Big data and personalized medicine have been industry buzz terms for quite some time, but while it’s widely known there are correlations between the two, many are still struggling with how to effectively leverage mass amounts of data in order to improve efficiencies, reduce costs, and advance patient-centric treatments.With healthcare costs in the U.S. increasing steadily over the last 20 years to 17% of GDP, healthcare experts are looking for every path possible for efficiency and reform. Many believe that a long-term source of savings could be the use of big data in healthcare; in fact, the McKinsey Global Institute estimates that applying big data strategies to better inform decision making in U.S. healthcare could generate up to $100 billion in value annually.
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