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Ways in Which IoT is Transforming Life Sciences and Healthcare Industry
Technologies such as the internet of things (IoT) based equipment are benefitting patients, nurses, staff members, as well as doctors.
FREMONT, CA: Life Science industry has achieved great reformations in the past few years. Technologies such as the internet of things (IoT) based equipment are benefitting patients, nurses, staff members, as well as doctors. Despite having a conservative rate of adoption, the life science industry has been among the early adopters of IoT technology. Life science requires proactive action in several cases such as real diagnosis, preventive measures, monitoring, and treatment in chronic conditions. IoT is inherently designed to assist healthcare in addressing such issues.
According to a report by Mind Commerce Publishing, the value of IoT will touch $117 billion by 2020. Moreover, healthcare industry is predicted to be the fastest-growing segment in the entire IoT market with a CAGR of 15.1 percent. IoT involves a set of connected devices which can collect data for analysis and measures. IoT devices can be used across the entire pharma value chain for several purposes ranging from manufacturing and supply chain, drug invention and development, patient engagement, and sales and marketing of drugs. It can also be crucial for assessing the improvement in drug efficiency, Overall Equipment Effectiveness, improving regulatory compliance, and detecting errors. Here are some of the IoT based groundbreaking advancements in Pharma and Healthcare:
Organ on a Chip
It involves a clear polymer that contains microfluidic channels marked by living cells. The microchips assist in understanding the functions of living human organs, including kidney, brain, lung, skin, and intestine. It also helps to improve development and research productivity, increase drug efficiency, and reduce data reporting time and cost.
Pill with a Chip
It is an ingestible pill which looks similar to micro cameras. The pills allow capturing the organ images from inside to understand inner conditions and the effect of the drug on it. The pills transmit the data to a wearable smart device which goes to healthcare professionals for diagnosis. The process improves drug efficacy and provides a prompt understanding of the problem, which can also reduce the time for the cure.
In the past few years, smart glasses are assisting healthcare across the verticals. The glasses allow doctors to record visual information such as a conversation with patients by maintaining eye contact. Moreover, the glasses are also proving to be crucial tools during operations and surgical procedures where doctors can share their views with specialists across the globe.
iBeacon is one of the most adopting technologies among location-based technologies. iBeacons platform streamlines hospital’s operations by notifying assigned works and duties to hospital staffs. iBeacons directly transfer a patient’s health history and reports to the doctor’s mobile device immediately as patients are about to enter the doctor’s room. Thus, it allows easy access to information and decreases uncertainty concerning treatment history.
Drug Delivery Devices Equipped with Sensors
Sensors attached to drug delivery devices have various advantages. It allows healthcare providers and patients with a means to gain, analyze, and monitor medication usage data. For instance, devices such as Amiko are already present in the market, which assists the patients with keeping track of medications and monitor drug dosage on their own.
A smart wheelchair is another groundbreaking innovation that is transforming the experience of the physically disabled. Smart wheelchairs are designed by integrating various sensors with wireless body area network. The tool empowers disabled people to take control of the equipment with a feeling of independence.
Role of IoT across the Stages in Healthcare Value Chain
Research and Development
IoT has a crucial role in the discovery and development of new drugs. Various IoT-based applications such as wearable devices, organ on a chip, and sensors are offering real-time reporting facilities with improved treatment facilities. Moreover, cost offsetting is also a plus with faster screening and analysis through sensors.
Latest technological trends such as sensors and RFID are adding valuable inputs across the supply chain processes. For instance, reflecting on crucial parameters like temperature is essential in pharma industries, with constant monitoring of logistics. Warehousing of drugs with the help of smart sensors allow an admin to streamline the supply chain management.
Marketing and Sales
Sensors are useful in early identification of adverse effects of drugs. The data that are collected through the sensors are sent to healthcare professionals. Analysis and monitoring the impact of drugs help a company to better market their products.
The advancements in the healthcare industry are meant to benefit the customer in one way or the other. Whether it is a wearable with a chip or a smart device that monitors patient’s data or improvement in diagnostic procedures, the ultimate goal is to improve the systems and services in a way that it benefits the patients.