Snowflake has launched a cloud-based data sharing platform for the healthcare industry that integrates the company’s leading data warehousing, analytics and business intelligence offerings with a data marketplace and on-demand consulting services.
The Healthcare & Life Sciences Data Cloud platform was designed in response to the increasing burden on the healthcare industry worldwide due to the coronavirus pandemic. The SaaS (Software as a Service) offering is a fusion of core Snowflake applications and third-party services.
As part of the new cloud service, Snowflake offers machine learning and other applications from technology partners such as Alation, Dataiku, Amazon Web Services (AWS), H20.ai, ThoughtSpot, Health Catalyst, Strata and IQVIA. The integration between the software and the other components of the platform aims to reduce the time it takes for healthcare companies to implement applications and bring new services to market.
According to Todd Crosslin, head of healthcare and life sciences industry at Snowflake, the applications help companies access large volumes of data at scale for critical processes and business information within their organizations. organization and in collaboration with industry partners.
Healthcare platform offers data marketplace
For its data market, Snowflake has attracted companies such as Compile, Equifax, Invaitae, IQVIA, Precision X and SameSky Health. The marketplace is designed to enable businesses to securely exchange critical data sets, eliminating the need for traditional data sharing methods that require copying and moving data.
“For example, IQVIA aggregates data from around the world and then markets and sells that data to global pharmaceutical companies. But now what they’ve done is they’ve made the same data available through the Snowflake Data Marketplace, because 20 of the top 30 global pharmaceutical companies are on Snowflake. These pharma companies can now access this live data from IQVIA through the marketplace instead of copying it,” Crosslin said.
On the consulting side, Snowflake has partnered with management consulting firms and systems integrators such as Cognizant, Deloitte, Infosys, NTT DATA, phData and SDG.
Companies can consult with these partners to accelerate their transformation journeys or accelerate their time to a critical minimum viable product, Crosslin said, adding that there are several ways to engage systems integrators or consulting firms.
Bundling core Snowflake services with third-party products and services has been a recent growth initiative for the company.
“Data sharing and data marketplace offerings have become a significant new push and market opportunity for Snowflake in 2021. These offerings promise to take the company even further beyond the confines of warehousing and of data analysis,” said Doug Henschen, principal analyst at Constellation Research.
This isn’t Snowflake’s first industry-specific cloud platform. The company has already made inroads into the financial services and media industry.
Industry specific clouds facilitate partnerships
“Snowflake’s industry-specific cloud promise and associated share and market capabilities remove the friction of partnerships focused on innovation and value creation. What Snowflake is about is collecting fees to facilitate these transactions, and it’s becoming the platform standard for users of these industry-specific clouds,” Henschen said, adding that Snowflake should continue to add partners. to succeed in his attempt.
However, he cautioned that data marketplaces and data sharing are not new trends and notable vendors have failed in the past. “Today, AWS and Microsoft Azure, among others, have data exchanges, but I don’t hear much about it.”
But Crosslin believes regulatory compliance requirements as well as the consolidation trend in the healthcare industry will drive the success of its new cloud data platform.
“As companies are still gearing up for the idea of data sharing in healthcare, we are seeing a growing trend. Data sharing is no longer a one-way street and our compliance with regulatory standards such as HIPAA [Health Insurance Portability and Accountability Act] ensure that customers using Snowflake can easily share data with each other,” Crosslin said.