Data Analytics: The New Gold Standard In Drug Value

Conclusion The fundamental shift underway is in the use of data analytics as a strategic foundational layer, asking what insights are needed to assist in more informed decision making, driving data points to include during the development of new treatments.The following four elements are essential for drug developers to realize the benefits of this new approach: Put data analytics at the center of strategic thinking and augment conclusions with KOL input, rather than the other way around. Empower development around patient insights derived from carefully designed data-analytics. Focus on discovering patient value rather than on maximizing price, especially for those patients whose characteristics mean that they are likely to derive the greatest benefit from a new innovation or treatment approach. Establish processes, or work with a skilled data analytics company, to clarify source, quality, appropriateness, interpretation, and cost considerations to enable quick assimilation of data into strategic thinking without risking that data corrupting decision-making. Where multiple parties are involved, outsource analytics to a trusted third party who can act as agent in assimilating data and insights.Preeti Patel is Chief Executive Officer at Global Pricing Innovations. Related Content: Singing in HarmonyAdaptability: Using Change for Competitive AdvantageRare Diseases: A New PurposeEgypt: Drug Price Hikes Highlight Market VolatilityPrimary Event: eyeforpharma Ba...
Source: EyeForPharma - Category: Pharmaceuticals Authors: Source Type: news