In a recently published Gartner® Hype Cycle™ for Life Science Commercial Operations, 2021*, RWD Curation and Analytics Platforms were rated as providing “Transformational” benefits — meaning “enables new ways of doing business within and across industries that will result in major shifts in industry dynamics.” However, the report further mentioned the maturity level of real world data platforms as “Embryonic,” estimating that the market penetration of the technology is 1 to 5 percent of the target audience.
The report outlines several obstacles out of which two have been listed below:
- LSOs must often rely on external consulting agencies due to the lack of internally skilled resources with experience and expertise on RWD datasets. This limitation also hinders rapid identification and validation of new use cases where RWD can be readily applied.
- Deployment requires reengineering of traditional processes and methodologies that were purpose-built to manage and process traditional retail and non-retail datasets.
While there is no quick-fix for either of these obstacles, there are some things you can do to address these issues today and position your organization to take advantage of the transformational benefits RWD Curation and Analytics Platforms deliver.
Shift reliance to Real world data platform vendors
- Many life science organizations have historically relied heavily on external consultants for support with many data preparation and manipulation tasks including acquisition, consolidation, standardization, syndication, harmonization, output, linking, and application. These are steps that are now addressed by most RWD Curation and Analytics Platform vendors.
- Some RWD Curation and Analytics Platform vendors (such as Prognos Health) also have clinical experts on staff that can help you optimize data selection and application as well as support you in the identification and validation of the best uses of RWD.
- RWD Curation and Platform vendors can provide the convenience of one-stop shopping, but the focus should be on reduced reliance on consultants, not the elimination of external consultants altogether. Strive to automate 80% of your RWD needs through platform vendors and leverage consultants for the 20% of data management or analytical needs that require a higher degree of customization.
Start small, transition over time
- Adopting a real world data platform is similar to moving from any on-premises system to a cloud-based solution. It can seem like an imposing undertaking, but those that make the move typically find it well worth the effort.
- The key is to view the move to an RWD platform as a journey — not a rip and replace. Start by leveraging an RWD Curation and Analytics Platform on a small initiative to start, such as a patient journey study for a single brand. This will limit your risk as well as the impact on traditional processes, while allowing you to prove the concept. Use the experience from this smaller initiative (and any ROI) to justify the approach and expand the use of the RWD platform to other areas.
While the concept of an RWD Curation and Analytics Platform is still relatively new, being an early adopter can provide your organization with a significant edge over your competitors. Learn more about the benefits of our real world data platform, Prognos Marketplace, by scheduling a customized demo with one of our clinical experts.
* Gartner, “Hype Cycle for Life Science Commercial Operations, 2021”, Animesh Gandhi, July 14, 2021.
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