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7 Ways IoT Is Improving the Health Care Industry – ReadWrite



7 Ways IoT Is Improving the Health Care Industry - ReadWrite

The IoT is one of the most disruptive technologies across all industries today. There are already more than 50 billion connected items in use, and that figure keeps climbing as more organizations realize their benefits. One of the fastest-growing and potentially revolutionary use cases is IoT medical devices.

The Internet of Medical Things (IoMT) is relatively new but is showing signs of remarkable growth. Experts predict that the IoT in health care will be worth $142.25 billion by 2026. That shouldn’t come as a surprise, either, since these medical industry technologies improve efficiency and save lives.

7 Ways the IoT is Improving the Health Care Industry

Improvements in the medical sector benefit everyone. Here are seven ways that IoT technology is making things better.

1. Enabling Flexible Patient Monitoring

The healthcare industry faces a growing labor shortage, with experts expecting 29,400 unfilled nurse practitioner positions by 2025. Filling this employment gap will take time, and until then, hospitals have to treat more patients with fewer staff members. IoT patient monitoring systems help by enabling doctors and nurses to make their rounds more efficiently.

With traditional systems, hospital workers visit patients in person to monitor their condition. IoT connectivity enables them to check on vital signs remotely, removing the need to travel throughout the building. Eliminating the need to walk from room to room gives doctors and nurses more time to focus on their most urgent cases.

If a patient’s conditions require attention, IoT devices can alert staff so they can respond to the situation. This system takes time away from visiting patients who don’t need immediate care to enable quicker responses for those who do. The resulting efficiency lets understaffed hospitals care for an increasing number of patients.

2. Making Health Care More Accessible

One area of the IoT in health care that’s gained a lot of popularity recently is telehealth. Organizations can serve patients remotely by using a suite of different IoT devices like wearables. Adoption of these systems skyrocketed throughout the COVID-19 pandemic as in-person hospital visits became riskier.

Being in a hospital waiting room during a public health crisis puts patients at risk of contracting the disease. With the IoT, they can consult a doctor from their homes, receiving care without putting themselves at risk. As patients and hospitals alike realized this advantage, telehealth visits increased by 154% between 2019 and 2020.

These systems are even helpful outside of a pandemic, as they make health care more accessible. Remote checkups mean patients don’t have to travel to receive treatment, which also reduces costs. One study found that 88% of health systems reported a decreased cost of care after implementing telehealth.

These IoT-based systems also prevent overcrowding in hospitals. Fewer in-person patients allow more resources and staff to treat urgent cases.

3. Tracking Hospital Resources

Many organizations in other industries use IoT devices to track their equipment or other resources. Hospitals can do the same thing by tracking medical devices and even staff members. This visibility decreases the time nurses and doctors spend searching for people or tools, enabling them to help patients faster.

For example, some platforms can monitor up to 1,200 hospital beds, providing information like location and occupancy. This system allows hospital staff to find the nearest open bed when bringing in a new patient. While it seems like a minuscule improvement, this efficiency has helped some hospitals reduce wait times by several hours.

Similar systems can also enable health care organizations to track incoming shipments of equipment or medicine. IoT tracking services provide accurate, real-time updates about delivery times and location, helping hospitals better estimate incoming supply. Treatment centers can then schedule appointments without fear of overscheduling, managing patient expectations and using resources more efficiently.

4. Improving Medication Administration

IoT medical devices can also help pharmacies, hospitals, and patients manage medication more effectively. Roughly 50% of prescribed medication isn’t taken as directed, which can lead to severe health problems. Connected technologies like smart pill bottles and wearable sensors can let doctors ensure patients take their medicine as they should.

Smart pill bottles can alert patients when they need to take their medication, so they don’t forget and miss a dose. Similarly, these IoT devices can notify patients when they need a prescription refill. Text notifications or automated calls from these systems can even direct people on how to take their medication, so they avoid any side effects.

Wearable sensors can send medical staff information about how medicine is working in a patient’s body. This data will inform doctors or pharmacists if people aren’t taking their medication, aren’t doing so correctly, or are experiencing side effects. They can then adjust their care as necessary, prescribing different dosages or alternative drugs.

5. Optimizing Vaccine Delivery

Another use case of the IoT in health care that grew amid the pandemic is IoT-based vaccine transport and storage. Two of the COVID-19 vaccines have to remain at extreme temperatures, or they’ll expire. IoT sensors can help maintain these low temperatures and alert relevant workers if an issue arises.

IoT devices in vaccine shipment units can automatically adjust temperatures based on real-time data, just as a smart thermostat does for buildings. These same sensors can alert truck drivers if something happens that jeopardizes the cooling system’s integrity. The drivers can adjust their route to deliver them to a closer location, ensuring they don’t go to waste.

This use case may have gained traction during the COVID-19 crisis, but it’s helpful for other vaccines, too. Most vaccines require storage between 36 and 46 F, with some requiring even lower temperatures. While ensuring these drugs’ safety isn’t as pressing as COVID-19 treatments, it’s still a serious matter.

People in remote areas may have a higher need for vaccines, yet delivering them to these locations is challenging. IoT refrigeration and tracking ensure dosages don’t expire in the time it takes to reach these destinations. Populations who previously had little access to modern medicine can then receive the care they need.

6. Ensuring Hospital Sanitation

Sanitation is a leading concern in hospitals, but ensuring high levels of cleanliness isn’t always straightforward. It can be challenging to know if an area is genuinely free from contaminants, and disinfection takes time. IoT medical devices can help hospital staff achieve higher standards of sanitation more accurately and efficiently.

Bacteria can be just 1-3 micrometers in size, passing through basic air filters with little trouble. HEPA filters can stop these pathogens from spreading through the air but require frequent cleaning or replacement. IoT sensors in a hospital’s airways can monitor HEPA filter quality and alert staff when they should change them, ensuring cleaner air.

IoT-connected cleaning robots can also disinfect rooms while hospital workers focus on caring for patients. These machines can alert staff if they notice any concerning trends or pathogens. These deployments help hospitals stay as efficient and clean as possible.

7. Measuring Drug Efficacy

A new but promising application of the IoT in health care is monitoring clinical trials of new drugs. Traditionally, they rely on a mixture of self-reporting and in-person examinations, but these come with some issues. Self-reporting can be unreliable, and exams are often slow and take time away from doctors’ busy schedules.

IoT medical devices provide an ideal solution to this problem. Wearable sensors can upload data about a patient’s condition and biological signs that a secure cloud doctor can access. Medical professionals can then assess the efficacy of new drugs without having to schedule an in-person visit.

Since doctors can access and monitor this data at any time, they can work these trials around their other appointments. Health care organizations won’t have to sacrifice efficiency for information. This system will also streamline the trial process, finding potentially lifesaving treatments sooner.

IoT in Health Care Can Save Lives

In most industries, IoT adoption means increased efficiency and higher profits. It can bring those same benefits to health care organizations, with the far more critical advantage of improving medical care. These technologies could save lives, especially as adoption rises and more use cases emerge.

These seven examples are just a sampling of how the Internet of Medical Things (IoMT) is shaping the industry. As this technology advances, hospitals will be able to achieve even more with these devices. The IoMT is changing health care for the better.

Emily Newton

Emily Newton is a technical and industrial journalist. She regularly covers stories about how technology is changing the industrial sector.


Fintech Kennek raises $12.5M seed round to digitize lending



Google eyed for $2 billion Anthropic deal after major Amazon play

London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs



Deanna Ritchie

As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations



Deanna Ritchie

As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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