It’s fairly common knowledge that our data is being used to learn and predict human behavior, often to the benefit of the companies who aggregate and analyze this data. But can these diverse data sets be applied within healthcare to help drive innovation and improve patient care?
The medical diagnostic technology company Know Labs Inc. (OTCMKTS: KNWN) is one such company that plans to leverage patient data to improve how patients and physicians manage specific conditions and enhance modern practice.
Data Science — Bringing Advances To Patient Care And Diagnosis
Data by itself may not necessarily always be useful knowledge. But it’s being successfully integrated with domain knowledge to analyze big data, a practice better known as data science.
What makes data science in the healthcare industry important is that current and traditional study design and analytical approaches can sometimes be inadequate when taking on an unprecedented volume of large and unstructured datasets. Data science looks for new and increased knowledge, enhancing a more precise patient-focused medicine approach leading to more cost-effective drug discovery and advances in patient outcomes, care, and delivery of care. In general, it can be applied across a myriad of health care use cases.
Large pharmaceutical companies and research and development hubs like Merck & Co. Inc. (NYSE: MRK) and the Mayo Clinic are increasingly analyzing vast amounts of data to gain new insights.
Some of the world’s technology giants are also joining traditional medical research hubs to purchase new artificial intelligence (AI) startups. Those tech companies include NVIDIA Corp. (NASDAQ: NVDA) and Alphabet Inc.’s (NASDAQ: GOOGL) Google and DeepMind Health AI service, which is being implemented in the United Kingdom National Health Service’s practice of alerting healthcare workers in the event hospital patients become at risk for acute kidney injuries.
This advancement in data science is also reportedly helping researchers better understand how a disease behaves on a much more rapid timeline, including how scientists have studied SARS-CoV-2 and COVID-19 viruses. Scientists now know much more about how the virus infects the body, its treatment and the risk of severe disease because of the data sharing that has taken place among global researchers.
At another company, Johnson & Johnson (NYSE: JNJ), these rigorous methods may eventually help improve treatments for — and potentially intercept the onset of — many deadly diseases. The company is leveraging data science in its clinical trials for lung cancer and pulmonary arterial hypertension and diversifying its clinical trials.
Know Labs Inc. is working specifically to advance the practice of blood glucose monitoring in diabetes patients by offering what it believes will be the first genuinely non-invasive U.S. Food and Drug Administration (FDA)-cleared device. Tens of millions of people in the US suffering from diabetes may soon see assistance with some of the challenges, pain and expenses associated with managing their condition.
The Seattle-based company looks to provide medical-grade and cost-effective solutions for people with type 1 and type 2 diabetes, people with prediabetes and people without diabetes who are interested in monitoring their blood glucose levels.
Upon achieving FDA clearance, the company says it plans to expand its patented technology platform, Bio-RFID, to other medical diagnostic applications, including detecting and measuring levels of ketones, alcohol, metabolized drugs or other substances in the body.
Know Labs Uses Its AI Platform For Diabetes Patients
Know Labs recently launched a new subsidiary, AI Mind Inc. (AIM), which is focused on identifying opportunities to use the company's AI, machine learning and proprietary algorithms, which control its Bio-RFID platform, enabling it to identify and measure blood glucose levels accurately and noninvasively.
Because of the development of the company’s AI engine, Know Labs states that it can process vast amounts of data to identify properties or trends while also recognizing patterns — this is viewed as an essential element of the company’s noninvasive blood glucose monitoring devices. The Company published results from internal tests demonstrating that Bio-RFID achieved a glucose measurement accuracy between 93% and 94% (MARD 6.7%) when compared to fingerstick glucose measurements. Know Labs’ product development team believes that continued development of its AI Engine and algorithms has the potential to further improve Bio-RFID’s accuracy.
According to a study by Fortune Business Insights, the global healthcare analytics market size is predicted to reach $80.21 billion by 2026. The report highlights healthcare big data as a vital factor in boosting the healthcare analytics market revenue during the forecast period.
Contributions by companies like Know Labs could build a more integrated, affordable and hassle-free healthcare future, with enormous benefits for patient care and health management.
For more information on Know Labs Inc., visit knowlabs.co.
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