BY BILL FOX
Chief Strategist for Global Healthcare, Life Sciences, and Insurance
In a climate of growing consumer distrust for companies that have access to their personal information, organizations that generate real world evidence must join the likes of financial services institutions and the government to ensure that the sensitive data in their charge is well governed, selectively accessible, and highly secure.
Real world evidence (RWE) is here to stay
And it brings with it a world of possibility — and vulnerability. As value-based reimbursement slowly displaces fee for service, payers and providers are under mounting pressure to deliver better patient outcomes at less cost.
This, in turn, increases the burden on life sciences companies to not only demonstrate the effectiveness and safety of their products to the FDA through the traditional clinical trial process, but to also show evidence of their product’s overall value to patient health and total cost of care when the drug gets out in into the real world.
RWE can play a crucial role in fulfilling the requirements of each of these stakeholders, with life sciences companies having additional interest in leveraging RWE to expedite market access for their products.
To read Fox’s full tHEORetically Speaking blog post, click here.