How pharma companies can use real-world data for more successful market entry
A life science company with a drug in development for cancer was gearing up for launch and seeking to determine the medication’s place in the market. It had planned meticulously, crafting a pre-launch strategy, producing a launch plan, creating financial and demand forecast model assumptions, and generating a detailed payer model for reimbursement strategies.
However, the company did not fully leverage real-world data and real-world evidence for its launch and marketing strategies, resulting in missed market opportunities and some patients waiting longer to receive the best treatment for their personal circumstances. RWD and RWE have been identified as key components to developing and launching therapies, as well as measuring health care value and quality.1,2 Most life science companies are aware of the value RWD and RWE can add to product development, but their use is often limited by barriers, including a lack of knowledge, the absence of systems to use the data and hesitancy to trust the data.3
Given the competitive nature of today’s market, this company would have benefited from making proactive plans to analyse treatment decisions and patient outcomes in the real-world setting pre and post launch. The company could then have created a real-time quantified treatment algorithm to support its commercial forecast and market access models.
Speak to Prospection today to learn more about about the Prospection platform and its analytics capabilities.
