Panalgo, a leading healthcare analytics company, recently announced the findings of its 2021 State of Healthcare Analytics Benchmarking Report, focused on real-world data (RWD) usage and analytics capabilities at pharmaceutical, biotechnology, and medical device companies worldwide.
Based on one of the most extensive RWD usage surveys in life sciences to date, this report examines the current capabilities of life sciences companies to analyse healthcare data, analytics tools currently being used, barriers to adoption, and progress toward utilising advanced analytics.
“There are many questions concerning how life science companies can use real-world data to facilitate decisions to benefit their businesses substantively. There’s also a fair amount of uncertainty about how new approaches, like machine learning, should be leveraged. We conducted our survey of life sciences leaders better to understand both the current state and future goals,” said Joseph Menzin, PhD, CEO and founder of Panalgo. “We believe that our benchmarking report will offer important insights to organisations of all sizes as they look to scale their analytics teams, optimise their RWD investments, and improve the timeliness of insights.”
The survey, which FiercePharma fielded, includes 100 experts directly involved in healthcare analytics at organisations worldwide. Based on their opinions and experiences, the report suggests three steps that organisations looking to implement a comprehensive analytics strategy should take:
- Build out centralised, multidisciplinary RWD teams with deep expertise
- streamline and democratise access to RWD
- invest in analytics platforms to increase efficiency and collaboration
“With an increased focus from regulatory agencies, mounting public scrutiny of drug prices, and the shift to value-based care, we are at an inflexion point in the healthcare industry during which time life sciences companies must examine their analytics programs and think critically about optimisation and democratisation,” said Margaret McDonald, PhD, RWD Expert at Apex Data Consulting and a former executive at Pfizer who participated in designing the survey.
“Access to real-time, real-world data presents enormous opportunities, including the ability to address unmet medical needs, drive deeper engagement with patients, reduce healthcare costs, and improve the overall quality of care. Organisations that promote an enterprise-wide understanding of and respect for data and analytics will have a clear advantage in this highly competitive marketplace.”
