Is Real World Data giving your market access the power charge it needs?
Real World Data (RWD) and Real World Evidence (RWE) are gaining traction across the industry. The front runners are already exploring new ways to collect and use data within their market access strategies and, for some, this is proving an effective way to ‘tip the balance’ from a no to a yes with target agencies. How well is pharma leveraging the data advantage? And how should companies benchmark their own RWD activities against the best of the rest?
Seven senior pharmaceutical company decision-makers currently working in Real World Data and Real World Evidence were all interviewed in depth. RWD Benchmarking Capabilities details their perspectives on the use of RWD and RWE for market access now and in the future, including opinions on who is leading the field and why.
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Real World Data and collaboration
Companies need to collaborate with a variety of stakeholders to optimise RWD and RWE. Doing so will not only increase the insights from RWD and RWE, but also increase the acceptance and credibility of RWD and RWE by external stakeholders. Companies have a wide choice of collaborators, including Patient Powered Research Networks (PPRNs), providing a way to work with patients and access patient data.
The future for Real World Data and Real World Evidence
RWD and RWE are going to grow in importance, reflecting the increase in volume of data available, improvements in its quality and the ability to link disparate data sources. RWD and RWE will be in greater demand too, because of the trend for coverage and reimbursement decisions to be based on this information, as well as being used in outcomes-based contracts that are expected to increase in the future. Further, the types of data captured and the methods in which outcomes can be generated are also expected to evolve, with patient reported outcomes (PROs) expected to grow in importance. Beyond the pharmaceutical industry, a number of other stakeholders are expected to shape the future of RWD and RWE, with technology companies expected to emerge as a key influencer given their efforts to seek a greater presence in healthcare.
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At the heart of the Real World Data revolution is the issue of control. Pharma companies used to be in the driving seat when it came to the data produced from trials and studies of their drugs. But now the floodgates have opened and everyone from payers to patients to your competitors can all see and comment on real world drug performance. And they are, in droves. This new data-rich environment presents significant opportunities but also threats. The key to success is finding a strategy that is sustainable, meets commercial objectives, and produces insight that is ultimately trusted enough to influence opinion.
“This is really a paradigm shift. In the past, global pharmaceutical companies could define which data is generated in global trials and then follow up post-market. We had a lot of control over which kinds of studies are running and what kind of data is being generated. In the new world, using real world data, this is changing. The majority of the data is not produced by pharma companies, it’s from healthcare systems, patients using devices, patients discussing products on social media, payers collecting data to process their transactions. This is the new world.”
“Secondary data sources like registries, claims databases, social media, apps and devices and electronic medical records are the data sources I would consider exciting and providing new opportunities.”“The patient journey is the one of the most interesting areas for RWD. [It] will allow us to be even more specific to what patients need in the future…for me, this is one of the most exciting areas.”
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