Data selling of prescription information has been going on since the 80s and while everything remained in silos and the data specific purposes such as informing drug companies about doctor prescribing habits, yeah it was a privacy irritant but continued on, well things have changed with all information and data being connected through the web and a lot more risk factors have arisen. We have no clue at all on who is selling what kind of data and to who. 85% of the world’s prescriptions is a lot of data and I’m sure they have tons of buyers. One article I read said they may value the company at around $8 billion, a lot of money for a lot of data being worked on server 24/7 so for the big side of the business with data selling we are talking virtual values here. This is exactly what occurred with Facebook and Twitter with valuations way over where they should be.
Re-matching data, no problem for the most part, just ask a quant it’s like part of regular business, even though folks in healthcare don’t seem to want to acknowledge this yet, but when you do a straight SQL query or connect data sources through an API, you basically have a “new” data base for sale and information whether it’s on purpose or by accident with developer error that can be for sale. Exactly what kind of data does IMS sell and to who? We know a little by reading the news but more or less it comes down to “trust me, we follow HIPAA rules and laws”…ok so is that good enough. I don’t think so as consumers should have a federal site to where they can look up any company and see what kind of data they sell and to who. Heck my car insurance a short while back, when I sold my house, months later after I had moved my new policy information shows up with the new owners of my house as second drivers…hmmm…obviously an address match. I used to write SQL queries and this tells me it was an address match…and the company thought I left off some information and filled it in for me…but the data was wrong…have in all the data…not me. Once it happens to you then you become a skeptic it seems.
From the announcement…you have every big bank in on the IPO…
“J.P. Morgan Securities LLC, Goldman, Sachs & Co., and Morgan Stanley & Co. LLC are acting as joint book-running managers and as representatives of the underwriters for the offering. In addition, BofA Merrill Lynch, Barclays, Deutsche Bank Securities, and Wells Fargo Securities are joint book-running managers for the offering.”
When you look at the IMS executives, very little in clinical backgrounds compared to capital and other related backgrounds. The last couple of years they have bought up other companies to include a CRM company and software as a service and social network analytics company to engage consumers. That was off their web page so how are you going to engage with big data sellers? I can’t think of much unless they make errors and you have to go through all the hassles of fixing it as you see all the data sellers making billions and millions have free labor, and that would be us as we are stuck with no access to money or something else until it gets fixed so the “Data Gods” sit there and control all as to when they might get around to helping you are they have a captive audience.
FTC Tries to Bring Strong Case for Consumer Protections With Use of Data–But Nothing About Creating IT Infrastructure Path to Allow Regulation–Gov Can’t or Won’t Model?
Again in keeping with my campaign, we need to license and excise tax ALL data sellers, companies like this, pharma, banks, data brokers, credit agencies and the list goes on. All privacy efforts are just a flat out joke for consumers as we have no index as to who they all are and bless their hearts for all the folks out there working on this but they don’t get the fact that you need to identify who and what you are going to regulate and a license would do that and also give regulators an leg to stand on…so folks reading this get on the band wagon to push for licensing as otherwise we are left to the digital illiterates that do not understand that IT infrastructures are attached to all laws…you need a system and this is the virtual world out here that the bliss folks can’t seem to get their heads around acknowledging. We can watch to see how Bitcoin does in that area to see how far the virtual world goes out of balance with the real world in again hurting consumers.
Bitcoin Is Going To Be One Of the Big Determining Factors On How Far Banks and Businesses Venture Into the Virtual World And Further Lose Focus With Functioning In the Real World Until They Lose Enough Money..Probably Our Dollars Come To Think Of It..
I understand both the virtual and real worlds need to exist, but they need to work in balance and we don’t have that now. Senator Rockefeller and a few others need to take a look at the video “Data Dealer” that was made to draw attention to this issue.
Don’t like inequality, I don’t either but listen to a very well versed Quant (link below this paragraph)who will tell you how it works, it’s all modeled that way so until something changes on the servers running 24/7 with government finally waking up to this fact with more getting over the “Sebelius Syndrome” nothing will change..and inequality will keep growing, more politicians will say they don’t like it and want to do something about it and those efforts will fail as nothing they do or say until they wake up will impact code on the servers…flat and dry..that’s the deal so banks and companies will continue getting richer, it is all in the code. Visit the Algo Duping page and watch some videos and see what the truth is here with technology being expanded and used beyond what any of us can battle. If you watched Richard Cordray on the Daily Show, a joke in essence as he’s after some low hanging fruit issues that don’t involve using any math methodology investigations for fraud to help consumers, so yeah why in the hell doesn’t the the government hire some quants/experts…answer it’s that Sebelius Syndrome again. BD
Modeling for inequality With Segmentation, Insurance Industry Uses Backwards Segmentation As Some Models Stand to Threaten Overall Democracy
Nearly every time you fill out a prescription, your pharmacy sells details of the transaction to outside companies which compile and analyze the information to resell to others. The data includes age and gender of the patient, the name, address and contact details of their doctor, and details about the prescription.
A 60-year-old company little known by the public, IMS Health, is leading the way in gathering this data. They say they have assembled “85% of the world’s prescriptions by sales revenue and approximately 400 million comprehensive, longitudinal, anonymous patient records.”
IMS Health sells data and reports to all the top 100 worldwide global pharmaceutical and biotechnology companies, as well as consulting firms, advertising agencies, government bodies and financial firms. In a January 2nd filing to the Security and Exchange Commission announcing an upcoming IPO, IMS said it processes data from more 45 billion healthcare transactions annually (more than six for each human on earth on average) and collects information from more than 780,000 different streams of data worldwide.
IMS says the backbone of their information processing of the 45 billion records annually takes place in Carlstadt, New Jersey. They also have teams of 1,200 India, 500 in the Philippines, 200 in China and 200 in Spain, the filing said.