Real-world data (RWD) and real-world evidence (RWE) are revolutionizing the way life science research and development are done. According to a recent study carried out by Deloitte, 80% of biopharma companies are now looking for RWD partnerships to enhance their business.
Utilizing data from environments outside of the clinical trial setting is the new norm for those in the MedTech space – and the benefits of doing so can be felt at every stage of the drug development lifecycle. Not only do RWD and RWE aid cost-effective and incisive clinical trial design, but they are also changing the regulatory paradigm, helping companies supply robust post-market evidence on adherence, safety, efficacy and side effects to the FDA.
However, finding the right RWD/RWE partner can be challenging. Here are three key parameters to look out for.
They Offer Differentiated Data and More
Differentiated data that can be matched to an anonymized patient profile can enable much deeper analysis and a more profound level of insight. Considering a partner who not only supplies robust data from reliable sources, such as community clinics or academic medical centers, but also knows how to generate robust RWE from this data.
Most importantly, data should be representative of real patient populations and integrated into a comprehensive patient journey. By mapping out each stage of the patient journey based on real-world treatment pathways and interventions, life science companies are much better equipped to deliver the value-based, precision medicine solutions that the health care industry demands.
They Use Specialized Tools and Methods
Fully optimizing the drug lifecycle with RWD and RWE requires an innovative approach. Consider a partner at the cutting edge of data processing, who is efficient in the application of specialized methods such as natural language processing (NLP) and artificial intelligence (AI), to extract the most useful information from the data.
Eventually, life sciences companies should be able to drill down into the detail of a real-world dataset for actionable insights. This requires a partner with advanced analytical capabilities who can standardize both structured and unstructured data, enhance data with alternative sources, and harmonize it for the purposes required.
They Are Experts in the Requisite Specialties
RWD and RWE have brought about a major shift– especially in the field of oncology. For the National Comprehensive Cancer Care Network (NCCN), this type of data has proved invaluable in identifying new patient populations that could benefit from existing drugs. With the right technology and analysis, RWD can open up new avenues in genomic testing to discover opportunities for drug development and enable more personalized cancer care for patients.
For success in specialties such as oncology drug development, the ideal RWD/RWE partner should be a domain expert with strong links to community practices, have an in-depth understanding of how to customize a platform to the drug’s lifecycle, and the ability to identify unmet needs in underrepresented patient populations.
New Insights at Every Step
An exceptional RWD and RWE partner can transform every stage of the drug lifecycle. Explore how your health care business can achieve this by contacting Integra Connect today.