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Today, the phrase “data is the new oil” is commonly used to emphasize the value of data in the global economy. Almost all industries rely on and produce vast amounts of data. However, like oil, raw data is not useful. Organizations must be able to properly source, curate, and analyze data to unlock its full potential.
The healthcare industry is experiencing an unprecedented demand for data. In 2020, the U.S. healthcare system generated around 2,314 exabytes of data, accounting for roughly 30% of the world’s data volume. By 2025, the compound annual growth rate of healthcare data is expected to reach 36%, surpassing other major industries such as manufacturing, financial services, and media and entertainment.
According to Advanced Data Sciences (ADS), pharmaceutical and biotechnology companies are increasingly focusing on nonclinical trial data, or real-world data (RWD), to enhance their operations. This type of data is derived from electronic health records, insurance billing and claims, product and disease registries, and patient-generated data from personal devices and health applications. These sources of data can provide unique insights and economic benefits. Data is also being used to train AI models and develop Generative AI solutions that can automate routine knowledge work and create new concepts.
ADS helps organizations realize the potential of healthcare data to improve patient care, manage costs, and enhance operations. The company has extensive experience in sourcing, curating, and processing healthcare data, as well as developing AI solutions designed specifically for healthcare data.
Real-world evidence (RWE) analytics can save large pharmaceutical companies an estimated $300 million across their value chain. This has led to the establishment of departments focused on using healthcare data across multiple diseases.
Historical barriers to healthcare data sharing have been reduced through federal legislation and technological advances, making healthcare data more accessible than ever before.
ADS advises healthcare companies to carefully select the right data sources to avoid wasting time and money. The company classifies data sources into primary stakeholders, such as providers and insurance companies, and secondary stakeholders, including patient registries, data vendors, and data marketplaces.
Working with primary stakeholder sources can be challenging due to security, privacy, and technical requirements. On the other hand, secondary stakeholder sources offer advantages such as well-normalized datasets and speed, but also come with drawbacks such as high costs and lack of control over data content.
ADS emphasizes the importance of expert advice in sourcing, curating, and analyzing healthcare data effectively to help companies reap the benefits faster and better. The company conducts data diligence to ensure the relevance and quality of datasets for clients’ purposes, applying the right AI and data science tools and methods to meet specific objectives.
2024-02-26 21:00:05
Article from www.ibtimes.com