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Survey among pharma and CRO executives evaluates current usage of RWD.
Real-world data is enjoying prominence after how well it performed during the COVID-19 pandemic. The market for real-world data is now expected to grow at 14.4% annually (MarketsandMarkets, 2022). At the same time, however, buying, curating, and protecting real-world data is becoming increasingly expensive.
Are the benefits of real-world data worth the cost?
As a first step to researching this question, we surveyed 133 pharma and CRO executives to see how real-world data is currently being used. Here is how these executives rated their current usage across functions.
Three points stand out to us about these findings:
We also heard about the challenges involved with using real-world data. It is not just the expense of acquiring the data. You have to wrap the data with an ecosystem that allows access to the different functions and protects the data.
To assess the future uptake of real-world data, we then asked our respondents to assess their anticipated future usage of real-world data.
The significant findings from this analysis were:
The difference between current and future usage illuminates the growth potential. Across all functions, there was a 0.6 increase in anticipated usage, on a scale of 1 to 10. There was anticipated usage increases across all functions, but we were surprised at how modest the gains were.
None of the functions saw an increase of usage greater than 1 point—about 10%. FDA submission did show a lot of potential for growth, but there are still more supportive function ahead of it.
We were surprised by the modest enthusiasm for real-world data usage and anticipated growth seen in our data. But remember that we approached the question from a granular level—the specific functionality of real-world data. If we had asked a more generic question about the future of real-world data, we suspect we would have received more positive responses.
This modest enthusiasm also overlooks the ability real-world data to diffuse throughout organizations. So while real-world data may have limited depth across the industry, we find there is breadth of use across the functions.
What does our data say about how we can enhance the uptake of real-world data? That is the topic for an upcoming blog.
Michael Howley PA-C, MBA, PhD, and Peter Malamis MBA
The authors of this blog thank the many executives who reviewed these findings, including the Pharmaceutical Executive Roundtable participants on March 10, 2022.