As the world is reshaping its future, it is becoming important for digital health innovators to acknowledge that data is required to produce every minuscule service or product in the market. Data is collected by continuously monitoring and tracking the activities of the consumer. By learning about what their target audience desires, the company can make better-personalized goods which will obviously lead to patient satisfaction and more outcome-based results. The good news is, with the rising use of advanced health tech, accurate data tracking is not in the distant future. This will not just benefit private sector players but also patients and insurers and payers. But as many would agree this raises the question, who owns the data, accesses it and who will reap the benefits when the data gets monetized?
It is the healthcare consumer who owns the data but ironically does not have direct access to it. The makers of health plans and systems have the power to make this data accessible to researchers and innovators. Obtaining these insights enables them to work on constructing care models designed to equip and accelerate innovation which will ultimately benefit the patient.
Data Sharing: An all-round health revolution
Healthcare enterprises: Sharing of acquired data between healthcare organizations will help businesses and enterprises to understand customer preferences, predict potential health threats on the population using predictive analytical models among other things. Retired and experienced personnel too would be able to contribute by sharing their knowledge for the Internet of Medical Things Manufactures.
Digital innovators and startups: Having ideas to solve existing problems is not enough. startups need concrete data and clinical setups to test their products. Tying up with a health plan or system hands them the resources they need to accelerate the product development lifecycle. It also makes them more credible, thus attracting more sponsors to fund the project.
Pharmaceutical companies: Special analytical tools will enable healthcare providers and pharmaceutical companies to access drug adherence data, taking a big leap towards personalized medicines based on the patient. With proper data to support the manufacturing of special drugs, they can reach the patient faster and it opens a whole segment of a consumer-centered medical market.
Insurance companies: In order to offer a cover that blankets all the needs of the client, health insurance companies need to understand the trends in the healthcare market. Being fully equipped with the right deals to offer makes health insurance more attractive investment and business.
Healthcare consumers: Patients, on the other hand, can use their own data to track their health and well being and get help before it’s too late. Innovations from these soon to be renewed models will provide consumers better quality and affordable care.
We still have a couple of years to figure out a way around legal restrictions associated with data disclosure. In the first years of monetization, To drive the industry price transparency, more defined insurance plan covers, CME driven medical practitioners, AI, and machine learning is required. Patients will also need to see commercial data sharing in a positive light as the need for new healthcare models becomes glaringly obvious after reviewing the hindrances obstructing healthcare delivery. While there are some loopholes in the system, technology can plug it.