From emerging specialty biotech organizations to global pharmaceutical corporations, real-world evidence (RWE) is permeating the landscape and demonstrating value throughout all stages of drug conceptualization, development, and commercialization.
According to industry sources, there’s a $1 billion opportunity for large pharmaceutical companies that harness the capabilities of RWE throughout the entire product lifecycle.1
A McKinsey survey revealed that all of the top-10 biopharmas are using real-world data (RWD) to inform product development and commercial decisions, using it as a tool to better understand disease states, perform safety studies and design clinical trials, and assess efficacy in subpopulations. Among other benefits, this data can help gain market access versus incumbents, maintain formulary status, and drive product use — all while considerably cutting development times.2
What’s taking so long for RWE to become the foundational data asset for innovators in life sciences?
Stakeholders across the biopharma enterprise are challenged by a myriad of issues when it comes to collecting, interpreting, standardizing, and applying RWD. Many cite a lack of access to this critical data and the technology that powers it, in addition to a lack of internal personnel expertise to navigate the space.
Across the lifecycle — from research and development (R&D), to pre-launch and launch phases, to post-market surveillance and commercial performance — RWE has shown immense value for companies that have invested the resources to track, measure, and apply it meaningfully.
This white paper will explore RWE opportunities across the lifecycle and throughout various departments within a life sciences company, and provide insights into how these companies can implement beginner, intermediate, and advanced strategies as they get acclimated.