Pharmaceutical companies are constantly looking for innovative medical intervention. Their emphasis goes into designing and executing research that helps them in devising treatment and medical devices. This is done by understanding product value and how it is going to impact the patient. They rely on healthcare consulting firms to leverage expertise that helps resolve key challenges in Health Economic and Outcome Research (HEOR).
Understanding health economic and outcome research
For pharmaceutical companies, health economic and outcome research is a key function which provides valuable evidence of new medicines. It uses economic principles and establishes a correlation between modern healthcare treatment, cost and outcomes. These days, pharmaceutical and life sciences companies use HEOR studies to improve treatment protocols. They are based on different kinds of data, including clinical trial results, real-world data and market indicators. In simple words, HEOR weighs the economics of healthcare to improve treatment and provide optimal health solutions.
However, there are some challenges in HEOR studies that must be solved for better outcomes. This is where healthcare consulting helps. They use Intelligence Process Automation (IPA) to solve several HEOR challenges, such as data analysis, research summarization and more.
Key HEOR challenges solved by healthcare consulting firms
Evidence synthesis
Modern healthcare is all about evidence-based decisions to rule out ineffective outcomes. The industry is moving towards building advanced solutions that serve well in the long term. Healthcare consulting supports HEOR studies with advanced evidence synthesis methodologies. For example, they help in the identification of unmet therapeutic value and disease burden. Their data-driven insights enable pharma companies to understand the perspective of patients, providers and payers. The data also help quantify the impact of diseases on patients’ lives. Moreover, they analyze the comparative effectiveness of certain treatments and their budgetary impact.
Health economic modelling
On the business front, healthcare consulting enables data-driven decision-making and develops a pipeline strategy for the market success of the new treatment or drug. They have a significant role in aligning health economics and outcomes research study outcomes with the strategic vision of the company. Along with this, they quantify the financial implications of the new therapy on the market. In short, they check the economic viability of the therapy based on the existing care facility and budget.
Value communication
One of the biggest challenges solved by healthcare consulting is communicating the economic value of therapeutic intervention to stakeholders. This is done by setting the product value narrative to internal and external stakeholders. They use clinical and economic insights to communicate value to customers. The value of communication is personalized as per the market nuances and needs of patients. The best consulting firms set the context and understand the economic, human and clinical impact of certain diseases. This helps them bring relevant discussions into the limelight that resonate with stakeholders, including patients. To achieve this, they come up with publication and execution strategies.
Healthcare consulting firms are at the forefront of supporting healthcare innovations. They have a crucial role in refining the results of HEOR studies. Pharmaceutical companies use deep insights drawn from these studies to check the potential of new drugs on the market. They also help in comparative analysis with existing drugs.
