Real world evidence has a huge role in the modern healthcare ecosystem. To collect real-world evidence, a combination of data analytics, a validated approach, and availability of real-world data sources are important. Establishing data capture arrangement, defining its elements, and studying the relevant outcome are key components of real-world evidence. This evidence helps pharmaceutical companies in many areas like gaining pharmaceutical market access, clinical development, and patient care. 

pharmaceutical market access

It bridges the gap between clinical research and its applicability in practical scenarios. Here’s how real-world evidence helps in healthcare decision-making: – 

Performance Tracking

Real world evidence is used in tracking the performance, value, and off-label use of medical treatment in real scenarios. It helps in checking any side effects of the drug or treatment on the patient, comparing different treatments, populating outcomes based on the patient data, and more. The drug or treatment performance is tracked on a diverse group of patients in real-life conditions. It is vital to note that health outcomes of patients are multifactorial such as social circumstances, environmental & physical influence, behavior, genetics, and patient care. The real-world data for performance tracking are collected from connected devices, electronic medical records, billing data, and more.

Clinical Trials

Many real-world data pools are used to offset the limitations of clinical trials by checking the efficacy of new medical products or treatments. This enables pharmaceutical companies to leverage real-world data to get a comprehensive view of their treatment in the long run. Besides this, real-world evidence also talks about the financial aspect of the drug or treatment development. It should make sense in terms of cost-effectiveness, adaptability, and usability.

Research Work

Research is a big part of the healthcare ecosystem, which drives innovation in patient care, drug discovery, and more. The real-world evidence is used in the research and development aspect to modify and prioritize research goals. It fast-tracks the drug discovery, trial, and implementation process.

An effective use of real-world evidence can bring down costs and increase time efficiency in the healthcare sector. It also helps in getting a clear picture of the efficacy of medical innovations in the real world.