Catch up on the latest life sciences and data analytics headlines, brought to you by SHYFT.
The Shift to Patient-Centric Care and the Implications of Value-Based Medicine, by Electronic Health Reporter
The era of the patient as the main customer of life sciences companies is on the rise. Both payers and patients are demanding real world evidence for the value of their investment in different treatments, seeking proof of better care and reduction in hospital readmissions. In response to that, life sciences companies are seeking to adapt their go-to-market strategies to ensure that their products will improve patient outcomes. All decisions across the enterprise are tied to the ultimate goal of providing higher value treatment at the optimal cost. Today, value can be defined with the use of data analytics which empower all stakeholders – not only payers and physicians, but most importantly, patients – to weigh different treatment options and make informed decisions about their health.
New Data Tools Offer Hope To Patients, By Forbes
Technology for health data analysis enables more focused research, faster and targeted drug development and accelerated approval, as well as prevention of future medical issues. The catalyst of the whole process is data and the ability to gather it, share it and analyze it has the potential to change the lives of patients struggling with serious diseases. Pharma companies are already riding the data wave by partnering with technology vendors to get better treatments to patients, faster. By taking advantage of three major developments in the healthcare industry – data available from the electronic health records, genome mapping, and the vast amount of data collected with wearable devices, pharma companies at the forefront of delivering truly personalized drug treatments and better overall care for patients.
EvaluatePharma Orphan Drug Report 2014, by EvaluatePharma
The 2014 Orphan Drug Report by EvaluatePharma provides high-level analysis of the major trends expected in the market through 2020, including prescription sales for orphan vs. non-orphan drugs, product and company performance, R&D spend and ROI. Highlights include:
– By 2020 orphan drugs will count 19% of the total share of prescription drug sales (excluding generics), up to $176 billion in annual sales
– The projected growth of the orphan drug market will be more than double the growth rate of the overall – prescription market, excluding generics.
– Phase III orphan drug development costs will be half the costs of non-orphan drugs
– The ROI of phase III orphan drugs is expected to be almost twice that of non-orphan drugs.
For more data points on the projections for the orphan drug market until 2020, view the infographic here.
Sales reps need to bone up on tech skills as drug launches move digital, by Fierce Pharma Marketing
There’s still a huge untapped marketing opportunity for pharma sales reps: the optimal use of digital tools. Although many big pharma companies have equipped their sales force with technology to facilitate the commercial process (such as iPads connected to CRM platforms), representatives are not taking full advantage of them and tend to go back to the traditional face-to-face marketing. Among the reasons why this occurs are the tools themselves. The tools do not always provide a lot of value, many times they are not user friendly and these is a lack of appropriate training on how to use them. The article argues that the sales reps today need to jump on the digital train as their customers expect them to provide more than just pills. They need to provide them with the tools to enable them to better manage and personalize care, such as lifestyle apps and mobile data.
Internet of Things, Patient Engagement Top Healthcare Priorities, by HealthITAnalytics
The 2015 Mortenson Healthcare Industry Study reveals that in a time of constant change, healthcare providers rank the development of the data-driven technology ecosystem as one of their top priorities. Nearly 70% of the respondents believe that the Affordable Care Act will succeed to shift the healthcare system from fee-for-service to value-based care. More than one third of those surveyed point to improved patient outcomes as a major focus of their organizations in the near future. More providers are turning to mHealth, telehealth and other virtual communication tools to be able to service more patients in a cost-efficient way. The survey reveals the growing optimism among providers around the everyday use of technology in ensuring higher quality care – an overwhelming majority of the respondents (84%) believe that they will be increasingly relying on data collected from wearables, smartphone apps and other IoT devices in their day-to-day work with patients.