Every year, Americans spend more than $3 trillion on healthcare, a figure that is projected to rise to $5 trillion in the next decade. With healthcare spending approaching 20% of the U.S. GDP, a huge effort is underway to control costs. Not surprisingly, many believe that technology has a key role to play in increasing efficiency and reducing unnecessary expenditures, and significant investments in technology are creating opportunities for healthcare technology businesses.
Four tech titans have announced the Data Transfer Project. The project is an open source, service-to-service, data portability platform. With the implementation of GDPR, and the increase need of consumers to retrieve and move their data, the Data Transfer Project looks to standardize the process.