The increasing impact of real-world evidence
The size of the global real-world evidence (RWE) solutions market is expected to reach $65.1 billion by 2028, increasing at a compound rate of 8% during the forecast period.
RWE is playing an increasingly important role in the work of health care professionals and researchers in Japan by helping to support decision-making and optimize patient outcomes.
RWE is used outside traditional clinical trials, such as in patient surveys, electronic health records, and observational studies. This data can be used to examine how treatments and interventions are used in real-world settings and has “the potential to provide invaluable information about drugs, treatments, and patient outcomes” (Dr. Stephen Jones, August 29, 2020, Pharmacy Times).
As Eric Chung, the CEO of Prospection, explained, “RWE is crucial in providing evidence-based insight into how treatments are used in the real world, allowing healthcare professionals to make informed decisions about patient care.” RWE is also invaluable in determining the treatments that are most effective and in identifying potential safety issues or drug interactions that may not have been previously identified. Dr. John Nairn believes that “real-world evidence is revolutionizing the pharma industry, allowing companies to make more informed decisions about drug development and marketing.” Dr. John Nairn, August 18, 2020, Pharmaceutical Journal).
In Japan, RWE provides a better understanding of the costs associated with treatments and interventions. Currently, health care professionals and researchers use RWE to determine how much a particular treatment or intervention costs patients and “the effectiveness of treatments in a real-world setting” (Dr. Michela Baccini, July 10, 2020, Pharmaceutical Technology RWE can also be used to compare treatments and interventions to identify the best course of action for a particular patient.
The market for RWE solutions is growing, with many major companies investing in technology and various partnerships being formed. Companies such as Prospection, IBM, Oracle, Medpace, IQVIA, ICON, PerkinElmer, Parexel, PPD, and Syneos Health are attempting to leverage RWE to provide better health care outcomes and reduce costs.
RWE will have a significant impact on the Japanese pharmaceutical industry, including in clinical trials, pricing, and treatment diagnoses and the demand for companies that can provide and support Pharmaceutical companies is on the rise.