The IoT (Internet of Things) leads to automation, convenience, and efficiency. In healthcare, the IoT is creating opportunities to optimize every aspect of care, transforming the way it is managed across the healthcare continuum. IoT technologies are also helping to shift the entire healthcare paradigm from a reactive to a proactive model.
In the past year, the market has shown both growth and change. According to CB Insights, 2019 was a notable year for healthcare in terms of VC (venture capital) funding, M&A (merger and acquisition) deals, and partnerships. The research firm reports more than 4,900 rounds closed in 2019, and overall startups raised $54 billion in equity funding.
Innovation is happening quickly, as is the norm in tech, but is it happening too quickly for healthcare, where “quick” is not the norm? Rob Havasy, managing director of the Personal Connected Health Alliance, says he used to begin his industry presentations with the following joke: “What is the phrase ‘fail fast and break things’ called in Silicon Valley? Innovation. You know what it’s called in medicine? Malpractice.” It’s a joke, but one that rings with an alarming amount of truth.
And then there’s the big COVID-19 question mark, which hangs over so many industries right now. In the past few months, healthcare (and all industries, really) have been turned on their heads thanks to the COVID-19 pandemic across the globe. Will this pandemic change the status quo in healthcare? Will it change how innovation happens?