Pharmaceutical Industry Analysis
Rapid urbanization and increasing access to healthcare services have offered substantial growth opportunities to companies operating in the global pharmaceutical industry. However, with digital innovations disrupting the industry, companies have been compelled to focus on cost savings and strategies to sustain profitability. Thus, to be successful in the market, it becomes essential for companies in the global pharmaceutical industry to shift from a marketing and sales-focused model to an access-driven commercial model.
To learn more about our real world evidence analytics solutions, get in touch with us.
Real-World Evidence in the Pharmaceutical Industry
With the healthcare market evolving at a rapid pace, medical companies have started looking for new ways to develop the best treatments for patients. One way to attain this is with the help of real world evidence analytics. Real world evidence analytics leverages the clinical data that is derived from multiple databases of healthcare companies. The use of real world evidence can help improve the product development process and allow end-users to estimate the efficacy of the developed pharmaceutical products. It also provides insights into the best ways to develop new therapies and products in the market for which there are a strong demand and ready payer acceptance.
About the Client
The client is a well-known company in the pharmaceutical industry and is headquartered in the US.
The pharma company wanted to analyze multiple data sets to determine the efficacy of their drugs. By analyzing the data, they wanted to identify the negative reactions, side-effects, and medication errors associated with their drugs and use this real-time data to improve the quality of their products and limit the potential harm caused by the drugs. Moreover, by leveraging real world evidence analytics, they wanted to gain insights into the best practices for developing new therapies and products in the market for which there are strong market demand and ready payer acceptance. The client’s primary aim was to reduce drug production costs and improve the efficiency of clinical trials.
Want to learn more about the importance of real world evidence analytics for pharmaceutical industry companies? Request more information from our experts.
With Quantzig’s real-world evidence analytics solution, the pharmaceutical industry firm was able to gain insights into the drug’s actual performance in a real-world scenario. The solution offered also helped the client to create a validation framework to better understand the effectiveness of clinical trials against real-world data based on the insights and findings from the patient journey. The insights gained from this real-world evidence engagement also helped the client to build a robust platform using real-world data, which provided them with insights into the performance of their medical products. Furthermore, the real-world evidence engagement assisted the client in interpreting data from drug usage patterns, clinical trials, and treatment outcomes of patients. This helped reduce drug production costs and improve efficiency.