How real-world evidence is transforming clinical development, increased patient recruitment and retention, and potential cost savings in the healthcare industry.
In an environment of ever-growing clinical development, Real-World Evidence (RWE) is the beginning of real game-change. Using real-world data, RWE unlocks many insights that are sometimes impossible to achieve with traditional clinical trials. The following will outline the top five surprising statistics that demonstrate how RWE plays a role in clinical development.
Only 10% of Clinical Trials Result in FDA Approval
This underlines the huge challenges faced by pharmaceutical companies in bringing new drugs to market. Astonishingly, 90% of all clinical trials fail to gain FDA approval. But RWE is turning this tide by facilitating more data points that help in understanding the efficacy and safety of a drug in a better manner in diverse patient populations. With the use of RWE, biotech consulting companies and pharma consulting firms will be able to make better clinical trial designs and consequently have higher chances of success.
50% Reduction in Development Time by RWE
When RWE is integrated in the development process, the time can be reduced by up to 50%. Traditional clinical trials take a lot of time, mostly several years, to achieve. Companies can get faster decision-making based on RWE since real-world data continues to provide insights after a drug reaches the market. In this way, companies can accelerate not only the development of new treatments, but life science consulting firms can realize streamlined operations.
20% Improvement in Patient Recruitment and Retention
Patient recruitment and retention are among the most critical challenges experienced during clinical trials; these bring about increased delays and costs. In fact, various reports discussed that patient recruitment and retention can be improved by as much as 20% with the use of real-world evidence. Powered with the real-world data, the biopharma consulting firms can design trials that have the interest of patients at heart, which attracts their willingness to participate and adhere to it.
$50 Billion in Potential Savings
The pharmaceutical industry invests billions every year in clinical trials. By implementing the use of RWE, it is possible for the industry to save up to $50 billion annually by not necessarily doing extensive and expensive traditional trials. RWE has a great deal of data which could be useful for the supplementation or even replacement of certain parts of the clinical trials and hence highly reducing costs for the biotechnology consulting firm and its clients.
70% of Healthcare Decisions Influenced by RWE
RWE is fast becoming integral in healthcare decision-making, and today it influences 70% of all healthcare decisions, from drug approvals to reimbursement and clinical guidelines. Therefore, value-based transformation for pharmaceutical consulting firms can no longer afford to look through anything but the lens of RWE if they are to strategize with and create better outcomes for patients.
Conclusion
RWE is revolutionizing clinical development, blessed with a bouquet of unmatched opportunities for further enhancing efficiency, cost-effectiveness, and success rates of clinical trials. The top five statistics represent how integrating RWE in a clinical development process is no longer a mere trend but a need in the quest for healthcare innovation. In this competitive world, biotech, pharma, and life science consulting firms must race ahead by continuous adoption and leveraging of RWE.
For more information on how we at BioBoston Consulting can help your organization, please do not hesitate to reach out to us today or visit our website at your convenience.
