Big Data has become a major part of the medical industry. The popularity of Open Data has not gone unnoticed in the medical world too. Open Data is being very helpful to the CIOs that are situated in the medical sectors. Open Data is the data and information that could be accessed by the public as well. The technique of keeping Open Data has become an important thing for many big companies and organizations in the health sector. The value of Open Data in medical sectors as of now is approximately 450 billion.
Open Data was taken seriously by the Government of USA during Obama’s administration when they announced that information if opened to the public, becomes much more valuable than what it initially is. Todd Park’s Health Data Initiative for industries and then the Health Datapalooza event, which happened annually, invited important members of business and administration to convert Open Data into valuable information for everyone.
CIOs and Open Data
The medical sectors are truly complicated. Therefore, it needs up to date strategies and planning. A poorly planned or not updated strategy might affect the ongoing progression of the businesses. Previously, the regulatory strategy would result in delays and market risks, which also gave rise to a lot of extra costs that were hard to meet at times. Regulatory professionals would visit these medical firms only at the end of these strategies but now, as times have advanced, these regulatory professionals also visit at the beginning of when these strategies are being formulated. This is becoming more important to the CIOs because of the disciplinary actions that are being taken in the medical sectors, which is also by the name of Regulatory Intelligence, the analysis and systematic approach towards various strategies which is done by analysing the regulatory information collected.
All such regulatory information are well documented and kept in management systems which can further be accessed via Open Data management methods. This also helps in increasing intelligence and being quite at par with the ongoing changes in the medical sectors.