The pharmaceutical industry has undergone a rapid evolution in the last decade, bringing new challenges and demands. Increasing cost pressures have pushed providers and payers to embrace evidence-based medicine and leverage meaningful insights to drive decisions. New therapies entering the market must demonstrate value to compete with the established standards of care. Moreover, a changing landscape has called for a cross-functional approach to building market access strategies—one that understands payer needs, along with the cost impact and benefits of products in their country-specific context.
Several advances in data collection, such as electronic health records (EHRs) and wearable technology, have shown enormous potential to meet the industry’s growing demands. Considering this abundance of new data available, leveraging the right tools to perform advanced analytics and extract meaning can lead to better decision-making and drive real change for healthcare. But while advanced analytics brings many new opportunities, it also brings challenges, one of which is: ensuring the data in each healthcare model is up-to-date and relevant to each stakeholder discussion.
The key to data-driven decision making is ensuring the error-free data is leveraged. When a dataset incorporates duplicate records or scattered values, the accuracy and precision of the data are significantly reduced. On top of that, healthcare data is rarely static and will likely require frequent updates for each model to remain current. Claims data is one valuable resource for demonstrating the impact of a new product in a real-world setting; however, new data is released on a quarterly basis and each model would need to accompany such updates.
The above extract was taken from our latest white paper, Transforming Advanced Data Analytics Into Healthcare Decision-Making. This white paper presents some of the common challenges with using advanced analytics in healthcare decision-making and how our latest product, BaseCase Data Studio, was designed as a unique solution. Further, it demonstrates how Data Studio allows users to leverage the power of the programming language R to perform advanced data analysis and create next-generation mobile tools for the industry.