Health Data Sovereignty & Leveraging Health Data Value P2

The Tremendous Financial Value of EMR Data

For the pharmaceutical industry alone EMRs have been estimated to be worth $65 billion.²⁷ Pharmaceutical companies have discovered that EMRs provide value by aiding the streamlining of research, enhancing efficiency, and enabling the tracing of data back to a specific individual (sometimes in anonymized form). Regulators are becoming involved too: the Food and Drug Administration (FDA), through the 21st Century CURES Act, has mandated that pharmaceutical companies collect real-world data including EMRs, claims, and billing data.²⁸ Real-world data has been defined by the FDA as “data relating to patient health status and/or the delivery of health care routinely collected from a variety of sources”.

When Ernst and Young examined the UK's National Health Service (NHS), they discovered that medical data held by the NHS could be worth nearly £10 billion per year in operational savings, improved patient outcomes, and broader economic benefits.²⁹ According to Ernst and Young, the drivers of healthcare data value are data quality, maturity, analytic insight, and complexity. Furthermore, Ernst and Young discovered that EMR data is worth around

£100 per person when combined with genomic and phenotypic data, but it is worth around

£1000-5000 when combined with genomic and phenotypic data.³⁰

Despite their recognized value, questions are constantly asked about the security of EMRs and the constant threat of data breaches. In 2016, there were 450 data breaches where 27 million EMRs were affected, and in 2017, there were 477 breaches which affected more than 5.5 million EMRs.³¹ Hackers are increasingly understanding that EMRs are useful for committing fraud or selling on the darkweb, with Consumer Reports’ research finding that medical fraud costs victims an average of $13,500 and 200 hours to rectify.³²

Rejuve views the digital health industry as a tremendously important ecosystem, but it suffers from an inability to transfer valuable siloed data openly, safely, and promptly. This shortcoming suffocates a significant portion of the value that could be supplied by health care providers, AI data analysts, and third-party businesses working in collaboration. RejuveAI intends to capitalize on this synergy by creating a data infrastructure for the digital health field that protects and transports health data with ease.

At Rejuve.AI, data sovereignty is enabled by the transparent, equitable, and proportional assignment of credit along the supply chain for individual contributions to inventions made by our Artificial Intelligence.

²⁷ Merken, Sara and Elfin, Dana A. (2018) “What’s Your Health Data Worth? Startups Want to Help You Sell It”. Bloomberg Law. Available at: https://news.bloomberglaw.com/business-and-practice/whats-your-health-data-worth-startups-want-to-helpyou-sell-it ²⁸ Ibid ²⁹ Spence, Pamela. (2019) “How we can place a value on health care data”. Ernst & Young Global Limited. Available at: https://www.ey.com/en_gl/life-sciences/how-we-can-place-a-value-on-health-care-data ³⁰ Ibid ³¹ HIPAA Journal. (2018) “Analysis of Healthcare Data Breaches in 2017”. HIPAA Journal. Available at: https://www.hipaajournal.com/healthcare-data-breaches-in-2017 ³² Beilinson, Jerry. (2016) “What's Our Health Data Worth?”. Consumer Reports. Available at: https://www.consumerreports.org/wearable-tech/whats-health-data-worth/