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Big Data Analytics will Transform the Future of Healthcare
$3 trillion dollars! This is the annual expenditure on healthcare in the U.S. and is expected to grow even more. This expenditure outlay is 1/6th of the total U.S economy. So what is the connection to one of the largest industries in the U.S. and Big Data? According to Dwayne Spradlin, CEO of the nonprofit Health Data Consortium, the healthcare industry lags behind other industries in utilizing Big Data analytics to improve operational efficiency and more importantly patient outcomes. Meaning, the Healthcare industry can and will be revolutionized by Big Data analytic technologies.
What is Big Data and how does the Health-Tech Corridor fit into the picture?
Big Data as defined by Gartner is, “high-volume, high-velocity and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision-making.” A loaded definition which still leaves one wondering what Big Data is actually? Every interaction you have with a digital process creates data; every time you google, text, post anywhere to social media, take a selfie or make a video, deposit a check with your cell phone, make a purchase, or interact with wearables – all these digital interactions create data. In context of the healthcare industry, every time you go to the doctor, list symptoms, get a physical, provide genetics data; these are all activities generating personalized data that can also be analyzed.
To put the amount of data out there in perspective, 90% of all the data in the world was created just in the past two years alone. The data exist, more than we know, and industries and companies (especially those involved with marketing) are synthesizing and analyzing Big Data to create efficiencies and competitive advantages, which the healthcare industry is now also starting to do.
Spradlin says, in regards to Big Data analytics in the healthcare industry, “This is probably the single biggest opportunity for innovators in our lifetime.” In a report published as of January 2015 by Rock Health (an early-stage venture fund that supports technology-based, health-care start-ups and also tracks digital health funding), venture funding exceeded $4 Billion in 2014. “The figure is staggering in many contexts- 125% growth over 2013, 4 times the total from just three years ago, and nearly exceeding the sum of the last three years combined.”
So what does Cleveland have to offer? An ecosystem of innovation; the Health-Tech Corridor is an amenity rich environment positioned to foster innovation through the linking of leading edge anchor institutions, business incubators and accelerators, and creating a collaborative social and business environment to empower entrepreneurs in the pursuit of their dreams. The HTC is home to over 130 businesses with a focus on Healthcare IT, anchored by 4 healthcare institutions, 3 educational/research institutions, and is infrastructually supported by a state-of-the-art rapid transit bus line, the Health Line, and will be wired by the end of 3rd Quarter 2015 with the first commercially available 100 Gig fiber network.
Big Data and healthcare meet in the Health-Tech Corridor to innovate our future, and revolutionize the healthcare industry. Opportunity is here and is already being mined by investors.
For more information regarding the Health-Tech Corridor and the 100 Gig fiber network, please contact Zach Fela, 216.664.3605.