Leveraging data for better patient outcomes. Chris Moore, President at Veeva Systems discusses how a connected and collaborative healthcare ecosystem will drive innovation and enable faster treatment decisions.
The growth in precision medicines that are customised for rare diseases and individual patients marks a new growth wave for the life science industry. These new treatments bring with them not only the offer of curing once chronic diseases, but also raise challenges on society’s ability to pay. Unlike today’s chronic disease treatments which spread the cost over years, or even decades, these newer medicines offer a cure in a short period, but at a greatly inflated short-term cost. This additional financial challenge comes at a time when budgets around the world are struggling to manage an ageing population, combined with new and costly treatments.
The value of treatments versus their cost will become ever more important. Increasingly, life science companies will be expected to help transition to these new medicines by targeting those patients who will benefit most, and in doing so reduce waste. The explosion of scientific information and data – from clinical studies to real-world patient information – will be critical to this when combined with economic impact data.
“Pharma sales representatives and marketers will use privacy-safe predictive analytics to build a communications plan to engage HCPs”
This data will be crucial to identify patients to treat and to ensure healthcare professionals, and their organisations, are up-to-date on the latest treatments. Getting the right information to the right people is key for healthcare providers (HCPs) to deliver the best possible care.
In 2020, organisations will better leverage data across teams to accelerate the industry’s move towards patient-centered healthcare. However, across the globe, populations are shifting, and healthcare will need to adapt. As the global population ages and the number of age-related and chronic diseases rise, healthcare spending will eventually become unsustainable for society.
We will see a more dynamic healthcare environment take hold. This will be characterised by greater collaboration among pharmaceutical companies and HCPs to drive greater efficiency throughout the industry.
In Europe, over 75% of health spending is financed through government or compulsory insurances1. Out-of-pocket payments account for 18%, but this can vary greatly depending on the country. Health expenditure has grown in line with GDP growth in recent years, so the share of GDP allocated to health has stabilised1. However, with increasingly innovative treatments such as precision medicine, it’s unclear if this stabilisation trend will continue. Precision medicine requires the easy identification of patients with rare and individualised diseases. Companies are therefore becoming more agile and integrated within healthcare ecosystems, speeding treatments to the patients that need them.
Looking ahead, as companies will increasingly operate in a more interconnected and dynamic environment, organisations will need to reduce siloed processes and systems – both internally and across global healthcare ecosystems. New levels of operational efficiency and collaboration will increase competition among life science companies. It will also enable pharmaceutical companies to work better with healthcare providers to deliver the right care.
For example, we may begin to see a data flow from the patient or healthcare professional directly through every part of the drug development and commercialisation process. This could be from regulatory and manufacturing, to commercial and payment approval packages. As industry-wide silos break down, this information will flow to patients and associated industries, giving better visibility into data and enabling faster treatment decisions. In an ideal future scenario, data will be entered once but used many times, cutting the majority of today’s redundant processes and duplicated systems. Companies will ultimately become more efficient and agile in delivering the right treatments to the right patients.
Once this new operating model is in place, artificial intelligence (AI) will be in a strong position to be applied to monitor patterns, to connect scientific discoveries across teams, to identify the best clinical trial sites, and to match trial populations to treatment populations. This new model will lead to safer, better outcomes, and decrease waste across the healthcare industry.
As the patient journey becomes more complex, an opportunity is created for pharmaceutical manufacturers and hub services to better communicate and support patients and HCPs. Pharma sales representatives and marketers will use privacy-safe predictive analytics to build a communications plan to engage HCPs at key moments along the patient journey. The use of AI will also give teams more detailed patient insights to precisely identify and target patient populations and enhance their promotional strategies. HCPs and hub services can then, in turn, reach patients at the right time to drive better diagnosis and treatment.
Data and analytics will continue to play a larger role in ensuring that life science companies reach the most relevant patients and HCPs. This is at the same time as adhering to privacy regulations and, ultimately, getting more patients on the right treatments for improved health outcomes.
The overarching aim of precision medicine is to drive better patient outcomes through tailored treatment approaches. The intersection of scientific discovery, new technology, and patients’ active role in their healthcare decisions will lead to increased industry collaboration. We will continue to see life science companies come together to put a holistic model of healthcare delivery in place to futureproof this new era of medicine.
Chris Moore is President at Veeva Systems. Go to www.veeva.com
Read more from this month’s Pf Magazine >