How Data Science is Transforming Healthcare

WebinarNovember 2021

In 2020, the global healthcare industry generated 2,314 exabytes of data (1 exabyte = 1B gigabyte). According to Statista, this marks a 15-time increase in data volume since 2013. This high volume in data makes the healthcare industry across its various verticals ripe for data-enabled digital transformation that provides countless benefits for healthcare providers and society at large.

In this webinar, Luigi D’Introno, Data Science Evangelist at DataCamp, will discuss the current state of healthcare in 2021, and what are the current barriers slowing down its data transformation. Moreover, we will discuss the different verticals data science can impact in healthcare, from individualized patient care to pharmaceuticals manufacturing and distribution, and how data science can enable healthcare providers to be more accessible for all.

Key Takeaways:

Understand what is the current state of healthcare and summarize the main barriers that are slowing down its data transformation.
Identify the main verticals of value data transformation can provide the healthcare sector
Understand the various data science use cases underpinning scalable data transformation in healthcare

Summary

Data science is changing the healthcare industry, offering transformative possibilities in patient care, pharmaceuticals, and medical insurance. The healthcare industry is rich in data, generating vast volumes that can be utilized for better outcomes. AI and machine learning have the potential to automate and optimize processes like appointment scheduling, patient prioritization, and drug discovery, leading to significant cost savings and efficiency improvements. However, the incorporation of data science in healthcare is slowed down by challenges such as data quality, access, regulatory frameworks, and a need for upskilling the workforce. Trust in AI systems and overcoming biases are key for adoption. The way forward involves bridging knowledge gaps, promoting a data culture, and integrating data science skills across healthcare professions to ensure the industry fully benefits from the data revolution.

Key Takeaways:

Healthcare is a data-rich industry with vast potential for data science and AI transformation.
Significant cost savings and efficiency improvements can be achieved through AI automation in healthcare.
Major obstacles include data quality, access, regulatory frameworks, and workforce skill gaps.
Building trust in AI systems and addressing biases are key for successful adoption.
Upskilling the healthcare workforce and promoting a data culture are essential for leveraging data science.

Deep Dives

Data Science Opportunities in Healthcare

Healthcare is one of the most data-rich industries, with an immense opportunity for transformation through data science and AI. The globa ...
Read More

l healthcare industry produces over 2314 exabytes of data annually, highlighting the potential for data-driven insights. Data science can optimize various aspects of healthcare, from patient care and appointment scheduling to drug discovery and insurance fraud detection. AI technologies can significantly lower costs and enhance efficiency, with Deloitte estimating potential savings of 240 billion euros annually in Europe alone. The transformative potential of AI extends to pharmaceuticals, where drug discovery times can be halved, and medical insurance, where AI can help detect fraud worth billions. Ultimately, the value lies in improving healthcare delivery and saving lives, with AI-driven efficiencies potentially saving around 400,000 lives in Europe each year.

Current State of Data Science in Healthcare

While data science has made significant strides in healthcare, the industry is still not fully capitalizing on its potential. Public sector initiatives, such as Israel's $264 million investment in digital medical records, and private sector investments in AI-driven startups are promising signs. However, the healthcare industry faces barriers to full-scale data transformation. The COVID-19 pandemic showcased the critical role of data science in informing public health policy, but there is a long way to go in realizing the full benefits of AI across healthcare sub-sectors. Challenges like data quality, access, and regulatory issues persist, slowing down the pace of transformation. Data science in healthcare requires broader incorporation and integration to achieve the transformational outcomes envisioned.

Barriers to Data Science Adoption in Healthcare

The adoption of data science and AI in healthcare is slowed down by several barriers, including trust, data quality, access, and skills. Trust issues arise from the 'black box' nature of AI models, necessitating transparency and explainability to gain acceptance from healthcare professionals. Data quality and infrastructure are major concerns, with many healthcare systems still lacking digital health records. Regulatory frameworks like GDPR also pose challenges, classifying healthcare data as sensitive and requiring stringent compliance. Lastly, the lack of data science skills among healthcare professionals limits the industry's ability to leverage data insights effectively. Overcoming these barriers requires building trust, improving data infrastructure, overcoming regulatory complexities, and upskilling the workforce.

Upskilling and Data Culture in Healthcare

One of the most actionable steps to advance data science in healthcare is upskilling the workforce. Healthcare professionals need to develop data literacy and analytical skills to utilize data insights effectively. Upskilling involves specific learning paths for different roles, from healthcare practitioners gaining critical thinking skills to data scientists acquiring domain-specific knowledge. Creating a data culture is key, where collaborative learning and sharing of resources are encouraged. Organizations should assess skill gaps regularly and promote a culture of continuous learning, celebrating achievements and encouraging innovation. As Luigi D'Antrono emphasized, "Creating a strong culture of governance and data literacy is key to any data transformation in healthcare." By investing in education and promoting a data-driven mindset, the healthcare industry can unlock the full potential of data science.