Explore the top 5 shocking statistics that reveal how Real-World Evidence (RWE) is transforming clinical development, improving patient recruitment, reducing costs, and influencing healthcare decisions. Learn more with BioBoston Consulting.
In the fast-moving realm of clinical development, Real World Evidence (RWE) is gaining significant momentum. RWE provides data from real-world settings to offer insights that would not be easily identified through traditional clinical trials alone. This article describes the five most stunning statistics regarding how real world evidence is changing clinical development and provides helpful search terms for further research.
Why So Many Experimental Drugs Fail in Clinical Trials — Only 10% of Them Get FDA Approval
It is well understood that as many of 90% of clinical trials fail to get FDA approval. The statistic really highlights the huge hurdles that pharmaceutical companies must jump through for getting new drugs approved. Nevertheless, it is the RWE which is changing the game by adding to the data points thus enabling a better understanding of efficiency and safety of drugs in an extremely heterogeneous population. Biotech consulting firm and pharma consulting firms improve clinical trial design by using RWE
RWE Cuts Development Time by 50%
This data is increasingly being incorporated into clinical development activities and can reduce development timelines by as much as 50%. The reality is that traditional clinical trials can be slow, often taking years to complete. RWE also speeds up the decision-making process as real-world data serves to provide continual updates, even after a drug has hit the market. Indeed, this speeds up new treatments that can be developed thus making the work of life science consulting firms and pharmaceutical consulting firms competitive.
20% More Patients for Clinical Trials
Patient recruitment and retention remain top barriers in clinical trials, causing delays and increased costs. Research has shown that using RWE can increase patient recruitment and retention by as much as 20%. Real-world data can provide biopharma consulting firms with insights about patient behavior and preference, allowing them to design trials that are more patient-centric, driving participation and adherence.
Potential Cost Savings: $50 Billion
Every year billions of dollars are spent on clinical trials by the pharmaceutical industry. The industry can save as much as $50 billion in a single year if extensive (and expensive) traditional trials are saved by including RWE. Given the rich data that RWE has access to, it can be augmented or substituted with some elements of clinical trials, which can result in substantial savings for biotechnology consulting companies as well as their clients.
RWE impacts 70% of Healthcare Decisions
Real-world evidence is also taking on increased importance in health care decision making, affecting 70% of decisions. ranging from drug approvals, reimbursement and ultimately clinical guidelines. So, it is no wonder that pharmaceutical consulting firms are more dependent on RWE for their strategies and to generate better outcomes for patients.
Conclusion
Real-World Evidence is transforming clinical development, opening the door to new ways of improving operational efficiency and lowering costs while increasing trial success. These top 5 stats are only a few of many supporting the need for RWE to be integrated in clinical development. It is no longer enough to be just a trend, but an obligation for future healthcare innovation. To prosper further with the emergence of RWE in Life Science ecosystem, consulting firms are helpful to embrace the changes.
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