Advanced techniques for generating real-world evidence (RWE) help pharmaceutical companies deliver insights that transform outcomes for patients—and create significant value. McKinsey estimates that over the next three to five years, an average top-20 pharma company could unlock more than $300 million a year by adopting advanced RWE analytics across its value chain.
Opportunities to improve outcomes for patients are proliferating thanks to advances in analytical methods, coupled with growing access to rich RWE data sources. Pharma companies can collect hundreds of millions of records with near–real-time data and deploy them in use- and outcomes-based research and in risk-sharing agreements with stakeholders. Yet although the outlook is promising, many pharma companies still struggle to deploy advanced analytics (AA) effectively to generate RWE. In this article, we explore how to set up analytics teams for success, select use cases that add value, and build a technical platform to support AA applications—from early efforts to deployment at scale.
Read more: https://www.mckinsey.com/industries/life-sciences/our-insights/generating-real-world-evidence-at-scale-using-advanced-analytics