Tag: real world data

real world evidence analytics

Quantzig’s Real World Evidence Analytics Solutions Helped a Leading Healthcare Company to Improve Clinical Trial Efficiency and Increase Spend Effectiveness by 47%

The client is a leading healthcare company based out of the U.K that is known for providing solutions for hospital systems, ambulatory surgery centres, clinical laboratories and physician offices across the world.

Over the past few years, companies in the healthcare industry have 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 companies 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 healthcare companies have broken new ground with their systematic rather than opportunistic approach to real world evidence analytics. Such healthcare industry players are implementing real world evidence analytics solutions that move beyond narrow research-based approaches to create sustained value across the product lifecycle and drug development processes.

Our real world evidence analytics experts work with your team toward bringing real-world and commercial insights into your clinical development planning process to help you make well-informed business decisions. Get in touch with them right away.

Business Challenge:

The client, a leading healthcare industry player with presence across different healthcare segments, wanted to demonstrate the comparative efficacy of its new drug in the cancer drugs segment. For this, they needed to analyze the healthcare industry segments to ensure the safety and tolerance of the drug. However, they were finding it difficult to collect and analyze the huge volume of real world data sets. This is when they approached Quantzig to leverage its expertise in offering real world data analytics solutions.

By leveraging real world evidence analytics solutions, the client wanted to establish appropriate statistical methods for analyzing real world data to avoid making inappropriate statistical inferences and regulatory decisions. Also, the healthcare company wanted to cost-effectively compare the cost efficiency and the associated benefits of its drugs against competing products offered by market leaders. Additionally, the client was facing major issues 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. Furthermore, with the help of real world evidence analytics solutions, the client wanted to systematically gauge its commercial spend effectiveness and product launch planning.

Quantzig’s real world evidence analytics solutions offer comprehensive insights on treatment pathways, patient adherence, disease progression, pricing levels and market access, drug safety, and patient engagement. Request a FREE proposal to gain in-depth insights.

Solutions Offered and Value Delivered:

The real world evidence analytics experts adopted a three-phase comprehensive approach to help the client understand and tackle its core business challenges. In the first phase of the real world evidence analytics engagement, the experts focused on designing and development of a real world evidence platform by leveraging off the shelf real world data. The second phase of the real world evidence analytics engagement revolved around the integration of the real world evidence platform with the clinical database. The third and the final phase of the real world evidence analytics engagement focused on improving the accuracy of the extracted real world data to enhance the product development processes.

The solution offered helped the client to respond to the safety and quality issues of their drugs in real-time. Also, the healthcare company gained a detailed insight into treatment pathways, patient care and drug effectiveness. By leveraging shared forecasting and disease progression models, the client was successfully able to leverage service planning to improve cost efficiency. Furthermore, Quantzig’s real world evidence analytics solutions helped the client 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.

Quantzig’s real world evidence analytics solutions are specifically designed to help healthcare organizations evaluate the drug treatment efficacy and cost-effectiveness of therapies. Request a FREE demo to know more.

Quantzig’s Real-World Evidence Analytics Solutions Helped the Client to:

  • Identify the right cohorts of patients for product development and clinical research
  • Determine long-term adverse drug effects, leading to better decisions about future clinical trials
  • Improve clinical trial efficiency and enhance commercial spend effectiveness by 47%

Benefits of Real World Evidence Analytics Solutions

RWETo learn more about how our real world evidence analytics solutions can help you increase clinical research efficiency and targeted plans, request for more information below.

real world evidence

Real World Evidence Analytics Engagement: Helping a Leading Healthcare Service Provider to Reduce Costs and Improve the Efficiency of Clinical Trials

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.

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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.

Our customized real-world evidence platform can help you bridge the gap between technology and end-users to optimize patient empowerment. Request a FREE demo below to know more.

#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.

Why Quantzig?

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.

Real World Evidence Analytics Case Study: Leveraging Real World Data for a Physiotherapy Services Provider

What the Client Wanted

Leverage real world evidence analytics to embrace new partnerships with physiotherapy services providers, adopt strategies, and technologies to realize opportunities to discover, optimize, and drive organizational value.

The Outcome

Leveraging the use of real world data with the help of Quantzig’s real world evidence analytics enabled the physiotherapy services provider to improve health outcomes of patients.Request Proposal Implementing real world evidence based solutions enabled the client to discover enhanced strategies and harness new capabilities to support external collaborations with health systems, patient advocacy groups, and other real world data aggregators within the health care services sector.

Overview of the Health Care Services Industry

The global health care services industry is fraught with multiple challenges arising due to a multitude of factors ranging from organizational inefficiency to poor technology adoption. In order to succeed in an increasingly competitive healthcare market, organizations offering health care services should invest significant amounts in processes and technologies that help reduce costs and enhance access to care delivery. This makes it essential for health care services firms to seek an experienced company such as Quantzig to assist them in investing in the future by leveraging real world evidence analytics to be a part of an evolving healthcare landscape.


Challenges Faced by Companies Offering Physiotherapy Services

  • The emergence of real world evidence-based practices: It is essential to leverage the use of real world data in the physiotherapy services segment to enhance the efficiency of services offered.
  • The need for documenting electronic health records: Documentation of electric health records of patients plays a key role in future planning, research, and in devising solutions for major challenges faced by health care firms. It also helps measure the effectiveness of services.

About the Client

A leading player in the health care services industry, offering physiotherapy services for addressing several issues such as curing diseases, injuries, and disabilities.

Client’s Challenge

To enhance the efficiency of services, the client – a leading physiotherapy services provider – approached Quantzig. The client wanted to leverage our vast experience in real world evidence analytics to embrace new partnerships with physiotherapy services providers and realize new opportunities by integrated real world data from several sources across their organization. The physiotherapy services provider wanted to leverage real world evidence analytics to devise a suitable workflow and enhance their organizational goals.

Benefits of our real world evidence analytics solution

 Physiotherapy Services

To gain in-depth insights into our real world analytics solutions for the health care services sector

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Business Impact

The real world analytics solution offered by the analytics experts at Quantzig enabled the physiotherapy services provider to overcome several data-driven challenges. It helped them leverage the use of real world data to deliver enhanced services. Additionally, the consolidation of real world data offered an in-depth understanding that enabled the physiotherapy services provider to enhance their overall business strategies.

Real World Analytics Solution Insights

To make the most of new market opportunities and to thrive in today’s technology-enabled world, players in the physiotherapy services segment should focus on devising a real world evidence based end-to-end operating model. It includes the development of effective strategies, technology adoption, and analytical solutions to ensure that they possess the ability to integrate real world data sets and understand the appropriate resources for the necessary analytics, as well as tactical issues surrounding real world data.


To know more about our real world evidence analytics solutions

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Barriers to Successfully Implementing Real world Evidence

The pharmaceutical industry is currently facing the chill of cold northern winds due to the rising need to invest heavily in patient-centric technologies and development of facilities despite the regulatory constraints. Furthermore, the plunging drug prices and the crash in drug-pipelines are putting huge pressure on players in the pharmaceuticals space. Therefore, companies in this industry are facing the dire need to follow a ‘beyond-the-pill’ approach and become more solution-provider oriented.

Real world evidence (RWE) has been the new buzz word doing the rounds in the pharmaceutical industry. With the help of robust real world evidence capabilities, players in the pharmaceutical industry can optimize the whole drug cycle and improve the healthcare systems. As much as it sounds fascinating to read, there are several challenges that companies the companies in this industry face:Free demo

Complexity of data

The value generated from the real world evidence is directly connected to the sample size of data collected from various sources. Several factors such as patient’s reluctance to share the data, variations in data collection, and rapidly shifting landscape pose a challenge while extracting meaningful insights from the data. Therefore, finding the right partner is essential for companies before undertaking the RWE approach.

Alterations in business models

To become more patient-centric, it is imperative for pharmaceutical companies to change their business model and leverage best in class RWE solutions. However, a lack of clarity on the delivery models to be adopted and how companies need to restructure is a big concern. Failure to build a fully integrated real world evidence systems can negatively impact the growth prospects of the companies. Therefore, they have to become proactive and take aggressive measures to restructure their functions based on the insights gained from real world evidence.

Addressing talent gaps

A robust real world evidence model calls for the need to address talent gaps. Pharmaceutical companies need to be aggressive in eliminating functions that do not fit into the real world evidence model. The right talent with the expected skills sets and competencies have to be hired across domains in the organization.

Identifying the right partners

One of the most challenging tasks for pharmaceutical companies is to identify the right partners to support them in building and maintaining a robust real world evidence model. Though companies are heavily investing in real world evidence, it is extremely difficult to find the right partner to support such models.

Regulatory measures

Patient privacy has become an essential aspect of the medical sector. Hence, researchers often face difficulty in gathering comprehensive and correct data from various sources. Without sufficient and accurate data, undertaking real world evidence become meaningless. Also, it has become essential for market players to coordinate their approach amongst different regulators and decision makers carefully. They must also ensure that they adhere to various data privacy legislation and legal jurisdictions before implementing a real world evidence model.


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Real World Data in The Pharmaceutical Industry: All You Need to Know

The healthcare sector is in dire need of the ability to access data that describes the current standard of care and deficiencies in patient care, social-patient reports, etc. This is where real world data comes into the picture. Real world data, or RWD, is the data which is derived from a number of sources that are based on the outcomes in a heterogeneous patient population in real-world settings. The extensive analysis of this data generates real world evidence which, in turn, offers strategic insights into interventional pathways, unmet needs, and the clinical and economic impact on patients and healthcare systems.Free demo

Why is real world data promising for pharmaceutical companies?    

Many companies assume that assembling and preparing data is a great challenge, especially in an industry like pharmaceuticals where the size of data can be daunting. If used correctly, RWD can help pharmaceutical companies improve health outcomes for patients by being more quicker and smarter in drug development. With the help of real world data, both the patients and pharmaceutical companies benefit, which ultimately leads to better patient experience and health outcomes. Real world data also helps pharmaceutical companies come up with breakthroughs that would help enhance healthcare in the long run.

Benefits for the pharmaceutical industry

Here are a few key benefits that real world data offers to the players in the pharmaceutical industry:

  • Outcomes Based on Larger Data Samples Real world data is obtained from tens of thousands of patients in real-time as opposed to smaller and narrower range of patient samples taken for conventional research.
  • Reduce Cost and Efficiency of Clinical Trials Narrow data sets are often misleading. This problem can be overcome with the help of real world data as it takes into consideration a wider range data. This helps companies identify gaps, take corrective actions, reduce further R&D costs that eventually results in better clinical facilities and reduced costs.
  • Respond Faster to Adverse Developments- Collecting real-time data helps researchers to quickly identify side effects, negative reactions, and medication errors; thereby, reducing the level of risk. The information gathered through real world data can also be used to identify the best way to consume the medicine, eg., before food or after food, etc.
  • Personalization of Drug Therapy and Treatment – Sourcing large number of patient records and tracking the patient data over time can help identify subsets of patients that can better benefit from a particular set of medication. This further aids in providing personalized medications and treatments to the patients.

 

 

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