
A major challenge revolves around the development of drug formulations that don’t infringe on patents. Moreover, in an effort to circumvent such issues, companies are increasingly focusing on leveraging analytics solutions such as real world evidence to gain a stronger foothold in the market.
Active Pharmaceutical Ingredient Market Challenges
- Pricing issues: Active pharmaceutical ingredient manufacturers face several challenges owing to their inefficient price structures. The increasing price of raw materials also acts as a major constraint in developing low-cost drug formulations.
- Retaining declining markets: The API market varies dramatically based on product quality. To succeed, manufacturers need to remain in the market and exploit their full potential. This is because the failure to cater to the changing customer needs will affect the overall business growth.
Our real-world evidence analytics experts have worked with leading companies to help them leverage real-world insights for decision making. To know more about the benefits of our solutions, request a FREE proposal.
About the Client
A major active pharmaceutical ingredient manufacturing company.
To identify the impact of their drug formulations and gauge patient outcomes, the client – a leading API manufacturer – approached Quantzig. They wanted to leverage Quantzig’s vast experience in real world evidence analytics to their benefit and gain actionable insights to boost business growth. The client was facing major challenges arising due to their inability to leverage real world data to compare the patient outcomes and benefits of drugs against competing products.
Summary our real world evidence analytics engagement
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With the help of Quantzig’s real world evidence analytics solution, the client was able to implement a platform to aggregate patient data from several sources. This helped them enhance the effectiveness of their drug formulations to improve patient outcomes. The real world evidence analytics solution also helped the client to analyze the cost and outcomes associated with different treatment pathways.
Real World Evidence Analytics Solution Insights
With the innumerable and unique challenges that have unfolded in today’s rapidly changing API market, real-world evidence analytics acts as a potential lifeline that helps enhance patient outcomes through improved drug formulations. However, there’s no denying that several challenges exist in the API market, but with the help of real-world data, companies can gain a stronger foothold in the market.