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  3. Data Monetization in Global Healthcare: New Perspectives

Data Monetization in Global Healthcare: New Perspectives

L&T Technology Services
L&T Technology Services

Author

Medical Devices

Published on 13 Aug 2023

min read

Data Monetization in Global Healthcare (mDaaS)

The global healthcare landscape is evolving. With the rise and growing adoption of new age digital technologies, we are witnessing an exponential expansion in the volume of patient data available to providers and manufacturers. By a recent estimate, about 30 percent of all global data is emerging from the healthcare sector alone.

However, the voluminous data generated is often siloed and inaccessible to the relevant users at the right time, minimizing its potential for unlocking new value paradigms across an increasingly interconnected global ecosystem. In this emerging scenario, the demand for data monetization in healthcare has become increasingly vital as providers seek out new ways to generate revenue from their data assets. 

mDaaS: New Perspectives

One of the platforms that have emerged to facilitate this process is mDaas (Medical Data as a service) mDaaS is a cloud-based solution that allows healthcare organizations to securely store, manage, and analyze their data for unlocking new value paradigms.

The platform enables data monetization by providing access to various data analytics tools, helping organizations derive insights from their data. These insights can then be leveraged to develop new products and services, improve existing ones, and identify new revenue streams. 

Here are some of the areas in which healthcare organizations can monetize their data using platforms like mDaaS:

  • Clinical research: Healthcare organizations can monetize their data by sharing access to their clinical data to pharmaceutical companies, research organizations, and other interested parties in compliance with relevant regulatory standards. Researchers can use this leverage to identify new treatments, drugs, and therapies.
  • Population health management: mDaaS helps healthcare organizations identify at-risk patients and develop targeted interventions to improve their health outcomes. This can be monetized by selling access to this information to insurance companies, employers, and other organizations interested in reducing healthcare costs.
  • Telemedicine: Telemedicine is a rapidly growing field that allows healthcare providers to deliver care remotely. mDaaS enables healthcare organizations collect and analyze data from remote patient monitoring devices, which can then be leveraged to develop new telemedicine products and services.
  • Personalized medicine: mDaaS enables healthcare organizations develop personalized medicine products and services based on patient data. This can be monetized by selling access to these products and services to patients, healthcare providers, and insurers.
  • Predictive analytics: mDaaS allows healthcare organizations to leverage predictive analytics for identifying patients at risk of developing certain conditions. This can be monetized by selling access to this information to insurance companies, employers, and other interested parties.
Moving Ahead

Data monetization through platforms like mDaaS can help healthcare organizations generate revenue from their data assets. By using data analytics tools, healthcare organizations can derive insights from their data, which can be used to develop new products and services, improve existing ones, and identify new revenue streams. 

As the global healthcare industry continues to embrace digital transformation, data monetization is likely to become an increasingly important source of revenue for healthcare organizations.

For more information, please download the flyer

 

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L&T Technology Services
L&T Technology Services

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L&T Technology Services Limited (LTTS) is a global leader in Engineering and R&D (ER&D) services. With 1,198 patents filed & 102 innovation and R&D design centers for 57 of the Global Top 100 ER&D spenders, LTTS lives and breathes engineering. Our innovations speak for themselves – World’s 1st Autonomous Welding Robot, Solar ‘Connectivity’ Drone, and the Smartest Campus in the World, to name a few.

LTTS’ expertise in engineering design, product development, smart manufacturing, and digitalization touches every area of human lives - from the moment one wakes up till the time one goes to bed. With 102 Innovation and R&D design centers globally, we specialize in disruptive technology spaces such as 5G, Artificial Intelligence, Collaborative Robots, Digital Factory, and Autonomous Transport.

LTTS is a publicly listed subsidiary of Larsen & Toubro Limited, the $21 billion Indian conglomerate operating in over 30 countries.

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