Sunday, 19 January 2014

InnoCentive and The Economist Announce the Winner of the Healthcare Information Economy Challenge

InnoCentive and The Economist Announce the Winner of the Healthcare Information Economy Challenge

Waltham, Mass.June 3, 2011InnoCentive Inc., the global leader in Challenge Driven Innovation, along with The Economist, today announced the winner of The EconomistInnoCentive Healthcare Information Economy Challenge. The Challenge, which attracted nearly 1,000 Solvers and received more than 125 submissions on the InnoCentive website, asked participants to provide a business model that would enable a future healthcare information economy in which private health data could benefit healthcare research, lower costs, and ultimately improve patient care.

The winning solution promotes health record data banks HRDBs, comprehensive data libraries of a patients medical records. HRDBs would allow patients or their health insurers to pay a small fee in order for medical data to be stored, maintained and managed. HRDBs would then pay healthcare providers a transaction fee for every deposit of information following a healthcare experience. With HRDBs, patients would be free to select the company they believe provides the best quality, value, privacy and security. HRDBs would compete for customers by developing innovative tools and applications, allowing patients to better manage their personal health information. The creation of HRDBs would enable legislation to motivate or require patients to share their aggregate data to allow for the creation of a national healthcare research network.

Less than three months after we launched the Healthcare Information Economy Challenge, weve uncovered a smart idea that could have a dramatic impact on the future of healthcare, said Vijay Vaitheeswaran, global correspondent for The Economist. In an industry that so greatly affects the global economy, its vital that we embrace new ideas and creative new applications of old ideas.

This Challenge called for a solution which created marketbased incentives to aggregate healthcare data, said Dwayne Spradlin, CEO of InnoCentive. With the ability to collect and analyze healthcare data in aggregate form, health insurers and researchers alike can utilize the rich information available to further health outcomes while protecting the privacy and security of individual patient data. Daniels solution is a great example of how to harness the knowledge of healthcare experiences to advance healthcare research and improve the quality of care for patients.

The winner was selected by an expert panel including Michael Driscoll, Founder of Dataspora; Todd Park, CTO of United States Department of Health and Human Services; and Andrew Thompson, CEO of Proteus Biomedical. Mr. Castro will present his solution at The Economists upcoming Ideas Economy: Information event taking place June 7th and 8th in Santa Clara, CA.

The Healthcare Information Economy Challenge is one of a series of Challenges presented jointly by InnoCentive and The Economist as part of The Economists Ideas Economy event series. Currently, Solvers can participate in The EconomistInnoCentive Human Potential Index Challenge

InnoCentive is the global leader in Challenge Driven Innovation that bridges the gap between great ideas and actual solutions to drive measurable results. Recognized as an open innovation and crowdsourcing pioneer, InnoCentives proven methodology, expanding global community of millions of problem Solvers, and cloudbased technology platform enable organizations to tap all potential sources of innovation employees, customers, partners, and the worlds largest Solver community to accelerate their pace of innovation and evolve into true Challenge Driven Enterprises. The paper has sections about each region of the world, plus science and technology, books and arts, and the weekly obituary.

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