Data is invaluable in helping industry professionals become more efficient and productive, the medical cannabis industry is no exception. According to Stanford University, focusing on data in healthcare could lead to more preventive, predictive and personalized care, which in turn would reduce healthcare costs and contribute to better patient outcomes. As this sector of data is such a sensitive subject, the industry must balance data-sharing with patient privacy and trust. Through monitoring and analysis, data can then be disseminated to key stakeholders in the medical industry, and fundamentally transform the future of healthcare.
The Value of Data in Medicine
Healthcare, at its core, is driven by data. From medical research to the patient experience, there are multiple ways to utilize data in healthcare to improve ongoing care, prediction and prevention. Publicly-accessible data allows researchers to pose new questions, uncover new findings, and discover improved treatment options. According to the report by Stanford University, data will become even more essential for medical breakthroughs, creating a future of ongoing data collection from multiple sources.
Patient data is an essential component of the healthcare ecosystem, driving research, innovation and decision-making. It can inform research and innovation, prevention and treatment strategies, health promotion efforts, self-care, health systems planning and wider public health activities, behaviours and decisions. As access to this essential data grows, economic and social benefits are ready to be reaped by key stakeholders like academic researchers, industry, healthcare professionals and providers, patients and the public, payers and policymakers, regulators, charities and the third sector.