DRG Partner, Adrienne Lovink talks about how the application of Real World Data improves Market Sizing research.
The primary reason to consider using real-world data for market sizing is really the breadth and depth of available data. Compared to 5 or 8 years ago, the volume of data and the sufficiency of data is really quite incredible. In today’s data ecosystem, EHR plus claims or claims alone should be the standard for market sizing efforts. Another factor that’s really important is the ability to account for biases. So, compared to when you use primary market research or compared to epidemiologically based approach, you will more accurately and more easily identify and also correct for the biases in the underlying source data. And by doing so, we can project more accurately to national total that accounts for all those known biases. Another factor that I think is really worth highlighting is purely the flexibility of what the data allows us to do. So, the specific context of the question does change the method that we apply, but we can use real world data to project for procedures, we can look at procedure combinations, we can do episodes, you can do patients, you can even do patient sub-populations. And really the flexibility to account for and to optimize for all of those different business questions with one source is pretty exceptional.
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