Medaverse will likely transform how patients, pharmaceutical companies, and healthcare organizations handle medical data. That is according to DeHealth’s Anna Bondarenko.
Medical data is among the most valuable info. It helps further medical research and improves healthcare results. Nevertheless, the industry sees a massive disconnect between patients and pharmaceutical companies. Patients do not control when and how pharmaceutical firms access and utilize their data.
Phillipe Gerwill is a pharmaceuticals and Digitalization Humanist expert. He stated that pharmaceutical firms do not communicate with patients as far as medical data is concerned. Gerwill highlighted that the companies focus on the business-to-business (B2B) model and not a business-to-customer/patient (B2C) approach.
That means pharmaceutical firms only deal with healthcare providers, removing patients from the equation. Keep in mind that healthcare providers own patients’ stats. Nevertheless, the B2B approach leaves lots of cash on the table for healthcare organizations and patients. What does that mean?
One medical record in the black market can go for around $1,000. Medical reports contain more sensitive info than credit cards. That means they boast longer life than lost credit card numbers.
Patient data is enough to create false information, vital in illegally getting prescriptions, expensive medical care, and drugs. Therefore, crooked data collectors always attempt to breach healthcare systems to access this data and sell it to the highest bidders.
The legit medical data industry is also lucrative. Experts suggest that electronic healthcare records account for approximately $27 billion in market worth. Meanwhile, pharmaceutical firms pay for enormous datasets from hospitals globally, insurance companies, and private DNA labs.
Transforming Healthcare Industry with Medaverse
Nevertheless, the new technology will make medical info beneficial to patients. Patients can use Web 3.0 to share their data with doctors. Moreover, they can monetize the records, selling the data to pharmaceutical companies to aid further research.
Blockchain technology ensures speedy data transfer. Moreover, patients can enjoy returns from selling their unique data to health companies to promote research. Blockchain offers patients increased control over when and how pharmaceutical firms use their medical data.
Also, blockchain technology benefits the buyer. Pharmaceutical companies lose massive cash in hacking and faking data each year. IBM reports show data breaches see medical companies losing $3 to $7M per incident. Web 3.0 guaranteed profitable and safer medical data business.
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