Mapping Journeys To Improve Patient Care
More than ever before, Life Sciences companies are relying on data. Real-world patient data can help improve nearly every facet of the Life Sciences industry – to better understand the needs of patients, to identify and address gaps in care, and to drive effective R&D strategies that result in powerful new therapies.
But data is only half of the story. Coupling a comprehensive dataset with advanced analytics offers unprecedented insights that can unlock transformative opportunities across the healthcare ecosystem. If captured and acted upon, these insights can have a powerful impact on treatment options, access to care, and patient outcomes.
But how do we turn this vision into reality for the future of life sciences? What technology and infrastructure innovations are needed to support this data opportunity, and to deliver crucial insights across the Life Sciences enterprise?
Today on For the Health of It, Komodo Chief Marketing Officer Bill Evans speaks with Prasad Kanumury (or PK), Founder and CEO at Mavens, now a Komodo Health company. Bill and PK discuss the digital transformation in the healthcare industry and what it means for everyday patients.
PK co-founded Mavens, a leader in cloud-based technology solutions, in 2007. In January 2021, Komodo acquired Mavens – enabling Life Sciences companies to not only identify emerging clinical trends and needs among HCPs but also operationalize that knowledge. The acquisition brings together Komodo’s Healthcare Map™ and software suite with cloud technology and enterprise applications from Mavens, creating the most advanced data-driven, enterprise platform for healthcare and life sciences. As a result, companies will be able to more efficiently deliver life-saving treatments to patients who need them most.
Check out the video of the conversation between Bill and PK. A transcript of their discussion follows:
Bill Evans: Welcome to For the Health of It, a series where we bring together top scientists, analysts, and health experts to discuss some of the biggest challenges in healthcare today. I'm your host, Bill Evans. Today, we're excited to be joined by Prasad Kanumury, the co-founder and CEO of Mavens, now a Komodo Health company. Together, we're working to advance our shared mission of reducing the burden of disease. Welcome, PK.
Prasad Kanumury: Excited to be here, Bill.
Bill: There's been a lot of discussion about the enterprise transformation within pharmaceutical companies. What can patients expect from these technological advancements, and what does that look like at the point of care?
PK: One of the biggest challenges facing a patient today involves getting an accurate diagnosis.
Patients suffering from symptoms of a disease will first visit their primary care physician, who is often unable to diagnose or treat that condition. The physician will then refer the patient to a specialist who, likewise, may not be able to provide a diagnosis and who may then refer them to yet another specialist. During this process, the underlying condition the patient is suffering from not only persists, but may get worse.
But thanks to greater access to data, we are starting to get ahead of this process by informing HCPs of the typical symptoms caused by different types of diseases to enable a faster diagnosis. As a result, therapies can be identified sooner.
Bill: Despite these many advances, there are still many challenges preventing us from achieving this optimal vision for the future. Can you tell us more about what those barriers are? If I'm a head of a pharmaceutical company right now, what should I be doing to help accelerate this transformation?
PK: One issue in the digital space is that you no longer physically interact with others.
In the past, when visiting a doctor's office, you'd sign a sheet of paper providing HIPAA consent allowing your data to be shared within that organization in a compliant manner.
Our interactions over digital channels create a tremendous amount of data, but we can't analyze or extract insights from that data without consent.
If we're going to get any value out of that data we're creating, it'll be increasingly important to manage consent. This is especially important in light of new regulations like the Consumer Privacy Act in California and GDPR in Europe. We also anticipate that there will be additional privacy considerations emerging. To overcome that, Mavens has been working with our customers to provide robust and compliant digital consent capabilities.
Bill: Traditionally, the pharmaceutical industry has been science-led, and rightly so. Today, the industry is increasing its capabilities in the digital arts, such as information technology and data science. This is radically transforming pharma's business model and also the industry as a whole. What will the pharmaceutical company of the future look like?
PK: It will look different from our current understanding of a pharmaceutical company.
When most people think of a pharmaceutical company, they think of Big Pharma – a big, global organization. But today, 75% of the drugs coming to market are first-in-class therapies. They're specialty medicines. They're rare disease drugs. And what we're finding is that those R&D organizations that are developing the drugs intend to commercialize them.
In the future, I think we're going to see some pharma companies be much smaller. They're going to be nimble, agile, and developing therapies faster using things like real-world evidence.
Bill: PK, I want to thank you so much for joining us today. It's been great having you here to share your vision for the future of the pharmaceutical industry.
PK: Thanks, Bill.
Bill: To read more perspectives on the Life Science industry, please visit the insights page of komodohealth.com. Be sure to follow us on social media, including LinkedIn and Twitter for news and updates about future episodes. Thanks for watching For the Health of It. See you next time.