You probably know someone with Diabetes, someone who has trouble controlling his/her glucose level. Many patients successfully use Insulin. However, some patients are averse due to the injectable nature of administration. They need to try new or different approaches to lower their blood sugar. Healthcare providers of these patients need to understand:
– What is the safest and most effective way to use Insulin?
– Is there any evidence that Insulin usage benefits a particular patient group than the other?
– Which treatment has the least side effects with the maximum benefit?
– Alternate methods of treatment for patients under refractory setting
The good news for patients is that real-world evidence can help. It is scientifically proven that RWE is transforming drug development and it creates new opportunities and benefits for patients and healthcare providers.
RWE and patient outcomes are becoming a powerful currency for engagement, and to demonstrate product value. It is delivering deeper insights about patient care, treatment pathways, and drug effectiveness than previously was thought to be possible. The implementation of RWE platforms that move beyond narrow study-based approaches offers the opportunity to create sustainable value across the product lifecycle of drugs. If applied systematically, RWE could realise $1 billion in value for a top-10 pharma company.
The following are eight benefits of RWE for healthcare providers and patients:
RWE makes it possible to gain insights into epidemiological trends, treatment and disease management patterns through the use of population data on medical outcomes. These data identify underserved markets, respective treatment inefficiencies and opportunities. RWE data can thereby strengthen the trust levels and address the apprehensions of HCPs, triggering increased acceptance in the existing markets.
RWE enlarges already existing clinical samples and help to identify patterns that were not evident with smaller cases before. These identified patterns reveal additional indications for medications already in use.
In contrast to traditional clinical trials, where typically only a small and narrow range of patients can be observed, RWE makes use of medical data from tens of thousands of patients in real time. This gives healthcare providers a larger and more accurate data sample on which they can base their conclusions. While RWE is known to complement data from Randomized Clinical Trials (RCTs), its real potential is in moving decisions away from perceptions and broad extrapolations to the actual facts about patient journeys and outcomes. It helps to understand facts better and to establish the efficacy and safety of drugs
Payers – including private insurers, Medicare, Medicaid and other government programs – require data that demonstrates the cost-effectiveness of a medicine before agreeing to invest money for it. RWE provides this kind of data by conducting comparison studies with previously approved medications. The studies are based on claims data along with clinical data generated at the point of care.
RWE helps physicians to monitor the drug attributes as claimed by the pharmaceutical companies by familiarizing with the real time data from vast sample sizes. It enables them to decide on whether to prescribe the new patients with the existing treatment or opt novel therapies prompting a paradigm shift.
Due to the access to large numbers of patient records, RWE can identify subsets of patients in refractory condition who can most benefit from a particular medicine. This helps healthcare providers to target more specifically. Additionally, unmet needs can be identified and concretely faced. Also, it is easier for insurers and other payers to justify the cost through sufficient facts.
RWE integrates data from multiple sources, which can yield new insights. It also increases the reliability of data for healthcare provider and physicians. The sources for RWE can include transactional data from claims files, clinical data from EMR or EHR records, pharmacy data from various databases or even unstructured data from handwritten records and social media sites.
The usage of RWE, helps pharmaceutical companies to determine exactly what kind of patients will receive benefits from a particular medicine. This evidence can engage physicians to target patients of specific type and also the insurers to cover the costs of novel therapies. Furthermore RWE influences the derivation of newer patient journeys and updated treatment algorithms.