Real-world data quality: What are the opportunities and challenges? - McKinsey & Company

Growth in the availability and variety of real-world data (RWD) is creating new opportunities for real-world evidence (RWE) at a pace not seen before. Nonhealth data, such as consumer credit-card spending, geospatial data, and web-harvested data (as used in an appropriate context and adhering to stringent privacy standards) also present new possibilities in RWE to gain a more holistic under­standing of patient behaviors and outcomes (see sidebar “Types and sources of real-world data).

This wealth of data underpins the ability of life sciences companies to move ahead on a number of key issues, such as increasing patient centricity, accelerating the pace of scientific innovation, addressing rising development costs, and intensify­ing their focus on value. Using advanced analytics, opportunities exist to incorporate RWD along the pharma value chain—for example, to inform research decisions, support market access, sharpen product strategy, improve pharmacovigilance, and enable adherence. A recent McKinsey article estimated that, over the next three to five years, an average top-20 pharmaceutical company could unlock more than $300 million a year by adopting RWE across its value chain.

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