Understanding Comparative Effectiveness through Real World Evidence Analytics
For the past couple of years, the healthcare industry has been witnessing relentless growth with major pharmaceutical companies offering advanced medications. Major organizations are highly relying on innovations to bring “pharmacies closer to their customer’s doorstep”. The growing prevalence of chronic diseases and the development of expensive clinical innovations are forcing organizations to look for promising […]READ MORE >>
For the past couple of years, the healthcare industry has been witnessing relentless growth with major pharmaceutical companies offering advanced medications. Major organizations are highly relying on innovations to bring “pharmacies closer to their customer’s doorstep”. The growing prevalence of chronic diseases and the development of expensive clinical innovations are forcing organizations to look for promising resources such as real world analytics. Real world evidence analytics provides insights on how a drug or drug class performs in the real world medical settings. Through the deployment of real world analytics, organizations can lure healthcare information and analyze it to provide a clear description of treatment patterns, resource use, and the costs associated with treatments. Furthermore, real world analytics also enables organizations to compete, drive patient value, design more successful clinical trials, and quickly respond to ever-changing market dynamics.
Quantzig’s real world analytics solution helps the client develop better therapies and differentiate their brand in the healthcare market. Also, the solution provides comprehensive insights on treatment pathways, patient adherence, disease progression, and pricing levels. The client can further evaluate their ROI and develop new strategies to enter niche segments.
The Business Challenge
Traditional therapeutic practices were no longer effective in the advanced pharmaceutical space. The manufacturers facing increasing costs and shrinking margins wanted to leverage the use of real world evidence data to compare the cost and benefits of its drug against the competitors and their products. One major global manufacturer in the pharmaceutical space had a strong vision for the future to identify patient cohorts based on the drug usage and clinical outcomes. The client was facing challenges in understanding the clinical outcomes in terms of clinical quality measures, readmissions, and length of stay.
Given its expertise in comparative effectiveness, the client approached Quantzig to develop a robust analytics solution. Quantzig’s team of real world analytics experts created a platform to aggregate and analyze a large amount of diverse patient data. Also, Quantzig’s cross functional team worked closely with healthcare consultants, data scientists, and integration analysts to gain actionable insights into problem requirements and provide customized tools.
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Real World Evidence Solution Benefits
- Assess the quality and efficacy of each patient cohort
- Develop an interactive report based on pre-defined parameters
- Leverage the use of authoring tools to gauge information on patient profile and risk variables
- Define and model statistical models and algorithms to validate readmission cases
- Predict risk scores, confidence level, and risk coefficient
Real World Evidence Solution Predictive Insights
- Utilize real world evidence to compare competing products in terms of quality and efficacy
- Identify important patterns and associations to implement key use cases
- Determine the unmet need by evaluating the cost of illness
- Understand the treatment patterns and their effects on patient, clinical, and economic outcomes
- Evaluate appropriateness of drug utilization
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