Emerging data economies and new innovative technologies in the pharmaceuticals and healthcare industry incentivise patients and healthcare organisations to securely connect and exchange data with third parties in a privacy-preserving manner, fueling innovations in the sector and enabling better healthcare solutions and treatments.
Recently we had Davide Zaccagnini, MD of Lynkeus Url on our podcast discussing the importance of recognising the value of big data in the healthcare and pharmaceuticals industry. Big data offers enormous potential for creating better healthcare services and better medicines for patients - but only if that data is made available to the right parties.
In a data marketplace ecosystem, companies can use the information made available for a multitude of different use cases. For example pharmaceutical companies can use personal data to refine drugs and measure the effectiveness of drugs in the months or years after the patient has left the hospital, or to accurately determine suitable patient cohorts for clinical trials.
Another yet highly untapped source of value is the enormous amount of data generated by wearable devices as we wear them day in and day out. By making this data also available, GPs, doctors and other medical professionals can use it to more proactively manage the health and wellness of individuals and wider populations.
Data economies in healthcare and pharmaceuticals is becoming an increasingly progressive space where organisations, governments and individuals are beginning to recognise the value of big data. At TX, we’re being contacted by organisations all over the world about how to leverage the value of health data and more importantly, how to incentivise both the individual patients and healthcare organisations to share the data they generate.
Health data is a highly sensitive subject. As individuals, if we are sharing that kind of potentially sensitive data, we want to be fully aware of whom we are sharing it with and for what reason. That’s really where the power of the Streamr technology comes in. Our data marketplace offering can enable data producers - the patients and healthcare organisations - to connect with third parties and facilitate, based on consent, the secure transfer of data.
Our EU H2020 funded KRAKEN project demonstrates how customised instances of the Streamr technology can be leveraged and also integrated with other applications such as Lynkeus’s MyHealthMyData, to develop a technical solution that puts individuals and healthcare organisations in control of their personal data.
We’re working with Lynkeus, Atos, ICERT and a number of other companies to develop a trusted and secure personal data marketplace focused on pharmaceuticals and healthcare. The KRAKEN project enables the sharing, brokerage, and trading of potentially sensitive personal data by returning the control of this data to citizens and healthcare organisations throughout the entire data lifecycle.
What’s unique about this project is that it puts both patients and healthcare organisations in full control of their data. They get to decide how much they want to sell it for, to whom they want to sell it to, or whether they want to give it away for free. Of course, all of this is done using state-of-the-art privacy techniques in compliance with GDPR and other privacy laws.
We’re looking for professionals and organisations to help us shape the future health data market and participate in a web survey about data sharing, monetisation, and acquisition. If you’re considering leveraging the value of data in this vertical, please consider taking a few minutes to respond to the survey, which you can find here.
If you’re interested to hear more or discuss the emerging data economies in health, drop me a comment or DM, or follow our TX company page for updates. I’m always happy to chat!
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If you have technology transformation journeys you would like to share, please comment on this article or share links to other business cases. We are always looking for good material we can learn from and leverage that will accelerate our progress.