Why Healthcare Industry Players are Investing in Real World Evidence?
Over the past few years, the US healthcare industry has invested considerable resources in real world evidence (RWE) analytics. Differential success rates have been observed, with little consensus on best practices or value potential. However, the most successful healthcare industry players have realized substantial value across the product and drug development lifecycle through real world evidence platforms and they are poised to capture sustained value. Also, a few leading companies have broken new ground with their system rather than an opportunistic approach to real-world evidence studies. Such healthcare industry players are implementing real-world evidence platforms that move beyond narrow research-based approaches to create sustained value across the product lifecycle and drug development processes.
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Despite the innumerable opportunities that can be unearthed using real world evidence studies, players in the US healthcare industry are poised to witness a plethora of new challenges in 2019, including those arising due to technological advancements and product development challenges in specific therapeutic segments. Though such challenges continue to loom over the US healthcare industry, it has been observed that when applied systematically real world evidence could help realize billions in savings across different healthcare industry segments. Players across healthcare industry segments that have not leveraged real world evidence studies may find this figure astounding, especially if they consider real world evidence studies as a tool to solely support market access and demonstrate product value. However, our experts consider this figure as an achievable target based on the value realized from real world evidence in pharma.
Real World Evidence in the Healthcare Industry
About the Client
The client is a healthcare industry major, specializing in the therapeutic products and drugs segment in the US. The client was on the lookout for appropriate methods to leverage real world evidence in pharma in order to gauge the efficiency of its newly developed drug in comparison with those offered by market leaders.
The Business Challenge
The client- a leading healthcare industry player with presence across different healthcare segments started its real world evidence analytics journey in a typical way. What made them approach Quantzig was a need to demonstrate the value and safety of one of its new therapeutic product in the new cancer drugs segment worth a $1 billion. A challenge from the Food & Drug Administration (FDA) and potential label changes put up to $10 million of revenue directly at risk. To tackle such challenges the client wanted to leverage real world evidence studies to extract meaningful insights from real world data and build a platform to guide their business decisions. They also wanted to extend the use of real world evidence studies to improve commercial spend effectiveness and, most importantly, the processes associated with clinical developments.
To demonstrate the comparative efficacy of the new drug compared to long-available therapies, the client needed to analyze the healthcare industry segments to ensure their drugs were safer and better tolerated than existing drugs with more favorable ways of administration. However, a failed attempt to a detailed healthcare industry analysis brought about several challenges in collecting and analyzing the huge volumes of diverse real world data sets. It included semi-structured and unstructured real world data sets, a few of which were extracted from the patients and other social networks.
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A detailed healthcare industry analysis revealed that it wasn’t the amount of data per se that created the challenge. The true challenge revolved around analyzing the huge volumes of unstructured and semi-structured healthcare data sets and doing it in a way that yields scientifically relevant insights.
Problem Statement 1
The need to establish appropriate statistical methods for analyzing real world data in order to avoid making inappropriate statistical inferences and regulatory decisions.
Problem Statement 2
The client was unable to cost-effectively compare the cost efficiency and the associated benefits of its drugs against competing products offered by market leaders.
Problem Statement 3
Disparate real world data sets needed to be fully integrated to generate effective real world evidence.
Problem Statement 4
Challenges arising due to their inability to identify patient cohorts based on drug usage and clinical outcomes such as clinical quality measures, readmissions, and length of stay.
Problem Statement 5
The client wanted to effectively leverage real world evidence to systematically gauge commercial spend effectiveness and product launch planning.
For healthcare industry players, real world evidence analytics presents a golden opportunity to demonstrate the economic viability and clinical value of their drugs and medical devices– and to get their products to market faster. However, the success of real world evidence development efforts depends heavily upon your organization’s capability to extract insights from real world data in a cost-effective and comprehensive manner. The ability to extract in-depth insights from healthcare real world data is key to leveraging real world evidence analytics solutions to gain a greater competitive advantage.
Solutions Offered and Value Delivered
By leveraging real world evidence analytics our experts successfully delivered deeper insights about treatment pathways, patient care, and drug effectiveness than previously thought possible. Also, owing to such factors commercial spend effectiveness emerged as one of the biggest sources of real world evidence value for the client.
Equipped with such in-depth insights the healthcare industry client was able to use real world data to support clinical developments, improve new product launches, and drive better commercial results through physician targeting, detailing, and other promotional activities. Our experience working with leading pharma and healthcare industry players across the globe, coupled with our real world evidence studies of changing healthcare market regulations and the client’s RWE journey, led to the development of three phases to successfully develop the capability to leverage real world evidence in pharma.
Real world evidence is data collected from clinical trials to uncover the best treatment pathways. The role of analytics here is to uncover the pathways. Request more information for more analytic insights.
The solutions and recommendations offered were divided into the following three phases:
The initial phase revolved around the design and development of a real world evidence platform by leveraging off-the-shelf real world data. The development of a customized real world evidence platform not only helped the client to respond to the safety and quality issues of their product but also aided the development of their product by offering detailed insights on patient flows.
The second phase revolved around the integration of the real world evidence platform with the clinical database. Integrating the clinical database helped receive patient profiles and risk variables, facilitating the segmentation process. Also, through the use of shared forecasting and disease progression models, the client was able to successfully leverage service planning to enhance cost efficiency.
The third or final phase of this real world evidence study focused on increasing the accuracy of the extracted real world data to improve product development and launch forecasts. Also, the in-depth insights on treatment and outcomes obtained via customized real world evidence platforms helped the healthcare industry player to improve commercial spend effectiveness and launch forecasts by 50%.
With the right analytical brainpower and in-depth insights, a number of previously untenable results were made available in a matter of two weeks. Applications of real world evidence analytics helped the healthcare industry client to:
- Identify and recruit the right cohorts of patients for product development and clinical research
- Categorize drug and medical device safety risks accurately
- Determine the efficacy of pharma drugs when used among co-morbid patients
- Identify long-term adverse drug effects, leading to better decisions about future clinical trials
This real world evidence analytics case study is a classic example of one that primarily focuses on demonstrating product value and optimizing commercial spend effectiveness. It also focuses on a few important areas of real world evidence applications that can collectively drive billions in savings. While certain applications of real world evidence in pharma such as market access and pricing are well accepted and commonly practiced, very few healthcare industry segments use real world evidence solutions to improve launch planning, clinical development, and save costs, missing out on the significant value generated through real world evidence analytics.
Why is Quantzig your One-stop Analytics Solution Provider?
Quantzig’s multidisciplinary team of data scientists and real world analytics experts are skilled in the design and implementation of evidence-based approaches to real world data collection. Our team of real world evidence specialists guide clients through translating real world data needs into endpoints that result in robust evidence. We also take into account practicalities along with timing and budgetary constraints of players across different healthcare industry segments. Quantzig also specializes in offering a wide range of analytic solutions that address several challenges faced by healthcare industry players, including those related to- economic, patient-centric, epidemiologic, and safety and risk management.
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Over the past decade, we have achieved several milestones in the field of healthcare, it includes the following:
- Built a track record of successfully executed real world evidence studies across numerous areas within the healthcare industry.
- Conducted chart review studies in more than 20 countries across Europe and South America, with patient cohorts ranging from a few hundred to thousands.
- Surveyed more than 3,000 stakeholders across different healthcare segments and managed more than 100 patient and other healthcare surveys.