Drug Safety Data Threat Growing: PwC Report
A PriceWaterhouseCoopers Health Research Institute (HRI) report says the drug industry is facing a growing threat from safety data on drugs being produced. “FDA has fostered unprecedented transparency on drug safety data,” the report says, “forcing companies to manage novel challenges from parties already busy mining those data: regulators, the public, and data analytics firms. In this climate, pharmaceutical companies have the opportunity to find ways to mitigate risks, unlock savings, make new discoveries, and create competitive advantages.”
Changes made by FDA identified in the report include increased transparency, requiring electronic submission to the agency of adverse events reports, increasing cooperation with global regulators, and new regulatory authority to approve drugs more quickly.
“These changes come as FDA prepares to use new approaches to approve products more quickly using new types of data,” the report says. “Drug safety data will play an even bigger role in determining which products succeed.”
The report’s HRI impact analysis covers:
- companies’ use of data to gain competitive advantage, including finding new uses and indications for drugs, predicting safety issues in other products, designing better clinical trials, and assessing drugs’ economic impact;
- using automation and artificial intelligence to analyze increasing volumes of structured and unstructured adverse event data more rapidly; and
- using data to manage risk and become a value-producing safety organization.