This is the million-dollar question, literally! Depending on the buyer and the demand the market could be in the millions based on allowed usage. It is not sheer volume but tangible data with actionable insight that really drives the cost of the data. It is an open market, so whatever someone is willing to pay drives the value.
Where does the data come from?
Data is everywhere, it is the harnessing and accessing that causes the challenges!
Who will buy de-identified data?
Many researchers, drug companies and related buyers are looking for the “Holy Grail ” of data that will either speed up testing, save money in trials or both which could mean BIG BUCKS for the holder of the data.
Who sells de-identified data?
Many doctors, hospitals, pharmacies, apps, wellness companies and especially the DNA companies are cashing in on a very lucrative side stream of revenue. It is untapped in most markets today, but especially in healthcare because of HIPPA and regulatory bodies around privacy and rightfully so as there are many bad actors out there. DONE CORRECTLY this data has applications that can change healthcare as we know it!
How is de-identified health data used?
The utilizations of de-identified data re limitless, but the overwhelming case is the fact that big data hold the key to years of experience and utilization that could help provide answers to very important questions that could allow for many things like”
companies which take de-identified data and aggregate
Many tech and biotech firms have set course to solve this problem, with hopes that blockchain for security and SaaS or cloud base (decentralized) strategies will collectively create this eco-system that will allow for all the parts to come together to create a usable data set for all.
how to access de-identified patient data for research
Imagine a drug company set to do a billion-dollar investment into a drug based on an ailment or need, but they first need to do $30 million in trials to get the “GO FORWARD” approval from the shareholders. Not only might this take 1,2 or even 3 years to do but the $30million is a steep price to pay, but way cheaper than the billions to develop something that may not work. NOW let’s SAY a hospital system that has 10 years’ worth of data and specializes in that same condition or ailment could provide case studies, data and utilization collected over its lifetime to the “DRUG COMPANY” saving them the $30Million and 3 years? WHAT DO YOU THINK THAT WOULD BE WORTH? That’s right $proable around $30 million.
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