The movement from IoT to IoM represents a new business era for the Healthcare and Life Science industry as technology makes a quantum leap and makes it possible to collect and utilize real-time data from humans via connected devices. Cloud-based data platforms make it easy to collect, analyze and transform data in, for example, apps that involve patients in their own treatment.
The Internet of Me is the step that connects rapid technological development to the provision of healthcare services. It is the natural extension of IoT, where technology is now moving from smart products targeted at industry, offices and homes to more humanized smart-products tailored to the individual.
In other words, IoM is a good example of digital transformation in the pharma industry and healthcare sector – and the technology presents major business opportunities for those companies that manage to exploit its potential.
From sensing to insights
For a long time, portable IoT products have been synonymous with straps and watches for fitness monitoring. However, by creating more sophisticated technologies, it is possible to collect and utilize data from people via connected devices such as implantables, ingestibles and wearables. This can be done to such an extent that you can pinpoint the diagnosis, treatment and monitoring of the individual patient for even complex illnesses. In addition, you can more closely involve the individual patient in their own course of treatment through, for example, apps.
One of the main challenges of chronic disease treatment is that doctors often depend heavily on anecdotal input from patients, which may often be subjective. The IoM increases the patient's experience by using a continuous monitoring system in real-time. The doctors and researchers are empowered with far more accurate and objective insights on which to assess a patient's progress.
Cloud-based IoM – learn and scale as you go
Working with IoM involves moving and processing substantial amounts of data across devices. By assembling its IoM technology stack in a cloud-hosted solution, a pharma company can collect real-time data from external devices such as wearables, pair them with on-premise data and process them using machine learning, AI and BI. This leads to the creation of unique knowledge that can strengthen the treatment of individual patients, contribute to the collection of research data, or be part of a knowledge sharing process between stakeholders.
At the same time, the company can develop its solution as necessary by building flexible and module-based stacks, and then continuously adjusting and supplementing the solution with multiple applications. Thus, developing cloud-based innovative IoM projects does not need to be an extensive process – the company can always begin in the small, learn from the experiences, qualify the offerings and update and scale the solution as needed.
Countless possibilities for pharma
IoM presents major business opportunities for those companies that manage to exploit the enormous potential of the trend. Companies, patients and healthcare systems can all look forward to brand new synergies: For example, when customized wearables enable patient monitoring and adjustments to their medication without hospitalization and outpatient visits.
In line with other industries, Pharma is going through extensive and rapid changes in its business models and value offerings. A cloud-based solution offers a comprehensive set of cloud services that support agile project and product development in each phase – from an exploratory phase by using pretotyping and design thinking to continuous innovation, development and delivery processes in a pluggable and flexible framework.
Do you want to know more about cloud-hosted innovative projects?
IoM represents a major opportunity of digital transformation and innovative business models in the Pharma and Life Science industry. Hosted in the cloud, the solution can utilize and correlate off- and on-premise data and create unique and valuable knowledge.
Book a meeting with Massimo Giulio Caterino, email@example.com or 30778057, Principal Consultant to find out how you can implement cloud-based, scalable solutions.