The healthcare industry has experienced an exponential rise in data, following the adoption of smartphones, wearables, and electronic health records, which can revolutionize the healthcare industry. Healthcare organizations are monetizing this data to generate revenue, reduce costs, and improve clinical care outcomes. They can either directly sell this data or use it to draw insights to enhance their internal operations. The larger ecosystem, in turn, benefits by the enhanced clinical results derived from this data. In fact, several startups are using data to test their new innovations and deliver better therapies and care.
In this report, we study four key data monetization models in use presently – bilateral data exchange, open platforms for data exchange, open marketplaces for data exchange, and open marketplaces for patients to sell data. We also analyze current adoption and the scope of scaling these models. We believe that while the benefits of monetizing data are many, the privacy and security challenges accompanying it cannot be ignored and need to be addressed at the earliest.
Scope
Geography: global Industry: healthcare Sources leveraged: expert analyst inputs, Everest Group research, publicly available secondary data sources
Contents
In this research, we:
Define data monetization in healthcare
Study four key models of data monetization in healthcare
Understand the privacy and security challenges accompanying healthcare data monetization
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