'Without data, you're just another person with an opinion'. (3rd March 2020)

• Record Type: Journal Article
• Authors: Kolasa, Katarzyna; Goettsch, Wim; Petrova, Guenka; Berler, Alexander
• Is Part Of: Expert review of pharmacoeconomics & outcomes research. Volume 20:Number 2(2020)
• Page Start: 147
• Page End: 154
• Publication Date: 2020-03-03
• Subjects: Big data -- predictive modeling -- descriptive analytics -- prescriptive analytics -- predictive analytics; Pharmacology -- Economic aspects -- Periodicals; 338.47615105
• DOI: 10.1080/14737167.2020.1751612
• Languages: English
• ISSNs: 1473-7167

Abstract

ABSTRACT: Introduction : Given the recent impressive digital transformation worldwide, the importance of data has reached a new dimension. It is, therefore, provocative to ask whether data can save healthcare systems from bankruptcy. Areas covered : We reviewed published examples in the search for the evidence on how the growing amount of data could change the way we used to assess the value of healthcare technologies, ensuring a more holistic approach in the decision-making process while reducing the waste in the healthcare. Expert opinion : The growing amount of data will continue to provide a multitude of valuable insights that can save healthcare systems from bankruptcy. Electronic medical records, IoT, wearables, and mobile applications generate constant data streams that can be utilized endlessly thanks to methodological advancements such as SNA, unsupervised and supervised machine learning, and natural language programming. However, interoperability across these multiple data sources still pose a challenge for the future development of data-driven healthcare. Already today however, decision makers can utilize Big Data to develop conditional coverage schemes for very expensive and complicated health technologies suitable for personalized healthcare. More advanced payers may utilize even data analytics even further and develop AI-based pricing schemes.