Importance of Integrating Real-World Evidence for Healthcare

date

Oct 4, 2023 04:41 PM

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real-world-evidence-in-the-medical-space

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Public

Importance of Integrating Real-World Evidence for Healthcare

The integration of Real-world evidence (RWE) derived from real-world data (RWD) into business strategies is of paramount importance across various industries. A thorough analysis of multiple sources suggests its specific benefits in the medical technology and pharmaceutical industries, creating efficiencies, saving costs, and improving patient outcomes. What follows is a systematic review of the benefits, trends, and strategic analysis of integrating RWE for businesses.

RWE in Medical Technology

Importantly, RWE has milestone implications for businesses in the medical technology (MedTech) sector (IQVIA, 2021; McKinsey, 2021). Such enterprises can expect the following benefits from integrating RWE into their evidence generation strategies:

Improved Patient Outcomes :hospital:

By incorporating RWE, decision-makers gain access to more reliable evidence, leading to more informed decisions about the placement of new medical technologies on the market. As a consequence, businesses can deliver improved patient outcomes.

Greater Access :unlock:

The early and efficient gathering of evidence via integration of RWE can result in greater access to medical technologies for patients. Businesses can prove the value and effectiveness of their products to payers, expanding patient access and payer coverage.

Faster Delivery :fast_forward:

Adopting an early and integrated approach to evidence generation, businesses can save substantial time. Not only does this reduce delays in reimbursement, but it also expedites the availability of new technologies to patients.

Tailored Evidence :clapper:

A comprehensive RWE strategy ensures that evidence generated is effectively tailored to the needs of payers, providers, and patients. The more relevant and useful this evidence is, the more valuable it can be in decision-making processes.

Collectively, these benefits accelerate innovation, extend payer coverage, and increase patient access to medical technologies in the MedTech industry, thereby emphasizing the importance of integrating RWE into their business processes.

RWE in Pharmaceutical Industry

Within the pharmaceutical industry, the integration of RWE into business strategies can help boost efficiency and cost savings in drug development, identify prospective patient populations, and enhance profitability with higher shareholder returns (McKinsey, 2021).

Enhanced Data and Advanced Analytics :bar_chart:

With a compounded annual growth rate (CAGR) of 36% expected by 2028 in health data volume, the integration of multiple data sets allows for a more comprehensive view. As a result, businesses can optimize their business outcomes through well-informed decisions.

Specialization of RWE Companies :rocket:

In the matured RWE ecosystem, the rapid growth in therapeutic areas such as oncology and rare diseases for the application of RWE demands collaboration. By investing in specialized RWE companies that have sophisticated AI integrations and clinical experiences, pharmaceutical companies can acquire more targeted business insights and complement their in-house capabilities.

Regulatory Support for RWE :balance_scale:

Encouragement and support from regulatory bodies like the FDA and NICE in the use of RWE give businesses the impetus to rely on real-world evidence. With new data standards and task forces, businesses can lean on RWE in their decision-making processes to bring about improved business outcomes.

The integration of RWE thereby not only creates efficiency and savings in drug development but also identifies new patient populations for the pharmaceutical industry. This ultimately leads to profitability and better shareholder returns.

Conclusion

The integration of RWE into business strategies for MedTech and pharmaceutical companies is both crucial and rewarding. It enables improved patient outcomes, greater access to medical technologies, faster delivery of products, and turnover of tailored evidence for medicinal companies. Simultaneously, it yields efficiencies and cost savings in drug development, successfully identifies new patient populations, and realizes better profitability for pharmaceutical businesses. In modern times, evidence-based decision-making through the integration of RWE should be a staple strategy for both stakeholders and enterprises.

References

IQVIA. (2021). The vital role real-world evidence plays in an integrated evidence strategy. Retrieved from https://www.iqvia.com/locations/united-states/blogs/2021/07/the-vital-role-real-world-evidence-plays-in-an-integrated-evidence-strategy

McKinsey. (2021). Creating value from next-generation real-world evidence. Retrieved from https://www.mckinsey.com/industries/life-sciences/our-insights/creating-value-from-next-generation-real-world-evidence

McKinsey. (2021). Generating real-world evidence at scale using advanced analytics. Retrieved from https://www.mckinsey.com/industries/life-sciences/our-insights/generating-real-world-evidence-at-scale-using-advanced-analytics

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