What is pharmacovigilance?
Pharmacovigilance also known as drug safety, refers to the detection, assessment, understanding, and prevention of adverse effects or any other possible drug-related problem. Here ‘adverse effects’ refer to any untoward medical occurrence which happens to either a patient or a subject in a clinical investigation when a pharmaceutical product has been given to them. This includes any signs which are unfavorable and unexpected for the patient or subject, including any abnormal laboratory findings. Information received via pharmacovigilance agreements (PVAs) from patients and healthcare providers, as well as other sources such as the medical literature, plays a critical role in providing the necessary information for undertaking pharmacovigilance. In fact, in order to market or to test a pharmaceutical product, most countries have mandated the requirement for adverse event data received by the license holder (usually a pharmaceutical company). This data is required to be submitted to the local drug regulatory authority. Let’s examine some of the key importance of pharmacovigilance in healthcare:
Importance of pharmacovigilance
Clinical trial regulation
One of the importance of pharmacovigilance is that it facilitates clinical trial regulation. The recent years have witnessed a skyrocketing increase in clinical trials in the United States alone. Furthermore, the increase in the complexity of clinical trials is leaving regulators with several challenges to face. Clinical trials are mostly contracted to clinical research organizations and patient recruitment agencies. These agencies act as intermediaries between the sponsors of the study, the investigators, and the patients. The importance of pharmacovigilance can also be established from the fact that it enables improved and more rapid changes in labeling or even withdrawal of a new drug from the market. Furthermore, a standardized reporting system for safety concerns arising during clinical trials can be established. Pharmacovigilance also plays a vital role in ensuring patient safety and strict compliance with prescribed regulatory requirements that would substantially improve standards of clinical trials.
Monitoring post-marketing safety
A part of the process of evaluating drug safety should ideally take place in the post-marketing phase. Safety monitoring is not only limited to the cases of new drugs or significant therapeutic advances. The importance of pharmacovigilance is notable in the introduction of generic medicines, and in the review of the safety profile of older medicines already available, where new safety issues may have arisen. Spontaneous reporting is a cornerstone of pharmacovigilance in the regulatory environment is indispensable for signal detection. The need for more active surveillance has also become increasingly clear in recent years. Without reliable and authentic information on utilization and the extent of consumption, spontaneous reports do not make it possible to determine the frequency of an ADR related to a product or its safety.
There has been an increased spending in direct to consumer advertising by pharmaceutical manufacturers. This results in national regulations on advertising to become ineffective. Several websites now enable buying and selling of prescription drugs such as benzodiazepines without controls. These developments in communication have a significant impact on the safety of medicine. Such issues suggest the need for more thorough monitoring of drug safety and scrutiny of advertising. This highlights the importance of pharmacovigilance.
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US healthcare industry overview
Every presidential election and change of guards come with several changes in policies in the US healthcare industry. For instance, in 2008 when President Obama was sworn into office, it led to the establishment of the Affordable Care Act (ACA), also popularly known as Obamacare. At that time, the cost curve was swinging uncontrollably in the US healthcare industry, and to bend this the lawmakers passed a highly comprehensive legislative change in the US healthcare industry which helped expand the insurance coverage for 20 million Americans through Medicaid expansion. It also resulted in the establishment of health information exchanges. Since then, the opportunities in the US healthcare industry has flourished and changed course toward a new model of care delivery and payment. There were several major changes in the US healthcare trends since President Trump came into power. Under the Obama administration, consumers could buy short-term policies—that did not have to comply with Affordable Care Act standards. This was done as a stopgap measure until they found longer lasting insurance. In August 2018, the Trump Administration issued a final rule, allowing agencies to expand the availability of short-term health insurance policies beyond the previously three-month limit to three years. The Trump administration expects these plans to provide lesser-expensive health care at a much lower price.
Currently, The US healthcare industry is seeing a record-breaking level of acquisition activity as providers race to capitalize on innovation and deliver a better consumer experience. But rapid consolidation raises serious concerns around the IT systems that form the backbone of patient care. As traditional healthcare systems continue to merge in order to compete, a major concern for providers is that they might become vulnerable to competition from digital health companies who can deliver care and treatment directly to patients in a more efficient manner. Furthermore, tech giants including Apple, Amazon, and Google are gradually making entry into the US healthcare industry, traditional healthcare systems, and hospitals face increasing pressure in order to remain competitive.
US healthcare industry trends
2018 has been a landmark year as far as the US healthcare industry is concerned. Several new innovations in IT, medical devices, data analytics and much more have made their mark in the past decade. Furthermore, with quality, outcomes, and value being the new buzzwords for the healthcare industry in the 21st century, the stakeholders in the US and around the globe are on the hunt for innovative and cost-effective ways to deliver patient-centered, technology-enabled healthcare solutions. We have identified some of the key US healthcare industry trends to watch out for in the years to come:
Changing scenario of rural healthcare
Several patients in the United States receive care from smaller rural institutions. However, with government programs in constant danger of financial cost-saving spending cuts, rural US healthcare industry providers are in crisis. It is believed that currently one in three rural hospitals are in financial risk. Furthermore, the decreasing number of physicians, the growth of high-deductible health plans (HDHPs), a lack of choices of private exchanges, and the opioid epidemic are adding to the problems of rural healthcare industry players. However, rural healthcare industry providers will continue to turn to leverage new technology as they experience population loss. Technologies, such as telehealth and telemedicine, and consumer health wearables or smartphones, can enable rural-based care systems to consolidate specialty care services and referrals as a means to survive and grow in the market.
Rise of consumerism in healthcare
As the healthcare costs continue to rise, consumers have become more engaged in making certain they are getting the best value for their money. One of the key US healthcare industry trends to look forward to is that consumers in the United States now expect transparency and choice in their healthcare experience. So, the success of the US healthcare industry providers will now depend on their ability to meet consumers’ needs and expectations. These providers will be the primary source of education, information, and the tools that patients need to take ownership of their health. Millennials are expected to influence the future of healthcare in new ways. This is due to their increased use of online resources and telehealth continues to grow.
Artificial intelligence in healthcare
US healthcare providers are increasingly considering the feasibility of adopting advanced innovations such as artificial intelligence into their day to day operations. This technology would prove to be highly useful in reducing bureaucracy and administrative duties that can take time away from personalized care. Top healthcare providers in the United States feel that AI would make administrative tasks a lot quicker, such as screening drug candidates, streamlining finance processes, and adverse event reporting.
Real world data and policy changes
Changes at the FDA will prompt medical and pharma companies in the United States to adjust their approach to collecting and using real-world data that is gathered outside of randomized controlled trials. This could potentially save the US healthcare industry millions of dollars. As the 21stCentury Cures Act takes effect, the FDA will be required to take into account the key uses of real-world evidence for drugs and medical devices, including incorporating this data to support new indications.
Change in workforce
In the United States, employment is undergoing rapid changes. In recent times, it has been observed that employment in occupations that require more education and training are on the rise. So, many workers are realizing that retraining and upgrading their skills are lifetime commitments. Furthermore, the workplace now encompasses multiple generations representing a wide variety of skills, life experiences, technical training, and educational qualifications. Such a diverse workforce environment could pose several challenges for companies in the US healthcare industry Effective communication is the most difficult aspect of managing a workplace comprising different generations of employees remains.
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Are you looking for ways to provide the best care to each patient at your healthcare organization at lower costs? Reducing healthcare costs can often be a tough and challenging task for healthcare providers. But it is achievable! Today, there are some new tools and strategies that are being employed to help bring down the healthcare costs. And analytics is one of those tools. The advent of big data and AI has enabled healthcare professionals to capture and analyze heaps of digitized healthcare data to unveil new insights. Analytics is also ushering in a new era of premium quality healthcare that is available at lower costs.
The US healthcare industry is endeavoring to find a balance between value-based care and fee-for-service. But this smart step is not going to come easy for companies because of the ever-changing policies, processes, capabilities, and complexities impacting the US healthcare industry. Moreover, factors such as increasing revenue pressure, consistently deteriorating margins, demand for the latest equipment and technology, and limited financial resources have put healthcare providers in a difficult and challenging position.
US Healthcare Industry Overview
Current estimates put US healthcare industry’s spending at approximately 15% of the total GDP, which is considered to be the highest in the world. The US spends the highest on health care costs for pharmaceuticals in the world. In this region, approximately 85% of the citizens have the privilege of health insurance, availed through their employer or purchased individually. The federal government in the United States does not guarantee universal health care to all of its citizens. The healthcare programs that are publicly funded help provide for some of the disabled, the elderly, and the poor. Federal laws in the US ensure public access to emergency services regardless of their ability to pay. Those who don’t have health insurance coverage are expected to pay for medical services privately, which is costly. The most common reason for personal bankruptcy in the US is the expensive health insurance and medical bills. But the emerging trends in the US healthcare industry are going to bring about significant changes to the market landscape.
Continue reading to know more about the US healthcare industry trends
Healthcare Industry Overview
The healthcare industry overview unveiled by a recent analysis lays down some interesting facts which might force you to think twice before making investments in this market. Today, the healthcare industry is one of the fastest evolving sectors globally. Do you ever wonder why? This is due to the fact that today health care is looked upon not as a crisis that has to be dealt with but as the way of life. The healthcare industry overview findings reveal that this industry is going through a rapid transformation, and to succeed in this environment of competition, there is a need for the organizations to make significant investments in technologies to cut down costs and improve medical care. Before digging into the global healthcare industry overview, let’s figure out what health care is all about.
What Does Health Care Mean?
To provide medical products, equipment, and services to protect, extend, or increase the quality of patients’ lives can be broadly termed as healthcare. Key findings from recent healthcare industry overview studies show that this industry encompasses a wide network of interrelated providers who focus only on the health outcome of patients.
Global Healthcare Industry Overview
Today, the healthcare industry is providing colossal business opportunities worldwide. Do you ever imagine why? This is because of the rising health concerns among consumers. Here is a brief synopsis of the healthcare industry overview that has been realized by the experts globally:
- Spending on healthcare typically accounts for approximately 10% of the GDP in the developed nation
- This spending is more on treatment than prevention in almost all the countries
- Although awareness related to healthcare is rising with governmental and non-governmental organizations’ intervention still majority population all over the world is facing the problem of obesity and overweight
- There is an increase in annual visits by doctors and more employers are encouraging healthy lifestyles through incentive programs like gym memberships
- Opportunity for green industry franchise has also expanded its roots
- Organic restaurant and sustainable food practices business have also sprung up
- Entrepreneurs are on the way to finding solutions to meet the needs of an aging population
- Sedentary lifestyles and uncontrolled eating habits are leading to a rapid increase in the risk of cardiovascular diseases
Recent healthcare industry overview reports reveal that despite knowing the right way to live, there is a long way to go for all of us, which, in short, means that the demand for healthcare services will keep on increasing. There are several healthcare industry trends that are working as a support system for this rise in demand. Some of the top healthcare industry trends are listed below:
Top Healthcare Industry Trends 2018
Telemedicine is a great way to mitigate the gap between physicians and patients. The need to reduce healthcare costs and the growing number of the aging population are also important factors propelling the rise in telemedicine services. This can help the researchers in deducing a completely different healthcare industry overview in the years to come.
Recent information obtained from healthcare industry overview reports show that AI is expected to be one of the important healthcare industry trends in the upcoming years. This is driven by the demand for precision medicine and cost reduction. AI is capable of transforming any area of healthcare, such as workflow tasks of the hospital and diagnosing health conditions, and boost efficiency.
Robots are playing the lead role in bringing about a revolution in the medical world. There is a dire need to improve medical productivity and reduce routine errors. This leads to an increase in the demand for healthcare assistance and automation robots.
IoT and wearables
Today, patients are getting more involved in managing their own personal health. This has been even more efficiently facilitated by the advent of wearables and connected devices, which, today, have become one of the rapidly emerging healthcare industry trends, i.e., according to recent healthcare industry overview reports. It helps in making healthy lifestyle choices and overcoming specific diseases like asthma, COPD, pain management, and heart arrhythmia.
To mitigate the security-related risks associated with sharing information, especially in healthcare, blockchain technology is getting more and more attention and has become one of the famous healthcare industry trends today. Many reports that focus on the healthcare industry overview actually highlight the fact that blockchain technology will be one of the biggest disruptors in the healthcare industry.
To know more about the healthcare industry overview and healthcare industry trends
Patient outcomes have already taken the baton from products and services as the primary focus of healthcare providers. Medical companies are knuckling down to this trend and adopting advanced technologies like machine learning in healthcare to improve patient care and patient outcomes. Indeed, the use of machine learning in healthcare is slowly but steadily revolutionizing the healthcare industry. This technology has been playing a pivotal role in diagnosing diseases and other medical issues, which is one of the major healthcare industry challenges. While the healthcare industry is being transformed by the ability to record massive amounts of information about individual patients, the enormous volume of data being collected is impossible for human beings to analyze. Machine learning provides a way to automatically find patterns and analyze unstructured data. This enables healthcare professionals to move to a personalized care system, which is known as precision medicine.
Benefits of Machine Learning in Healthcare
Thanks to advanced technologies like deep learning and machine learning, computer visions are now one of the most remarkable breakthroughs in the healthcare industry. Top companies in the medical industry are trying to integrate cognitive computing with genomic tumor sequencing to help develop advanced precision medicines. Furthermore, by using machine learning in healthcare, it is also possible to detect diabetic retinopathy and macular edema in the photographs of the retinal fundus.
Healthcare analytics has the potential to transform decision making using predictive algorithms and accurate forecasts. But there is little doubt that other industries have used the power of predictive analytics to boost the strategic growth and margin enhancement that healthcare needs to keep up with. But how can this potential be leveraged by the healthcare leaders? To help you better understand the benefits, we have identified three trends that will help healthcare leaders to boost profits with healthcare analytics:
Upcoming trends in healthcare analytics
Efficiency by artificial intelligence and machine learning
Artificial intelligence and machine learning have become significant in demonstrating results in specific cases. Such developments will help clinicians to get more insights from healthcare analytics and data. Various things like care coordination, protocols for patient education, and other processes will start to deliver dividends in patient outcomes. Understanding of population risk stratification by leveraging healthcare analytics will help in getting better insights into treatment protocols and making decisions on a per person basis. This trend will help healthcare analytics to be more accurate and helpful in understanding the requirement based on the patient’s needs.
More empowered clinical analysts
Healthcare companies will witness an increase in the number of doctors, physicians, clinicians and nurses who are well versed with healthcare analytics. This trend will help the healthcare workers to ask and answer their own questions and there will be a paradigm shift in the data-driven decision-making process. This kind of immediate access to real-time insights certifies to provide more accurate medication and helps in mitigating risk.
Genomics and cloud analytics
Today, the use of genomics and cloud analytics is becoming more common and will bring about a revolution in the biotech, pharmaceutical, and life sciences industries. Next-generation sequencing (NGS) is making it possible for human genomes to be profiled in record time and with great precision and accuracy; thus, helping researchers to bring out and analyze more types of abnormalities caused by genes than they would be able to with conventional DNA sequencing technologies which are not less than a revolution in healthcare analytics. Genomics data is very helpful when it comes to precision in medicine. Such data can be captured in the cloud and can be later analyzed, which will help in gaining demonstrable results when it comes to the specific case. This upcoming healthcare analytics trend is going to help in identifying specific biomarkers and then proactively detect and manage life-threatening diseases and chronic disorders.
To know more about the upcoming healthcare analytics trends
Client: A home health care services provider
Area of engagement: real world evidence analytics
In a world that is growing increasingly independent, the healthcare industry alone remains rooted in a professionally controlled and centralized setting. However, the paradigm shift in consumer demands to avail quality services from the comforts of their home is necessitating the decentralization of services offered by the healthcare industry firms to ensure convenience and care to patients. This has resulted in the demand for home health care services.
The home health care services market is expected to witness accelerated growth in the next few years. A home health care services provider may be a healthcare organization or an individual that specializes in offering several health care services to patients in the comfort of their home. Also, these services are gaining popularity for the treatment of minor injuries and illnesses as it is not very expensive and is proven to be as effective as hospital-based medical care.
The Business Challenge
The client, a well-known home health care services provider, was dissatisfied with the responsiveness of the health care services offered to their patients. The client was also disappointed in the fragmented model of service delivery. Therefore, the home health care services provider was looking at leveraging the use of real world evidence to establish service improvements by setting up devolved multi-disciplinary teams.
Additionally, the client also wanted to use the information gleaned from real world evidence to identify the right target audience and build a relationship strategy, which subsequently helps them make the right business decisions.
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The Solution and the Business Impact
With the help of Quantzig’s real world evidence analytics, the home health care services provider was able to overcome a majority of the challenges that they faced. Our solution also enabled the client to improve the quality of services offered by them. Real world evidence also helped the home health care services client in identifying patient subgroups that may benefit more from the treatment, and it even assisted them in developing tools for patient education.
Real World Evidence Analytics Solution Insights
Quantzig’s real world evidence analytics help firms in the healthcare industry in identifying the right target audience and offer personalized services to cater to their needs. Also, real world evidence analytics acts as a critical tool for players in the healthcare industry as it helps them to achieve the primary objective of patient-centric healthcare. Furthermore, it also plays a key role in improving patient outcomes and in improving the time-to-market of drugs and medical devices.
Healthcare industry trends:
- Leveraging the use of data to enhance performance– The ability to use patient information to determine patient readmission rates acts as a key factor in determining an organization’s performance.
- The popularity of telehealth services– Telehealth services enable patients to receive quality medical attention without leaving the comfort of their homes. It also facilitates the exchange of patient information in real time, thereby facilitating the delivery of care and reducing health care costs.
- Retail revolution– The integration of retail and health care is a major trend in the healthcare industry. Also, with home health care services, it becomes easier for the elderly population to avail health care services. However, it is quite evident that the home health care services segment has a larger base of potential clients.
To know more about how real world evidence analytics can help players in the healthcare industry
In today’s scenario, marketing is inevitable irrespective of the sector that you operate in. However, according to a recent research, only 38% of today’s marketers have a holistic view of how customers interact with digital content throughout their purchasing journey. Which translates to the fact that less than half of the marketers are creating content that may or may not produce ROI for their company. Therefore, marketers should not only refrain themselves from putting all the eggs in one basket but more importantly know which basket to put the eggs in and create more returns. This is where the role of closed loop marketing comes into the picture and makes marketing’s efforts pay off.
What is closed loop marketing(CLM)?
Closed loop marketing is the marketing that relies on data and insights from closed loop reporting. It is the use of analytics and insights to build better marketing campaigns that lead to ROI. To “close the loop,” marketers must analyze and track their efforts from the first touchpoint to the customer’s interactions with the sales teams. In layman’s terms, closed loop marketing refers to the sales staff working with the marketing team to determine how customers arrived at their website and what they did after they got there. CLM allows marketing and sales teams to work together and improve the customer experience by integrating the departments and ensuring an uninterrupted flow of data. It involves collecting and analyzing customer data from multiple channels and using that insight to create and deliver targeted content. It provides a continuous cycle that gathers customer preferences and monitors the marketing strategy, so it can be optimized to improve outcomes.
Why should companies in the healthcare industry use closed loop marketing?
CLM is slowly gaining popularity in several sectors, and the healthcare industry is one of them. It might be surprising how in a sector as sensitive as the healthcare industry, closed loop marketing can work wonders. By understanding what works for individual customers, healthcare companies can tailor their marketing strategy to ensure they receive relevant communications; thus, increasing the value. Understanding and leveraging various data allow companies in the healthcare industry to define specific profiles and build accurate and appropriate solutions to match customer needs. This marketing strategy could also help companies to identify the effective communication channels and improve conversion rates.
What are the steps involved in closed loop marketing?
The following are the critical steps involved in CLM:
#1: Know your customer
The first step begins when a visitor accesses the company ’s website and browses through various pages. With the help of features such as cookies or IP tracking, firms can not only identify what directed the customer to the website (e-mail, social media, PPC campaigns, etc.) but also track their path, and then combine this information.
#2: Understand customer interest
The goal here is to analyze the customer’s behavior on the site.This includes identifying the pages they browse, the documents they downloaded, the products they purchased, etc. This information can help enhance the customer experience on the website and speed up deal closing and ensure higher conversion rates. For example, from the patient’s browsing history on the website, companies in the healthcare industry can identify what type of patient care services the visitor is looking for and target their further marketing campaigns accordingly.
#3: Converting visitors to leads
One of the most critical points of the closed loop marketing is to ensure that the visitor fills out a form that helps companies obtain his/her identity. This will make it possible to associate all the information collected from anonymous visitors with a customer record. Through the analysis of visitors’ behavior, firms can optimize their website for a faster visitor-to-lead conversion.
To know more about the application of closed loop marketing in the healthcare industry