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The Next Wave in Healthcare: Improving Patient Outcomes with the Internet of Things (IoT)

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IoT growth has skyrocketed across multiple industries. In article published by information week, it is estimated that by 2018, the number of IoT devices will surpass mobile phones in the greatest number of connected devices

Healthcare industry is in the front end of being disrupted by this trend. According to one of the industry analysts, the IoT healthcare market is projected to grow to USD 158.07 Billion by 2022, at a CAGR of 30.8% from 2017 to 2022. FDA has established a Digital Health Unit to prepare for iOT and released relevant non-binding guidelines for certain topics.
At PTC ,we had great success in working with several Medical Device manufacturers who have embarked on this journey with our PLM, CAD and Iot solutions for this industry. Please take a few moments to review my thoughts on "The Next Wave in Healthcare: Improving Patient Outcomes with the Internet of Things (IoT)"

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The Next Wave in Healthcare: Improving Patient Outcomes with the Internet of Things (IoT)

  1. 1. © PTC 2018, All rights reserved. The Next Wave in Healthcare: Improving Patient Outcomes with the Internet of Things Integral R&D, Manufacturing, Quality, Compliance, And Risk Management For Connected Devices
  2. 2. © PTC 2018, All rights reserved. “We envision IoT enabling a hospital of the future based almost exclusively in the cloud. Digital healthcare market could see as much as $32.4 billion in near-term revenues.” - Goldman Sachs, The Digital Revolution comes to the US Healthcare, 2015 Industry Compelling Events Connected Healthcare Changing Regulatory Requirements & Impact of Healthcare reform • Digital disruption in healthcare industry driven by connected devices (IoT) • Improving Patient Outcomes with the Internet of Things (Value-based care) • Recent revisions to the global medical device regulation ISO13485 • “Case for Quality” initiative by the FDA and the medical device industry • Hospital Value-Base Purchasing -Affordable Care Act (ACA) program aimed at advancing value over volume Changing Industry Trends are Impacting Medical Device Manufacturers' Total Cost of Quality (TCoQ) Cost Of Poor Quality Costs Medical Device Companies Between 12%-18% Of Their Revenue 1 2
  3. 3. © PTC 2018, All rights reserved. Serious adverse event reports related to medical device use have outpaced industry growth by 8% per annum since 2001. 7,839 7,829 9,262 11,735 13,868 16,567 17,513 19,832 28,049 0 5,000 10,000 15,000 20,000 25,000 30,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Patient injured in serious adverse event # of patients injured Trends In Medical Device Adverse Event Report Source: FDA 2011 https://open.fda.gov/device/pma/ “The medical device industry is approaching a tipping point where the increasing likelihood of a quality event, the rising costs of such events, and the public nature of quality performance will force companies to focus on quality and reliability throughout product design, manufacturing, and marketing.” - McKinsey, The Business Case for Medical Device Quality , 2013 1
  4. 4. © PTC 2018, All rights reserved. McKinsey estimates the financial benefit to improve quality costs in Medical Device companies is around $4.75-$6.0B USD. Design Suppliers Manufacturing Post Production & Change Control Hardware 15% 12% 2% Software 8% 7% Labeling 4% 3% 1% Packaging 1% 3% Process 3% 2% 18% 1% Total By value Stream 31% 14% 24% 12% An analysis of root cause data reveals that failures in product design and manufacturing process control caused more than half of all product recalls. Source: Data from RECS database “Data indicates an over emphasis on pure compliance versus quality outcomes.” Source: FDA 2011 - Understanding Barriers to Medical Device Quality “Reducing the Cost of Poor quality can convert 12%- 18% of revenue into profit.” - Mckinsey Recall Failure Codes 1
  5. 5. © PTC 2018, All rights reserved. “We envision IoT enabling a hospital of the future based almost exclusively in the cloud. Digital healthcare market could see as much as $32.4 billion in near-term revenues.” – Goldman Sachs Medical Device Companies can spur Innovation, Transformation, and Growth by Embracing the Potential of Connected Devices Hospital Doctor’s office Anywhere Cost Efficient Precision/performance Portable/Afforda ble Patient Comfort Early Diagnostics / RT Monitoring Electronic health records Personalized Chronic Disease Emergency care / Remote Patient Profile Analytics Telehealth Source: TI Medical 2 Connected healthcare can increase patient safety and cost reduction by monitoring devices used by hospitals, patients and doctors office -35% -53% -59% Hospital admissions A&E use Hospital bed days 0 Source: Deloitte Center for Health Solutions, Connected Health, 2015
  6. 6. © PTC 2018, All rights reserved. Manage customer requirements Manage compliance Visualize automatic dashboards Manage projects and changes Track full audit trail Create trend metrics Reduce manual reporting Manage UDI Compliance Reduce time for submission Integrate compliance, quality & product Speed change requests Visualize new products PTC’s Medical Device Value-Ready Deployment™ (VRD) supports the FDA’s “Case for Quality” and offers a set of pre-configured validation ready regulatory templates PTC Windchill VRD enables customers to improve patient safety and product efficacy while following the ISO 13485 standard, harmonized with the FDA Total Product Life Cycle (TPLC) and 21 CFR Part 820 regulations.
  7. 7. © PTC 2018, All rights reserved. Innovation Compliance CostComplexity Quality Standards Product Development Closed-Loop QualityRegulatory Compliance • Speed-to-market first-mover advantage and repeatability • Decisions via access to connected product data • Quality of new products and processes • Global regulations to expand into more markets • Complete supply chain needs to comply • Traceable throughout the product lifecycle • Efficiency in operations and product introductions • Insight into sources of issues and costs • Preventive Action to reduce costs and risk • Systems designed for software and hardware, and iOT • Lifecycle collaboration across the organization • Strategic new technologies PTC’s smart connected PLM™ solution enables companies to design, manufacture and service connected medical device products in a closed loop fashion “Smart, connected products require a rethinking of design.” – Harvard Business Review Source: How Smart, Connected Products Are Transforming Companies, HBR Windchill PLM helps customer maximize profitability at each Lifecycle Phase
  8. 8. © PTC 2018, All rights reserved. Next steps: Request a collaborative session to see how smart, connected PLM can help you lower Total Cost of Quality (CoQ) and improve patient outcomes Integral Document Control, Design Control and Quality Management Document Backbone Manage & Control all key documents / Document Control Product Backbone Manage and control product information / CAD, BoM, BOO, Change Control, Processes / Workflows… Quality Backbone Quality, reliability, and risk management is harmonized with engineering & suppliers, across products & processes
  9. 9. © PTC 2018, All rights reserved. Author: Swapan Jha Vice President, IoT Solutions group Contact PTC: http://www.ptc.com/contact-us Customer Care 877-ASK-4-PTC (877-275-4782) www.ptc.com “According t o a st u dy from GE , a 1 pe rce nt I oT -ge ne rat e d re du ct ion in he al t hcare syst e m ine fficie ncie s cou l d bring abou t sav ings of $ 6 3 bil l ion ov e r a 1 5 - ye ar pe riod .” Industrial Internet: Pushing the Boundaries of Minds and Machines, GE, November 2012

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