According to a recent New York Times article, healthcare businesses, in particular, will need to make big investments in data mining and analytics in order to get a piece of the projected $300 billion boost as a result of recent data innovations.

“In health care, the biggest slice of the $300 billion gain is expected to come from more effectively using data to inform treatment decisions. The tools include clinical decision support to assist doctors, and comparative effectiveness research to make more informed decisions on drug therapy.

For example, the Department of Veterans Affairs and Kaiser Permanente save millions of dollars a year in treating many patients with high cholesterol with generic statins instead of branded statins, like Lipitor. But such tailored treatments require electronic health records for tracking results, and most of the nation’s hospitals and physicians still use paper records.”

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