“Where’s waste coming from? Soon you realize it’s administrative burden, which is about 300% more,” Patel said, adding that doctors are spending only 30% of their time with patients and the rest on administrative duties.
The Internet of Things will directly affect this workload, Patel suggested. Likewise, the development of new pharmaceuticals — now around $1 billion in R&D for each new drug — will be made substantially less costly through better use of data, and there’ll be more opportunity for what he called “predictive medicine,” whereby treatments are increasingly optimized for each patient.
The IoT plays a significant role in a broad range of healthcare applications, from managing chronic diseases at one end of the spectrum to preventing disease at the other. Here are some examples of how its potential is already playing out: