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Healthcare Product Innovation and The Internet of Things – Opportunities, Challenges and Future Directions

Management Roundtable recently co-facilitated a virtual Think Tank on digital innovation for healthcare, Leveraging the Internet of Things to Improve Patient Outcomes, in partnership with Convetit and Benefunder. 

This was a fascinating exchange of insights and points of view on how the Internet of Things (IoT), including wearables, monitoring devices, and sensors, combined with genomics, personalized medicine, and data analytics are creating a Brave New World that will redefine healthcare as we know it. Indeed, the market segment is projected to soar to $117B by 2020, and the technological possibilities seem limitless.

What does all this mean for producers and providers of healthcare products and services?  Clearly it will require fast adaptation both within and between organizations. This Think Tank brought together some of the brightest minds in healthcare and IoT to explore what adaptations will be most important.

As is usually the case with breakthrough technologies, much of the change is cultural. ‘Radical collaboration’ including non-traditional partners -- with different incentives and financial models -- will better enable these technologies to work together seamlessly. Focusing on the needs and well-being of the patient is paramount. Data security, quality, integrity and flow are other key drivers.  

Most envision a future where the Internet of Things will enable those without easy access to healthcare to receive remote support, where collective findings will advance medical research, and where overall patient outcomes are improved. The concern is that economics, politics, and egos could get in the way of meaningful progress. 

The Think Tank group posed ideas to overcome the challenges as well as examples of new models that appear to be working. If you would like to receive the summary infographic, please email jackie@roundtable.com.