Healthcare is undergoing a big data revolution, with a decade's worth of research, clinical trials, patient records and other pertinent information being aggregated into giant databases. Organizing this tsunami of information is a massive industry challenge, one an upcoming Cleveland-based event is attempting to tackle.
The inaugural Medical Capital Innovation Competition — orchestrated by The Global Center for Health Innovation (GCHI), Cuyahoga County, BioEnterprise, and the Healthcare Information and Management Systems Society (HIMSS) — invites professional and collegiate teams to offer up their best big-data ideas for a chance at $100,000 in prizes along with critical feedback from Cleveland's world-renowned healthcare sector. The two-day event will be held April 25 and 26 at GCHI's Innovation Center.
"From a startup perspective, it's a great opportunity for companies to come up with unique solutions," says BioEnterprise president and CEO Aram Nerpouni. "We're getting applications from around the country and all over the world."
Big data is becoming an increasingly big deal both domestically and internationally. According to a 2016 BioEnterprise report, the healthcare IT industry outpaced biotech and medical devices for the first time since the organization began compiling the study 12 years ago. In Cleveland, Explorys, Hyland Software and CoverMyMeds have made headlines with their attempts to take on the data overload from an industry generating huge amounts of new information every day.
"Every community in the country has the same challenge," says Nerpouni. "We are looking for some solutions and doing it in a way that plays to a regional strength."
Application deadline for the competition is March 31. Ideas will focus on the management, analysis and optimization of health data and be judged upon their commercial viability.
Nerpouni says the competition will be attractive for startups searching for a medical innovation hub. Trends like the Internet of Things (IoT) and Bring-Your-Own-Device (BYOD) foretell a future where even more data will need to be collected and translated in order to improve access to patient care.
“Cleveland continues to build upon the strengths of its health IT, biotech and medical device assets,” says Nerpouni. "The competition is a celebration of the growth of that critical mass while letting the rest of the country know what's going on here."