Actually, it's more than that (e.g., http://www.nejm.org/doi/full/10.1056/NEJMp1109649 http://www.nejm.org/doi/full/10.1056/NEJMp1109649) but there are two seri

Actually, it's more than that (e.g., http://www.nejm.org/doi/full/10.1056/NEJMp1109649 http://www.nejm.org/doi/full/10.1056/NEJMp1109649) but there are two serious bottlenecks: you need medical experts and the data might be too noisy. This means that any medical data mining project will cost a lot of money and half-way in the project you will find out that your data has too much noise. Most people don't want to take that risk, despite that benefits might be enormous. TL;DR: yes it's BS but nothing that high-risk/high-ROI startups couldn't deal with.