Did you realise that selling healthcare data is a lucrative industry? How is the information utilised and where does it originate from?
Health care data has a market. Adam Tanner gives a reasonably thorough list of the information sellers in his book Our Bodies, Our Data. He also provides a startling (and maybe unsettling) comprehensive list of the various ways that businesses utilise medical data for their own gain.
Learn about the main participants in the healthcare business as well as the sources and applications of data in the sector by reading more.
There are more proprietors of medical data. Clinical trial data are the property of the corporations who collect them, as has always been the case since the advent of modern pharmaceuticals. In most clinical trials, participants consent to having their data become the sponsor's property, with the exception of test results included into their medical records. It makes sense because a phase III clinical study typically costs $40 million, and pharmaceutical corporations want exclusive rights to the data they have invested millions of dollars to get.
On the one hand, you have businesses coming up with brand-new strategies for making money off healthcare data without the patients' consent. Although there is a sizable market for patient data that has been mediated by a third party, this market mostly employs de-identified data without the consent of the patients.
On the other hand, a slowly developing ecosystem enables patients to finally obtain their own data from the healthcare system and approve the third parties they choose to share it with. This method focuses more on first-party healthcare data.
Because it is simpler, businesses have up to now depended on the former to obtain data. However, I think there are grounds to expect that businesses will eventually want to obtain such information directly from patients.
Here, it's important to note that patients often do not currently own sole rights to their own data. Patients have little to no control over how their data is utilised once they have shared it. The majority of them never receive any direct financial benefit from the selling of their data and aren't even aware that it's happening. However, that can alter. The models for medical data ownership may soon be ready for an update in a time when people are aware that companies like Facebook, Google, and Amazon are using their electronic data for commercial gain and governments in Europe and other regions are placing constraints on these data uses.
Switching to Direct Patient Data Collection from Third Parties
The truth is that access to patient data is a critical factor in the development of excellent new healthcare solutions. This holds true for businesses that need training data to develop new tools and medicines, for businesses that want to carry out extensive research, for businesses that want to figure out current patterns in the globe, and for many other businesses. Right now, using third parties is the best approach to obtain data at scale with all the qualities you'd want in the dataset.
However, I believe businesses will prefer to use a first-party data gathering approach where they obtain the information directly from willing patients. Here are a few of the explanations behind my prediction.
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