How the Internet of Things is revolutionizing healthcare

The consumerization of the healthcare industry is developing with such rapidity that the entire market is being recalibrated. 

Companies that have never before exerted influence in this sector are swiftly becoming its major power-brokers. Business models are being redesigned to adapt to the growing influence of data-fueled customers. Unique partnerships are being forged between agile start-ups and established brands to capitalize on this new digital-first world.

Much of this change is the result of the revolution in data which is empowering people to live healthier lives by using connected devices such as tablets, wearables and hand-held devices. This ‘Internet of Things’ means that consumers now have the power to take control of their own health in a highly personalized manner.

The advances in cloud-based technology have also been key. For example, a unique strategic partnership between Philips and Salesforce.com has created a platform that enables medical devices to operate in conjunction with deep sets of data.

The analysis of this data – amassed through electronic medical records, diagnostic information gathered through imaging equipment, monitors and hand-held personal devices – enhances the decision-making powers of professionals and enables patients to take a more active role in managing their personal health.

By the end of the decade, this data-rich personalized analysis of our health will become the norm. Individuals will be provided with tailor-made strategies to combat illness and social technologies will enable us to manage our own health. From the data generated, we will learn how to improve our wellbeing and be motivated to take control.

And as the consumer takes more control in this digital-first world, so the business model of the health industry will need to revolutionize, to take into account the fact that any company can now become a healthcare provider – as long as their technology is meaningful to the customer.

In addition, traditional businesses will need to collaborate with smaller companies, many of which may never have been involved in the health industry before. Alliances that are able to combine the most advanced medical technology with clinical informatics and secure cloud-based platforms will triumph.

The challenge we face is not just in developing these technologies – but making sure we always listen to our customers. Products need to be meaningful if they are to be scalable and they need to be simple to use – no matter the location or demographic in which they’re used. This is why we developed Philips Lifeline GoSafe, a mobile personal emergency response system for seniors.