The life sciences industry entered 2023 facing significant headwinds. Economic difficulties, intensifying competition, evolving regulations, and demanding stakeholders created new challenges for life sciences companies to overcome. In this difficult environment, leveraging real-world data (RWD) and real-world evidence (RWE) have become critical for life sciences success.
As RWD provides access to vast amounts of patient health data outside of conventional clinical trials, analyzing this data through advanced analytics and AI allows life sciences companies to accelerate drug discovery and development. Regulators like the FDA are calling for more diversity in clinical trials and more evidence of real-world clinical outcomes. RWE derived from RWD can provide regulators this additional data to support safety and efficacy claims. RWD also gives life sciences companies detailed insights into patients’ experiences with diseases and treatments outside of clinical trials. These insights help identify unmet patient needs and develop more effective therapies.
At BC Platforms, we believe the following benefits exist for life sciences companies in their goals to weather the current storms and to rethink their business strategies:
Speed Up Research and Reduce Costs
RWD provides access to vast amounts of patient health data outside of conventional clinical trials. Analyzing this data through advanced analytics and AI allows life sciences companies to accelerate drug discovery and development. According to McKinsey, using RWD and analytics can reduce clinical trial cycle times by up to 50% and development costs by up to 20%. [1]
Satisfy Regulators with More Robust Evidence
Regulators like the FDA are calling for more diversity in clinical trials and more evidence of real-world clinical outcomes. RWE derived from RWD can provide regulators this additional data to support safety and efficacy claims. In 2022, over 50% of novel drug approvals relied on RWE, indicating regulatory acceptance. [2]
Gain Patient Insights to Develop Better Therapies
RWD gives life sciences companies detailed insights into patients’ experiences with diseases and treatments outside of clinical trials. These insights help identify unmet patient needs, refine patient segmentation, develop more effective therapies, and craft compelling value propositions. According to an IQVIA survey, 94% of life sciences companies believe RWE gives them a better understanding of patient needs and behaviors. [3]
By leveraging RWD and advanced analytics, life science companies can accelerate innovation, boost productivity, control costs, satisfy stakeholders, and unlock new opportunities—even in the face of today’s challenges. The industry must continue exploring ways to maximize the potential of these emerging data sources. BC Platforms global data partner network, with a catchment of over 70M patient lives, delivers on RWD needs for the life sciences industry. We enable discovery with the power of our global data network. From Data to Health.
Sources:
[1] McKinsey, “Real-world evidence: The data revolution in biopharma”, Feb 2023
[2] Deloitte, “2023 Global Biopharma Outlook”, Jan 2023
[3] IQVIA Institute, “Global Trends in RWE Adoption Among Biopharma Companies”, Mar 2023