The rapid development of technology — and the resulting avalanche of data — are catalysts for significant change in the biopharmaceutical industry. This translates into urgent pressures for today’s biopharma, including a need to quickly and affordably develop products with proven therapeutic efficacy and value. This urgency is expedited by the growth of value-based contracting, where access to reimbursement and profit depends on these abilities.
Biopharmas cannot stay competitive by spending millions of dollars and several extra months to generate inflexible, siloed data that fails to deliver important insights of what is happening in the real world. In response to these changing demands, more companies are turning to real-world evidence (RWE) to provide enterprise value across both clinical and commercial use cases, while simultaneously driving increased time and cost efficiencies.
Biopharma companies are taking various approaches to RWE, with differing perceptions, uses, and requirements based on the company’s size, access to internal resources, available real-world data (RWD), and RWE expertise.
To explore the state of the industry and identify RWE use trends, SHYFT Analytics commissioned in-depth interviews with 20 RWE decision-makers across large, mid-size, and small biopharma companies.