Pharmaceutical Companies Need Data to Improve Product Access and Utilization
We are in a data-driven world. Retail organizations use data and algorithms from social media sites in order to create targeted messages based on your browsing history. Healthcare is no different.
With life sciences companies looking to consolidate resources to the most effective use, they now need to base many decisions on patient outcomes and reduced cost of care. Government and commercial payers are driving cost containment and improved patient health. While providers try to improve processes to show better patient outcomes, life sciences companies can help with complementary patient care services.
Looking to improve those patient outcomes so a drug or medical device is adequately reimbursed, and consequently prescribed by providers.
How does a biopharmaceutical company achieve that?
- Incorporate real world evidence earlier in the drug development process. Using information from electronic health records or patient registries to identify the disease and potential drug candidates with an increase risk or benefit for the treatment. Having access to that patient data might provide usable information for submission to the FDA.
- Articulate the value a drug may bring by looking at the endpoints a payer will want to see. Is there increased benefit to the patient with your drug like fewer adverse events, or are you just promoting a “me-too” product which are now being excluded from reimbursement? Does your product reduce concomitant conditions?
- Invest time and resources to continually show the benefit of the product through wither retrospective data base studies or outcomes based contracts with different payers.
With EMR data, pharmaceutical and other life science companies will see beyond what claims data can provide. The EMR can provide information on more disease-specific attributes, biomarkers, outcomes data, and adherence related data through encounters and progress notes.
In order to maximize benefits, particularly in oncology, pharmaceutical companies need to help patients start treatments in a timely matter, stay on treatment and minimize the occurrences of dropping from treatment, and help patients manage costs so financial reasons do not become a barrier to treatment.
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