Life sciences companies increasingly are seeking new models to connect expanding sets of disparate, non-identified patient-level data streams to better develop and commercialize next-generation medicines. The need for practical, evidence-based approaches is especially acute at a time when scientific advances, the growing need for new medicines, and constrained budgets for healthcare and other social services are colliding.
“This confluence of pressures will lead to a crisis in biomedical innovation unless the industry applies a more strategic approach—one that links actionable insights earlier in clinical development and commercialization.”
According to a new QuintilesIMS Institute report, connected insights derived from big data enhance scientific and therapeutic expertise. These insights also drive informed decisions along the entire continuum of care—from pipeline to portfolio to population health. As health systems accelerate the transition to value-based use and payment approaches, mastering the collection and interpretation of data is essential to advancing medicine and medical technologies.
“Drug costs and spending are being scrutinized more intensely worldwide. At the same time, the challenges associated with developing new medicines remain extraordinarily high,” said Murray Aitken, senior vice president and executive director of the QuintilesIMS Institute. “This confluence of pressures will lead to a crisis in biomedical innovation unless the industry applies a more strategic approach—one that links actionable insights earlier in clinical development and commercialization.”
The report—Connecting Insights: Bringing Better Outcomes from Pipeline to Patient Using Data and Analytics—highlights nine evidence-based approaches:
The report cites four critical hurdles to realizing the full power of connected insights: maintaining data privacy; incorporating dynamic approaches to the application of data; ensuring transparency when multiple data sources and analytics are applied; and collaborating with diverse constituents who may have conflicting interests.
Said Aitken: “Properly harnessed, data analytics can drive remarkable progress in allocating healthcare resources, developing and commercializing new medicines, as well as improving population outcomes.”