The Worth of Real World Evidence in Healthcare | A Quantzig Whitepaper
LONDON--(BUSINESS WIRE)--Aug 22, 2018--Quantzig, a global analytics solutions provider, has announced the completion of their recent whitepaper on the importance of real world evidence in healthcare.
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Real World Evidence Through Advanced Analytics (Graphic: Business Wire)
Real world evidence (RWE) has become a progressively important constituent of the drug development process. By acting as a substitute to conservative randomized clinical trials (RCTs), RWE gathers supporting outcomes and safety data outside RCTs that provide a more complete view of a product’s real-life therapeutic and economic value to payers, patients, providers, and sponsors. With the correct data and advanced analytics support, RWE helps develop a common understanding of a drug product’s effectiveness and safety profile that is used by healthcare stakeholders to drive decisions.
The real worth of RWE in healthcare:
RCT (randomized controlled trials), the gold standard for analyzing safety and effectiveness before launch, does not provide a full picture of the efficacy of a new treatment in a real-life environment. As a result, stakeholders have started looking for data about the complete patient journey and outcomes. By providing information on both real-life clinical practice and actual health outcomes of drug products, RWE can offer commercial insights and broader scientific evidence. Mixing RCTs and RWE-based approaches could help attain a consistent proof of concept and a good benefit-risk profile for drive reimbursement, new pharmaceuticals, and eventually impact provider actions, and patient care.
RWD (real world data) combined with big data and advanced analytics technologies help expand the understanding of treatments and diseases, recognize risk issues earlier, better direct the design of new products, and produce evidence for product approval. The complementary data also helps gain and protect market access, pricing, and reimbursement. Another analytics application of using RWD is comparative analysis, which helps in measuring a product’s performance compared to substitute treatment regimens and competitor products in the complex environment of comorbidities among diverse and largely non-treatment naive populations.
Download the complete whitepaper on the worth of real world evidence in healthcare here:
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.
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INDUSTRY KEYWORD: HEALTH CLINICAL TRIALS PHARMACEUTICAL RESEARCH SCIENCE
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PUB: 08/22/2018 09:05 AM/DISC: 08/22/2018 09:05 AM