As the healthcare industry becomes more patient-centric, patient outcomes will emerge as the key performance measures across the clinical-commercial continuum. In practice this will require companies to fully leverage real world evidence (RWE) data to understand the patient journey and accurately evaluate the total cost of care across the lifetime of the patient. This will be particularly important for chronic diseases such as diabetes. It is no longer about a “cheap” quick fix for today, but more about the most cost-effective solution in the long run.
So, where are we with real world evidence today and where is it going in the future? Companies are still learning and trying to understand the strengths and weaknesses of the data and need to appreciate those inherent strengths and weaknesses to move forward successfully. In a 2014 PWC study, 61% of pharmaceutical executives attributed a high level of importance to real world evidence data, but only 40% had confidence in the quality of provider data and 33% in insurer data.
We are entering an era of comparative analytics where companies can no longer look at data sources in isolation. For example, companies that traditionally used IMS and corporate sales data to evaluate market share and performance will now compare and contrast RWE (EMR, claims, etc.) data with these traditional sales data to extract the truth that lies somewhere across the data sources. The answers will not be black and white, at least not anytime soon. Therefore, the goal must be to create a common taxonomy across data sets to see how specific metrics translate across data sources. It is critical to fully understand the inherent strengths and weaknesses of each asset. For example, IMS data is projected, EMR/EHR data tends to have an inpatient-focus, how do I look across these sources to find the “truth”?
Effective use of RWE data is not a small task and those companies that figure out how to leverage it will have a distinct competitive advantage in the market. Ultimately, integrating traditional IMS sales data, commercial data, specialty data, etc. with RWE data to build a true enterprise-level data asset accessible across the organization will be extremely powerful.
Our RWE platform is designed for this very task. It empowers companies to quickly integrate RWE data with traditional data sources to create actionable analytics that can impact the clinical-commercial continuum. By improving the speed and access to patient-centric analytics our customers have been able to more effectively respond to changing market dynamics and position themselves for success in the new health economy where cost effectiveness and patient outcomes will determine success or failure.
For more information about the possibilities with RWE, check out our most recent announcementfeaturing a large global pharmaceutical company integrating RWE for a competitive advantage.
Priya Sapra, Vice President of Analytics at SHYFT