As I type this article, I’m sure the significance of Big Data in Healthcare analytics, big data analytics in healthcare / big data in healthcare hype and hope
would have increased by 1 more percent. That’s the Healthcare industry is now equipped with latest tools & devices capable enough to track and record every bit of information. In this article, I’ll illustrate various viewpoints to help you understand the significance of Big Data
. We’ll also walk through some facts to understand how does big data helps to achieve 100% customer satisfaction and value based care.
With the advent of high end technology, healthcare industry has generated massive amount of data over the years in terms of medicines, patients, deaths, births etc. Though, few years back the data was stored in hard copy, but with the rapid rise in digitization, data is now available in electronic format, making it easier for us to access. Digitization has brought good to human mankind. The digitization of data has allowed healthcare industry to simultaneously improve on multiple domains thereby delivering an improved quality of healthcare services in terms of providing valuable service to the patients.
Advantages of Big Data in Healthcare Analytics
Big Data in Pharma Industry
Research says that, in the year 2011, US Healthcare system had reached 150 exabytes of data. If this growth rate continued, the data for US healthcare will soon touch zetabytes scale.
Big data in Pharmaceutical Industry
Big Data in Healthcare refers to handling the large and complex sets of data and making it accessible at finger tips. Earlier, the data in healthcare used to reach a level of complexity from where it used to become next to impossible to extract that data and bring it to use. This lead to slow growth in healthcare industry. Big Data becomes much more interesting when it is used in healthcare analytics. An apparent reason being, the diversity and velocity of data at which it is collected, demands high end big data skills to make sense out of structured and unstructured data.
For Big Data Scientists, this industry offers a vast amount of opportunity. The skill of slicing and dicing the data, making sense out of data by understanding the trends and patterns in the historical data has an ever lasting potential to improve healthcare services by reducing the cost, more facility and saving more lives. The data can provide a true picture associated with a particular disease and accordingly pertinent steps can be taken by the industry.
The other potential benefits that big data provides is the detection of diseases beforehand which allows doctors to act treat proactively. This will also help in detecting fraud in healthcare more quickly and efficiently. I believe predictive modeling can be the lead actor in improving the healthcare services. This can be smartly done by predictive the effects of medicines on patients and accordingly prescribing the medicines by studying the previous results.
According to a research done by Mckinsey, it estimated that Big Data analytics
can enable more than $300 billion in savings per year in US. Clinical operations and R & D are the two biggest areas of savings with an estimate of $165 Billion and $108 billion in waste respectively. The research report also stated that big data could assist in reducing waste and inefficiency in the following three areas: Clinical Operations, Research and Development and Public Health.
By bringing into use statistical tools and algorithms, there could be a faster development of more accurately targeted vaccines. The tools can help developing the cost effective ways for discovering more clinically relevant ways to diagnose and treat patients. Furthermore, the predictive power can also be used to identifying and analyzing past data to track the disease outbreaks and transmission thereby assisting the public welfare.
In this article, we discussed about the role of big data analytics in healthcare industry. I also discussed about various benefits that big data technologies can bring into healthcare analytics.