Pharmaceutical and biotechnology firms are always on the lookout for relevant data to their needs. Clinerion and Datametrix have joined together to help these companies by providing a collection of Real-World Data (RWD) that businesses can use to generate insights. The FDA has called upon members of the biopharma industry to use more RWD alongside randomized controlled studies to help them make development decisions. The RWD system that Clinerion and Datametrix have developed is based on the collection and aggregation of Real-World Evidence (RWE) that allows businesses to take a look at the practical application and treatment of patients.
Analytical Power is Essential
The CEO of Datametrix Ahmed El Rhali believes that simple gathering procedures for data combined with powerful analytics engines will offer pharmaceutical companies the edge when developing their drugs. The pharmaceutical industry can use the insights generated by RWE to pinpoint the most likely locations for subjects and even drill down to find eligible patients within the target zone. Both companies hope that the newly available information can be utilized by pharmaceutical companies to speed up the development of new drugs by reducing the cost and time needed for the completion of clinical trials. Clinerion already have access to a large volume of data stores thanks to their partnership with several large hospitals. Datametrix provides the analytical power that will be needed to generate insights from these data points.
What This Means for the Pharmaceutical Industry
In recent years, the rush to get drugs to market has led to pharmaceutical companies looking at ways to maintain effectiveness while limiting costs. Preparing a new drug for market and testing it to get approval can take hundreds of thousands of dollars and a much as five years from conception to approval. Using this data, pharmaceutical companies can spend more time perfecting the drug and less time searching for the perfect test area. Hopefully, this will result in drugs making it to market faster.