The wave of tech regulation sweeping across Europe, the United States, and beyond presents both challenges and opportunities for companies like BC Platforms. As fines related to GDPR compliance surpass $4 billion, regulators are clearly intent on reigning in Big Tech’s data collection practices. However, this push towards data privacy does not need to spell disaster for the RWD solutions providers.
For responsible players like BC Platforms that partners with healthcare organizations to ethically collect real-world data, the regulatory environment has been already navigated successfully. Our approach to patient data collection emphasizes transparency and consent. We believe strongly in maintaining individual privacy while advancing medical research through federated insights wherever possible.
By taking an ethical approach from the start (and inspired by the Declaration of Helsinki in the city in which we were founded), BC Platforms and similar ethical providers can demonstrate that innovation and privacy can coexist. We have built our systems around core data security and consent principles over the last 26 years rather than tacking them on as an afterthought. This proactive stance allows us to maintain productive healthcare research partnerships within the boundaries set by lawmakers.
Our Trusted Research Environment solutions and our federated analytics solutions enable hospitals and research institutions to share real-world insights without compromising patient privacy. As regulators crack down on exploitative data harvesting practices, our above-board approach gives our data partners confidence that studies conducted on our platform will not run afoul of GDPR and similar emerging regulations.
Of course, new data privacy rules still bring burdens in the form of compliance processes and costs. But these are outweighed by the advantages of regulators targeting competitors who disregarded ethics in favor of reckless data collection. As irresponsible Big Tech giants face billions in fines, lawful players like BC Platforms can emphasize their commitments to both innovation and accountability.
Fortunately, lawmakers have shown an ability to distinguish between productive and exploitative uses of data. The EU’s Digital Market Act rightfully targets online platforms that have ridden roughshod over privacy for too long; yet, regulators continue to encourage innovation in fields like healthcare AI, where data utilization serves the public good.
Partners like BC Platforms allow hospitals and research institutions to share data while complying fully with GDPR’s security and consent principles. As Trusted Research Environments and Federated approaches like ours grow, they provide a framework in which vital medical studies can proceed without compromising privacy.
Partnering proactively with regulators and healthcare organizations has allowed BC Platforms to turn a potentially restrictive environment into a competitive advantage. Our foresight in prioritizing privacy principles has positioned us to succeed as the lawmakers emphasize ethics. For compliant and transparent real-world data companies, intensifying oversight does not spell disaster – it creates opportunities to lead in this new era. From Data to Health.