Real World Evidence (AKA “Real World Data”) is a worldwide trend in Health and Life Sciences. New kinds of data, such as electronic health records and data mining tools are now available and allow us to extract information and knowledge. We can detect medical treatment costs, treatment efficiency (cost, benefits, and risks), references to drugs, side effects, or long-term results. Text analytics is an essential component of this area of knowledge.
Austerity measures and related price cuts have put unprecedented pressure on the pharmaceutical industry. Manufacturers are being asked to provide information related not only to safety, appropriate use, and effectiveness but also to clinical and economic value. Although randomized clinical trials (RCTs) remain the gold standard of clinical tests, factors such as varying responses to a drug in real life, not completing the course of prescriptions, or using unauthorized medication before or during the trial limit the generalizability of results from randomized clinical trials.
Real World Evidence (also called “Real World Data”) has been fueled by new data technologies that leverage the valuable information contained in electronic medical records and personal information repositories. This post is a review of those Real World Evidence sources and of the benefits that Pharmaceutical and Life Science companies can derive from them.