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May 30, 2014 /PRNewswire/ -- Throughout the last decade, the healthcare landscape has experienced a variety of changes, medications have grown increasingly targeted and sometimes, more costly. Healthcare institutions, and the companies and organizations that support them, have been challenged to not only provide better outcomes, but to contain costs by ensuring that these increasingly targeted medications are administered only to the patients who are most likely to benefit from them.
In order for medications to become accepted into regular practice, pharmaceutical manufacturers need to present reliable evidence of the value and efficacy of their treatment through Healthcare Economics and Outcomes Research (HEOR), completed by data analytics companies. However, over the years, more data analytics companies have entered the marketplace claiming HEOR expertise, ultimately making the decision-making process for companies seeking a partner more difficult.
Cardinal Health Specialty Solutions' BioPharma Analytics team has published a white paper that outlines tips on how to navigate this process. Consider the following questions as your company meets with potential data analytics partners:
How well does the data company know the healthcare space? Understand where and how the data partner gets input from the healthcare field.
What level of analytical expertise does the company have? A good analyst can pull the relevant date sets; a great analyst points out where critical data is missing.
Does the data company have managed care experience? Look for a data company that understands how payers think.
Is there enough data? Identify a data company with a large pool of data from diverse data sources that includes your patient cohort.
Does the company have access to data relevant to your treatment? Make sure the data company has the ability to access various sources of data that is specific to your project.
Can the company capture data from a diverse range of partners? Partners include payers, locations, group purchasing organizations and target demographics.
Can the data partner make strategic recommendations based on their evidence? There is a big difference in partners that can discuss share of market today versus where it's likely to be tomorrow.
Does the company have experience with every stage in a product lifecycle? Consider a partner that will continue to monitor the fast-changing healthcare environment.
Can the data company help leverage its findings? A good partner has the ability to present findings to various stakeholders including payers, physicians and publishers.
Does the data company have insight to speed market success? Look for a partner that will meet today's market challenges and be ready to tackle tomorrow's opportunities.