Healthcare Analytics: Driving the Future of Healthcare Industry in 2019 and Beyond
The Business Challenge:
Real world evidence (RWE) studies have unearthed innumerable opportunities for market expansion. However, companies in the healthcare sector are expected to encounter several predicaments in the years to come that includes policy and regulatory issues, challenges arising due to technological advancements and product development challenges in clinical trial segments. Such challenges continue to loom over the global healthcare industry, but the research says that by applying real world evidence systematically healthcare companies can realize billions in reducing the cost of care across different segments of the healthcare industry. Real world evidence can play a crucial role in designing and implementation of value-based contracts and can provide valuable inputs to ensure the alignments of risk from all sides and track patient outcomes. Additionally, real world evidence has the potential to bring transparency and objectivity into the healthcare programs and can help break through various healthcare barriers existing today.
The client is a leading healthcare service provider based out of the United Kingdom. The healthcare service provider is well-known for offering the highest quality of innovative patient care, with several healthcare centers spread across Scotland and Northern Ireland. The client was looking for suitable methods to counter the rising costs in managing the avalanche of data. Also, with clinical trials getting more complicated, they were looking for solutions to maintain electronic health records and validate the patient data in real time.
Real world data analytics has the potential to extract insights from disparate data sources and transform healthcare ecosystem. Want to know how? Get in touch with our experts now.
Solutions Offered and Value Delivered:
Quantzig’s real world evidence analytics solutions helped the client to understand two critical imperatives that are driving healthcare transformation namely, cost control and improvements in clinical trials. This helped the client to proactively examine the safety, efficacy, and ethics of their clinical trials. Also, our experts successfully delivered detailed insights into treatment pathways and pricing levels by developing a customized real world evidence platform and integrating it with the clinical database. With such in-depth insights, the healthcare industry player was able to adopt a business model that helped them experience a significant reduction in the cost and improvement in the efficiency of their clinical trials in the span of less than two weeks. Application of real-world data analytics helped the client to:
- Link patient and clinical data across disparate sources
- Satisfy customer demands for cost-effective healthcare services
- Accelerate time to market by 16% through a constructive marketing strategy
Our real evidence analytics solutions offer real-time feedback to healthcare companies and help them identify potential development areas. Request a FREE proposal to know more about our portfolio of services.
Benefits of Real World Evidence Analytics
#1. Determine outcomes based on larger data sets
Real world evidence makes use of the medical data gathered from a variety of patients in real time. These data sources vary from electronic health records to social media and blogs. RWE provides an accurate data analysis that can help healthcare companies in deriving better conclusions and ascertain the effectiveness and ROI of healthcare services offered.
#2. Improves the efficiency of clinical trials and reduces cost
Irrelevant datasets can lead to misleading results and can result in lesser reliability of clinical drug trials. This can further increase the cost of research and development. But by leveraging real world evidence analytics solutions, multiple sources of data can be integrated to determine actual patient outcomes. This can further help in deciding whether a clinical trial design will give meaningful results and will be cost effective.
#3. Respond faster to adverse healthcare developments
Real world evidence analytics helps in collecting post-trial information about a drug in real time. This can help healthcare providers to quickly identify negative reactions, side-effects, and medication errors, thereby restricting potential harm. Furthermore, the gathered information can also facilitate recommendations of medications based on the symptoms of the disease and the status of patient health.
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#4. Personalize drug treatments
Real world study helps in scouring a large number of patient records and tracking patients in real time. It helps in finding patients who can most benefit from a specific medicine due to various factors like their genetics and particulars of their illness. Furthermore, the real-world application can also identify potential side-effects and can help healthcare providers to offer personalized drug treatments.
#5. Identify potential markets and underserved patients
Real world evidence analytics provides population data based on disease trends and medical outcomes. This can help pharmaceutical companies gain insights into patterns of treatment, epidemiological trends, adherence of patient and can offer disease management opportunities. This can be further used to identify potential markets and develop new products and therapies for which market demand is really high.
Quantzig has a team of experts that comprises data scientists and real world evidence experts who focus on real world data analysis and implement evidence-based approaches to tackle healthcare challenges. Our team of analysts works closely within a cross-functional team to guide clients efficiently deal with large real-world databases and identify various risk factors and evaluate the drug treatment efficacy to complement clinical trial outcomes. Quantzig also has the expertise in offering a wide range of analytic solutions that can help tackle a plethora of challenges faced by companies in the healthcare sector, including risk management, and patient-centric issues.
The Rise of Consumerism in Healthcare
Healthcare Analytics Roadmap: Actionable Intelligence From Data
2018 has been the year of emerging healthcare industry trends and it is expected to transform the industry in the years to come. This year, however, companies will witness rapid changes with transparency becoming one of the key concerns for healthcare providers. Startups of today are bringing innovative changes to the market by combining technologies like AI and machine learning with traditional practices.
With continued vertical integration, mergers and acquisitions, and big tech companies making their move to the healthcare industry, it’s becoming clear that the pace of disruption in healthcare is accelerating. Moreover, newer healthcare industry trends and the advent of technology have brought the healthcare industry to the zenith of modernization and innovation. But the constantly rising competition in this sector calls for healthcare companies to generate situational-driven strategic insights, cope with upcoming healthcare industry trends, and act with deliberate speed to acquire more customers and retain the existing ones. As far as the healthcare marketers are concerned, it is high time that they identify the ongoing healthcare industry trends, rethink underlying assumptions, and re-engineer their approaches to marketing to stay relevant in the market and create a better customer experience.
The advent of new, life-changing drug necessitates the need to ensure that the right treatments are being provided to the right patients. Real world evidence (RWE) is a great tool to ensure better patient outcomes and drug efficacy. Information collected outside of a clinical trial such as electronic medical records, medical charts or medical claims data, with patient identity markers removed to maintain patient privacy are useful data sources for real world evidence. Furthermore, this data is known to complement the knowledge gained from traditional clinical trials.
Real world evidence in patient care
Controlling costs and ensuring enhanced quality are two critical imperatives driving healthcare transformation. This can be achieved to a large extent with the help of real world evidence. Clinical trials are crucial to examine the safety, ethics, and efficacy of new therapies. Best practice clinical interventions, which can offer an improved means to prevent, screen for, diagnose or treat a disease are also equally important. Real world evidence represents a paradigm shift in how research is conducted by using data from actual events in heterogeneous populations that occur in clinical practice. It can include pragmatic trials in diverse clinical practice settings with everyday patients and clinicians. Real world evidence is derived from examining several factors when testing how FDA-approved interventions affect targeted patient populations, particularly those with unmet medical needs, to create best practices for existing as well as new treatments.
How does RWE benefit providers?
Most providers have been engaged in some sort of clinical trial. These engagements look narrowly at the effect of a therapy, usually a drug, with a homogeneous population that is being treated in a controlled setting with specialized personnel. But in reality, the front-line clinicians are the ones truly driving these therapies forward across a diverse range of healthcare settings. Real world evidence research is focused on short- and long-term outcomes, cost implications, patient-reported outcomes, and other data. It helps hospitals and health systems enhance clinical practices and drive greater value around targeted medical approaches – examining the efficiency and the quality of these interventions and how they impact short- and long-term patient outcomes.
How is RWE changing the healthcare industry?
Real world evidence is a science and data-driven best practice that provides a meaningful assessment of costs when delivering new and innovative treatments. Based on patient outcomes, real world evidence can also lay the foundation in establishing effective risk-sharing agreements between manufacturers, payers, and providers. The advent of electronic health records has proved to be a favorable step for real world evidence. Mergers and acquisitions are garnering greater importance in the healthcare landscape. Providers and life sciences companies in the healthcare industry should seek out partners with robust clinical and financial healthcare databases to provide easier and quicker access to insights derived from real world evidence.
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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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