Advances in data collection, sensor technology, cloud-based data management and analytics capabilities have resulted in huge volumes of unstructured data that have helped to provide control to patients/consumers and healthcare professionals in managing their health conditions. Nano technology, ingestible pills, wearables and integration of gaming into patient support programs are all currently being explored with the intent to improve patient outcomes and which can be processed to derive actionable & measurable insights.
Real-World Evidence (RWE) is the Medical Equivalent of Big Data
The use of massive data sets to see how medicines perform outside the tightly controlled world of clinical trials or randomized controlled trials (RCTs). Clinical trials traditionally restrict participation to select patients under controlled conditions & artificially created homogeneous treatment group. On the other hand, RWE looks at massive chunks of information from heterogeneous patient population reflecting realistic scenario:
- patients not screened for age, weight, education levels and willingness to comply with instructions,
- usage of medications by doctors in primary-care offices,
- non-adherence by patients to dosages & prescriptions or even switching to bio-similar
Implications on Business
Using RWE, patients, providers of care and those who pay for it can better assess the value of treatments and services based on actual health outcomes and the total cost of care. This new Real-World Evidence (RWE) standard means that health-care companies need to consider how to build relationships with physicians, insurance company executives and consumers about this new approach.
Using electronic medical records, administrative claims data and other sources, pharmaceutical companies, insurance companies and other interested parties can look at the effectiveness, safety and cost benefit of a drug by using the records of tens of thousands of patients as opposed to a handful of people.
There are four ways how Big Data organizations can help to analyze RWE and generate actionable insights:
Predict Patient Churn & Improve Adherence
Ability to predict when patients are most likely to miss taking their medication or refills. With this knowledge then pharmacies and payers can develop the correct interventions/programs ensuring maximizing adherence, improving outcomes and potentially reducing healthcare costs.
Track Brand Performance & Key Opinion leader (KOL) Tracker
- Mine structured & unstructured information in social/digital channels, registries, hospitals, CRM and IMS health to understand 360 deg brand performance/reputation
- Identify Key Opinion Leaders (KOLs) and understand the sphere of influence, prescription/therapy preferences, chosen /preferred forums and identify opportunities to engage promoting products & therapy information.
Support Patients & Improve Adherence
Patient and physician connect platforms, apps to support them with information and gadgets for managing and improving their health conditions.
Digital Engagement Effectiveness
Give the ability to profile your customers (physicians and patients) across demographics, geos, healthcare segment etc. understand the digital assets generating engagement and discover actionable insights about top customers, their preferences and needs.