Healthcare is changing and a new “customer” is emerging in the shift to value-based medicine – the patient. Traditionally, when biotechnology and pharmaceutical companies spoke of their customer they were referencing physicians and medical professionals. Today, they mean the patient.
We’re experiencing a seismic shift in healthcare towards value-based care, which focuses on giving patients the care they want and need – a quality-over-quantity approach designed to provide safe, appropriate and effective treatment with measurable results at a reasonable cost. Serving this new customer means adapting go-to-market strategies with patient outcomes driving both clinical and commercial decisions.
An April 2015 survey by Strategy&, A New Era for Pharmaceuticals, validates this shift to outcomes with 85% of pharmaceutical executives having piloted product outcomes models and 51% having widely adopted this approach. 83% of these executives expect to further restructure their commercial model in the next 2 – 3 years. This new strategic approach is driving the need for better, more relevant data and analytics, which is at the core of what we do at SHYFT and the catalyst behind our recent explosive growth.
The Power of Integrated Data & Guided Analytics: Transparency, Engagement & Governance
This focus on patient outcomes has broader implications for the industry with data sources now being aligned to the patient to enable decisions on the drug development process, assist in determining patient access to therapy at the payor level, and potential prescribing once the brand eventually reaches the market.
Physicians and payers have traditionally had transparency on the cost side, but not complete clarity on the benefit side of the equation. Patients have had little insight other than looking things up online through Google and Wikipedia. As a result, they often lack a real understanding of the differences between one approach and another (the costs vs. benefits), but if given that information, they’re free to determine what “value” is optimal for them. They may be willing to make tradeoffs previously unforeseen by their physician such as cost and side effects for efficacy and time to cure.
We believe a new level of engagement can and should emerge from the increased transparency created through an outcomes-based approach informed with intelligent data and analytics. The challenge remains in getting complete and appropriate information into the hands of each of the key stakeholders – pharmaceutical companies, medical professionals, payers and most importantly, patients – and then aligning all of these stakeholders on patient outcomes. This alignment will require addressing governance issues associated with the large volumes of detailed data available to the stakeholders: Who defines “benefits” and how do we use the data in an intelligent and responsible manner? How should each of the stakeholders consume this data?
Value-based medicine is redefining healthcare and we are redefining the data and analytics necessary to drive this new model. We are at the forefront of helping companies determine what data they really need and providing a lens through which to analyze, evaluate and utilize that data to gain a competitive advantage as well as improve the overall care equation. Capturing results-oriented data and making it usable is critical for this new model to work and for the “customer” to receive the most appropriate care.
Through our cloud-based platform, we help our clients fully leverage their tens of millions of dollars of investment in data assets to increase efficiency, improve outcomes and enhance the overall quality of care. Our solutions deliver mobile patient-centric intelligence for use across the healthcare enterprise and empower pharmaceutical companies to optimize their data investment by providing a targeted, guided view of the data for real-time decision-making. Data and analytics are at the heart of an effective transition to a value-based care model and the underpinning of the emergence of the patient as customer.
Priya Sapra, Vice President of Analytics at SHYFT