Is Lifesciences industry leveraging all RWE data to drive better patient outcomes?
Any Organization that is involved at any part of the drug production or its value chain process, will undisputedly require access and means to analyse Real World data(RWD). For starters, Real World Data is the base to understand both the benefits and risks after a drug has received regulatory approval. The FDA generally defines RWD as data acquired from disparity sources/systems apart from traditional clinical trials and Real World Evidence (combination and analysis of RWD elements like economic outcome, drug’s value proposition etc.).
Real World Evidence(RWE) gives Life Science companies, medical providers and insurance companies a larger and more accurate data set to base strategies and conclusions on effectiveness and ROI of medications/ treatments in the real world. For example, Healthcare insurance provider, third-party payers, or health-plan sponsors can’t reach the right segment of patients without analysing types of products that are the most effective or in demand amongst them. Whereas, the healthcare providers without right RWE insights can neither comprehend the process of a patient’s treatment within their current healthcare system nor ensure optimal treatment guidelines and best practices (which may ultimately lead to penalties). When it comes to pharma manufacturers there is a need for real-time access to RWE data to conduct observational research, speed up drug development and understand types of patients to target for clinical trials and marketing campaigns. In spite of the above needs Lifesciences industry do not reap the maximum benefits from the Real World Data and to support this, conservative market estimates that major pharma players splurge an average of $20 million annually on RWE and yet struggle to fully understand patients’ health and treatment.
This apparent gap between Life science industry and RWE Data could be bridged using Cloud based Analytics. Though the above stakeholders have different uses out of RWE data, their requirements could be satisfied with a Cloud based analytics solution.
Why Cloud based analytics acts as a bridge?
Analytics is the key to gain the insights from the data available and in this case RWE data is bound to increase at an exponential rate so resorting to cloud is the best option. Below are some important aspects why a Cloud solution does justice to your investment:
Security-Healthcare information being sensitive in many regions, strict regulatory compliances like GxP and HIPAA has been made mandatory to be adhered by the organizations dealing RWE data. Cloud solutions make sure these protocols are followed and data is maintained with high level security, keeping vulnerabilities and threats away.
Speed– Time is one of the critical essence in this sector so speed in terms of access and accuracy in results are very important. Cloud based analytics are swift in processing huge data which enables accurate insights for taking efficient business decisions.
Scalability– Cloud can rapidly scale any amount of data irrespective of their velocity coming from multiple sources which many on-premise solutions fail. This quality is very crucial to meet analytical demands of the end user and only a cloud solution can satisfy this.
Thus, RWE data with help of right Cloud based analytics solutions can open ways to identify under-served markets, enhance personalized treatments/ therapies and reduce payer costs and time taken for clinical trials. Therefore to process this humongous data coming from various sources, aggregate them at one place and access them anytime, anywhere irrespective of geographies without any hassles like speed and security issues, it is best for organizations to embrace a Cloud based Analytics solution.
Author Credits: Kripaa Krishnamurthy, Sr. Associate- Digital Marketing, 8KMiles. You can reach her here