Over the past few years, oncology clinical data companies are on the rise. Two of the most promising such startups are Cota and Tempus. After the success of Flatiron, the emergence of these startups showcases the potential rising power of oncology clinical data companies.
What Do Oncology Data Companies Do?
Oncology data companies can be viewed as a clinical data warehouse. They accumulate all the data available on cancer patients to ensure that each patient is being treated using the best practices. This is guaranteed by the delivery of information to oncologists and researchers.
By doing the latter, oncology clinical data companies have allowed consistent research and development. They allow researchers to track which medicines are working and which are not. This can then be used to create better medicines for cancer patients.
Thus, by learning about each cancer patient, data companies allow a better understanding of the best medical practices, which leads to better care of the patients.
This poses an important question – is this power of oncology data truly beneficial for the healthcare and pharma sector?
Benefits of Healthcare
Oncology data companies have been largely welcomed by the healthcare industry. Whether it be patients or oncologists, the better organization of the data of each patient has allowed the quality of healthcare to improve. It has become much easier to track the condition of each cancer patient, and the fact that these companies do it all for you makes it highly convenient for oncologists and hospitals.
Moreover, these companies allow you to be connected globally. As an oncologist, you are able to learn about what practices work best in different parts of the world. This has allowed doctors to deliver better quality care to their cancer patients. This is why most of the healthcare industry has found the rise of oncology clinical data companies to be a step in the right direction.
Challenges for the Pharma Sector
Even though clinical data companies can benefit the pharma sector by telling them which medicines are not useful and which are, they don’t really help deal with drug development issues. Merely gathering data is not enough to create quality and beneficial medicines for cancer patients. Clinical trials are a necessity. However, recruiting patients for such trials have always been a challenge and will continue to be, regardless of the number of clinical data companies there are.
Moreover, let’s not forget that the pharma industry is a profit-making business as well. Oncology clinical data companies also tell patients and oncologists alike about the medicines that don’t work. Now, this might be a benefit for the patients, but for the pharma industry, this means loss of profits. This is because there might be a chance that some of their most popular products turn out to be inadequate for curing cancer. If this happens, the commercialization of drugs can become much harder. This is because it will be focused on getting approvals not just from the FDA but also from clinical data companies. Hence, the process of getting approvals will become lengthier than before.
Is There Scope Beyond the Field of Oncology?
The success of oncology clinical data companies has opened avenues for other fields to be incorporated into the system. While currently, clinical data companies are mostly focused on oncology, their success shows that there is potential to expand. This will allow the entire healthcare system to reap benefits.
The data gathered from such companies can become the measure with which you can evaluate the effectiveness of new treatments. If this happens, patients will only get quality and beneficial treatments.