According to the biopharmaceutical services provider, the new end-to-end service offering provides customers with real-world data insights to catalyze market access and mitigate commercial risk.
As part of the new offering, Parexel has established a dedicated real-world data service team. The group is an expansion of the Parexel Access unit and is the latest addition to its Connected Journey group of data-driven services.
“In an increasingly competitive market, life science companies understand the significance of how real world data can demonstrate evidence of a product’s value,” Joshua Schultz, senior vice president and worldwide head of Parexel Access told Outsourcing-Pharma.com.
“The demand for integrated real-world data solutions has grown three-fold over the past year,” he said.
However, while many challenges still exist, Schultz said, “the industry is at an inflection point that makes it the right time to invest in and develop advanced real-world data capabilities.”
New regulatory positions on the need and value or real-world data are driving this shift, he added, in addition to the effect of the 21st Century Cures Act and various technological advances.
Today, “we can extract data from unstructured fields, securely store it at volume, automate normalization, and apply advanced analytics to address needs across all phases of development,” he explained.
“These changes have allowed Parexel to make decisions on data-asset and technology investments that ensure that we are not only able to service our clients pre-launch, but can deliver the data that is critical to late stage development and product commercialization such as hybrid data source models that both sponsors and regulators seek to support the expanded indications for approved drugs, and addressing post-marketing and market-access needs in a more cost- and time-effective manner,” said Schultz.