3. Seek out adaptability and security via the cloud
A cookie-cutter data set isn’t going to cut it for S&E companies looking to bring innovative products to market. You need a team that can help you customize the data set and identify the population most meaningful for your organization to study. And a therapeutic-area-specific data license can make it easier to zero in on the patient details most relevant to your business needs — across claims, EHR and linked data.
Accessing these data is crucial to your organization’s success, but you can’t do so without diligent attention to privacy and security. Many pharmaceutical companies favor technology solutions that allow them to work in the cloud because it provides a secure environment for de-identified patient data.
A cloud environment gives researchers access to cutting-edge analytics that are accessible across the enterprise. This type of secure digital infrastructure is essential to protect both patients and your company. And it’s necessary to help avoid FTC data breach fines and preserve your company’s reputation as a trusted innovator.
4. Scout the competition to better position your products
Deepening your understanding of the markets in which you compete will allow your company to better position its products. When the stakes are high, you want a view of the market that tells it like it is, not just projections.
Monitoring real-time product performance within a therapeutic area can provide data that are helpful for strategic decision-making. There’s more to what’s happening in the competitive environment than just prescriptions — patient and cost metrics for both your own products and your competitors’ products can give you a more comprehensive view of the patient experience.
Whether your S&E company is developing a product focused on new indications or introducing a novel mechanism of action (MOA) to an existing indication, RWD have rich insights to offer. Details captured in claims data, such as trends, rankings, adherence, prescription switching, prescribing patterns, geography, provider-level data and more, are useful to understand the “what, why and who” behind product use.
Just any claims data won’t cut it, though — you’ll want closed claims to access a longitudinal database of eligibility information, medical claims and prescription claims data to get the full picture of the patient journey. And closed claims let you confirm when patients in the data are treatment-naïve, so you know you’re measuring true therapeutic impact.