Application of the “Market-Based Approach”
Datasets (both digital and paper) are held by NHS data controllers, e.g. NHS Trusts for secondary/tertiary care and by Clinical Commissioning Groups (CCGs)/General Practitioners for primary care. We assume that the patient records fall into the following categories and in each we know the approximate number:
- 55 million longitudinal primary care records,
- 23 million episodic specialty care patient records, and
- 100,000 DNA codes of patients with cancer, rare diseases and infectious diseases collated by Genomics England.
The value of these datasets increases when they are linked. Given the implied or observed pricing for patient data based on a detailed review of market transactions and company valuations, we can estimate ranges of market value for NHS datasets: for example, EHR/EMR data has an estimated value typically <£100 per patient record, but between £1000–5000 per record when combined with genomic and phenotypic data. Overall, this suggests NHS patient data holds an indicative market value of several billion pounds to a commercial organization.
Application of the Income Approach
The NHS, through its analysis of the patient-level data it holds, can unlock significant operational savings, enhanced patient outcomes, and wider economic benefits through the application of ‘big data’, artificial intelligence (AI) and personalized medicine (PM). Economic analyses highlight that ‘Big Data’ will materialize first, followed by AI, and then PM last but with potentially the most significant long-term impact. We have estimated that the value to the NHS in terms of operational savings, enhanced patient outcomes and generation of wider economic benefits to the UK could be as much as £5bn per annum and deliver around £4.6bn per annum of benefit to patients.