Future IoT in Healthcare

The IOT enables healthcare providers to extend their reach outside of the traditional clinical setting. Home monitoring systems allow patients and doctors to keep track of an individual's health when not in the doctor's office to prevent unnecessary and costly trips to sit down with a physician. IoT allows for the accurate collection of data, automated workflows and minimized waste, but most importantly it reduces the risk of error. With IoT, patient monitoring can be done in real-time, drastically cutting down the need for doctors going out and making visits. With these advantages there are lot of challenges like Technical complexity, Connectivity & power dependence, Integration of devices is Time-consuming, expensive to implement and disadvantages are like security issues, loss of privacy, access control, and stakeholder collaboration. Keeping the data gathered and transmitted by IoT devices safe is challenging, as they evolve and expand in use.

If I talk about the future of IoT, it has the potential to be limitless. Advances to the industrial internet will be accelerated through increased network agility, integrated artificial intelligence (AI) and the capacity to deploy, automate, orchestrate and secure diverse use cases at hyper scale. 5G will quickly become the new standard for cellular networks. The Internet of Things (IoT) is rapidly developing and expanding. 5G will increase cellular bandwidth by huge amounts, making it much easier for the Internet of Things to network large numbers of devices together. But it will also increase Device hijacking, Data siphoning, Denial of service attacks, Data breaches, Device theft, Man-in-the-Middle or Device “spoofing”.

Different countries have different potential, India has 75-80% import dependency on medical devices, with exports at Rs. 14,802 crore (US$2.1 billion) in 2019 and is expected to increase at a CAGR of 29.7% to reach Rs. 70,490 crore (US$10 billion) in 2025.

Innovations are happening everywhere using IoT, AI, AR/VR etc., those innovations need new markets, but to understand the potential market, businesses need to understand importing/exporting regulations, right data of importers/exporters and competitions in different regions.

Let us take an example of US for importing/exporting of any medical device, including a radiation-emitting electronic product that is also a medical device may be exported from the United States to anywhere in the world without prior FDA notification or approval to export, if it can be legally marketed in the United States. Foreign manufacturers must meet applicable U.S. regulations in order to import a device into the US.

Most pharmaceuticals and medical devices will be regulated by the Bureau of Industry and Security (BIS) as “dual-use” items pursuant to the Commerce Control List (CCL) that is part of the Export Administration Regulations (EAR), these authorities generally ask for a free sale certificate to allow imports, free sale certificates valid for two years are issued to medical device manufacturers by state licensing authorities. To export medical devices, manufacturers need to register with the foreign country and obtain its regulatory approval. After some document verification one can easily export the healthcare devices/machines and Explore business opportunities.