Every day, patients are experiencing the life-changing impact of real-world data (RWD), and life sciences companies are feeling the business impact, too.
RWD is no doubt helping pharma companies better understand the patient journey and get life-saving therapies to market faster, according to Norstella’s recent survey of 200 life science executives. Over the next one to three years, RWD will play a key role for life sciences, with 40% of the executives we surveyed rating it “critical” and 58% rating it “very important” to their companies’ strategies.
However, if pharma manufacturers aren’t using RWD in a strategic way, they’ll miss out on its full potential. And with that, they risk costly inefficiencies, slowing down their time to bring therapies to market, and being left behind their competition.
The power of RWD, coupled with the rise of AI, has started to have a major impact on patient information. While RWD is shaping strategy that wasn’t possible 18 to 24 months ago, in today’s increasingly uncertain policy and economic climate, companies also need more than just “data for the sake of data.” They need certainty, clarity, and actionable evidence.
As RWD volume grows—spurred by electronic health records, hospital systems, and emerging technologies—there’s immense potential to harness that data more effectively with AI-driven strategies. For pharma companies, maximizing RWD’s potential means crafting a better implementation strategy.
To learn the three key pillars for building a cohesive RWD plan, read the full article in BioPharma Dive.
