Innovation in the area of oncology has taken off at a historic pace. This is represented by the increase in available treatment options and revenue generated from therapies currently marketed across cancer conditions. This momentum has gained speed in recent years as innovative cancer treatment candidates have progressed through development pipelines of both established and emerging biopharmaceutical companies. Now private industry and the FDA are relying more on big data, specifically multi-source, point-of-care, real-world data (RWD) to power clinical and economic real-world evidence (RWE) outcomes. We are experiencing more powerful, streamlined ways to bring innovations and advances to patients who need them at the point of care.
The Cancer R&D Wave
The last decade has seen oncology drugs grow to dominate as the largest sector of the research and development (R&D) focus of the pharmaceutical industry. In 2018, nearly $150 billion was spent on anti-cancer medicines, with a record 15 new oncology therapies launched for 17 indications.1 In 2019, the proportion of pharmaceutical R&D dedicated to cancer topped one-third of the pipeline, up from a quarter in 2010.2 Based on this trajectory, the global oncology market is predicted to be valued between $200 and $230 billion by 2023. The compounded annual growth rate is estimated to grow from 11% to 14% between 2019 and 2023.1
The profound momentum in oncology places that much more pressure on pharmaceutical sponsors to speed products through drug development and also provide sufficient evidence that meets the safety and efficacy standards needed for regulatory rigor and health technology assessment review. It also underscores an unprecedented need for comparative effectiveness evidence between competing therapies that relies on data from real-world practice patterns and utilization.