Real world data (RWD) are increasingly relied upon to inform drug policy decisions at both the state and federal levels. For example, state Prescription Drug Affordability Boards (PDABs) are using all-payer claims databases (APCDs) to support decisions on drug affordability. Further, CMS is leveraging Medicare claims to select eligible drugs and set the maximum fair price (MFP) for drugs in the Medicare Drug Price Negotiation Program (MDPNP). A potential overreliance on claims-based data for these decisions highlights concerns such as unequal data access amongst stakeholders, data infrastructure gaps, and the need to utilize more patient-centric data. This panel will illustrate the current state of how RWD is being used in state and federal drug pricing decisions, discuss the limitations of current data, and examine opportunities and actionable solutions to address these and other challenges. Attendees will gain a better understanding of the way RWD can inform policy decision-making and the knowledge of opportunities to ensure future policy decision-making captures the full value of drug innovation and patient input.