I see insurance payers and the government, dishing out hundreds of thousands of dollars to get everyone on board. I have not heard of pharmaceutical companies digging into their pockets. Since I believe they will benefit greatly from this initiative, I think they should open their wallets. The data that they will ultimately receive will allow them to enhance their research and development of more and more drugs adding to their wealth.
Not only will they get richer, but their insurance premiums from lawsuits will go down and here is why. Let’s compare it to the auto insurance industry. The more accidents you have the higher your premium, right? Well think about it. A new drug comes to market, the pharmaceutical companies start collecting data from the EMR world. The data on the patients that take this new drug is analyzed. They see a trend of side effects that wasn’t predicted. The cost of potential lawsuits vs the profit margin of keeping the drug on the market until they are forced remove it, is considered. They add in the cost of increasing insurance premiums and they make a decision.
Now if they use the data to apply new early warnings, there are fewer lawsuits, equaling less insurance premiums. I really don’t think that the BIG PICTURE is being looked at here by the majority. Surely somewhere, someone must be realizing the potential and the national impact. I certainly can’t be the only one.
OR, is it being slipped under the radar. The general consensus is that pharmaceutical companies make gazzilions of dollars, so they are not very popular with the general public anyway. Why should they get my data for free, even if my personal identifiers are coded and or stripped from it.
Let's make these companies pay for our health insurance... !!!!
I also see a great impact on the legal system, as well as on your local pharmacy and the big chains too. We can talk about that if you like.
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