In the very near future, TimiHealth will begin advancing consumer monetization of genomics data with a 70/30 split with the owners of the data. In simple terms, consumers will receive 70% of the compensation received when they opt in to share their data in the TimiHealth blockchain-powered ecosystem.
Data privacy is becoming more and more important; TimiHealth.com enables a new opportunity by giving consumers full data privacy and an ability to share in the value generated from their data.
The US healthcare industry has a multi-billion dollar marketplace for information sold to data brokers, pharmaceutical companies and device manufacturers. Yet consumers/patients receive none of the financial benefits. TimiHealth found some great examples of the deals that revolved around the sale of genomics data to pharmaceutical companies. This is a glaring example of big corporations profiting off consumers.
Millions of people pay direct to consumer genomic companies substantial fees to obtain information regarding their heritage, genetic disposition for certain disease states, or pharmacologic compatibility with drug regimens. Unfortunately, most consumers are unaware that the personal data gleaned from such tests can then be sold to any number of research organizations for huge profits—none of which are realized by the consumers themselves.
TimiHealth’s solution ensures that patients are in control of their own data where they can give permission for it to be used by their chosen healthcare providers and/or participating in the Timi Marketplace for data monetization.
“TimiHealth is driven by a mission to remedy these inequities by enabling consumers to own, control, and monetize the value of their health data, including that about their genomic data. TimiHealth is built on the principles of trust, transparency, and empowerment, with a goal of putting control back into the hands of the true owners of this valuable data—consumers themselves,” said Will Lowe, Co-Founder of TimiHealth.