#250: Real World Data (RWD) Lessons from Healthcare-land with Dr. Lewis Carpenter

The Analytics Power Hour

A claim: in the world of business analytics, the default/primary source of data is real world data collected through some form of observation or tracking. Occasionally, when the stakes are sufficiently high and we need stronger evidence, we'll run some form of controlled experiment, like an A/B test. Contrast that with the world of healthcare, where the default source of data for determining a treatment's safety and efficacy is a randomized controlled trial (RCT), and it's only been relatively recently that real world data (RWD) -- data available outside of a rigorously controlled experiment -- has begun to be seen as a useful complement. On this episode, medical statistician Lewis Carpenter, Director of Real World Evidence (there's an acronym for that, too: RWE!) at Arcturis, joined Tim, Julie, and Val for a fascinating compare and contrast and caveating of RWD vs. RCTs in a medical setting and, consequently, what horizons that could broaden for the analyst working in more of a business analytics role. For complete show notes, including links to items mentioned in this episode and a transcript of the show, visit the show page.