The need for high-quality Real-World Evidence (RWE) is growing as drugmakers recognizing the enormous potential and value in RWE. Studies predict that the global market will experience substantial growth up to a 15 percent compound annual growth rate (CAGR) from 2019 to 2024, reaching a value of US$ 1.6 billion.
However, most companies do not have dedicated RWE groups, they rely on vendors that generate and use RWE. One group manager of a large biopharma company remarked, “We’ve determined that the actual process of doing advanced analytics on data is not necessarily our biggest competitive advantage. That is something that the vendors are best-suited to do. However, we do need people that can interpret that data and/or strategize how we need to analyze it. For that, we have internal experts.”
The biopharma industry is constantly evolving as are the approaches and partnerships that translate real-world insights into tangible, actionable, and profitable business strategies. Read more about the latest trends in RWE here.
(Source: “Real-World Evidence (RWE) Solutions Market – Global Opportunity Analysis and Industry Forecast (2019 – 2024).” Meticulous Research, Feb. 2019)