iotot

project on
mymdband
PREPARED BY
IOTOT SEC-2 GROUP 2

UM20218 RISHABH DABAS

UM20222 SHUBH GULATI
UM20234 SIDHARTHA MOHAPATRA
UM20240 TAPASYA PATTNAIK
UM20251 Y. SAI MADHURI

SUBMITTED BY SECTION 2, GROUP 2

Table of Contents
Pg No.
1 Executive Summary

2 Introduction to IoT in Healthcare Industry 1

IoHT
HIPAA Compliance
4
3 About the Company

4 Value proposition strategy 5

5 Competitor Analysis 6

6 Market Segment 7

7 Customer 9

8 Pricing 10

9 Any other Business Related Features 10

10 Finances 11

11 Future of IoHT 12

12 Risks/Challenges in Industry 13

13 Conclusion 14

14 Reference 15
 Executive Summary
As a disruptive technology, the Internet of
Things has been maturing in the past few
decades and is critical for sustainable growth in
many industries. While sectors like agriculture,
manufacturing, utilities, and infrastructure often
make use of the advancements in IoT
technology, healthcare as a sector has
witnessed a lot of traction in recent years
through this transformative technology.

One of the most critical applications of IoT in

the healthcare industry includes wearable
medical devices which allow the monitoring of
health statistics and various vital signs. Through
connection and communication between
healthcare facility providers and patients, better
visibility into the health status can be gained.

This report aims at presenting the importance

of IoT in the healthcare industry through the
discussion of an innovative product by the
company, MyMDBand. The product is a wearable
medical bracelet that provides access to the
patient’s medical information that is even
available in local languages for better
facilitation from the healthcare service
providers. The bracelet also alerts pre-
programmed family members about the
emergency situation, the treatment, and the
current location of the patient.

This report also discusses the company’s value

proposition strategy of providing quality
healthcare to patients, the competitive
landscape analysis, the various market segments
the brand operates, and the percentage share of
the revenue. Furthermore, the target customer
analysis, pricing strategies, and financial
performance are also presented. Lastly, the
report puts forth the way forward for IoT in the
healthcare industry and the challenges faced in
its implementation.
Introduction to IoT in
Healthcare Industry
The Internet of Things (IoT) is majorly impacting the healthcare
industry by transforming how devices and people interact with each
other. IoT is speeding up healthcare delivery and enabling faster
diagnosis, communication, and transportation by making use of
medical devices that are implanted with smart sensors. This benefits
patient, doctors, hospitals, and insurance companies. A four-step
architecture is used for redefining healthcare.

Figure 1: The four stages of IoT solutions

Drivers for IoT Adoption in

Healthcare
IoT redefines healthcare by ensuring there is improved care, better
treatment outcomes with lower costs for patients, advanced
processes and workflows, superior performance, and smoother
patient experience for healthcare providers. A few of the major
drivers which compel organizations and markets to shift to IoT cost
reduction, improved treatment, faster disease diagnosis, proactive
treatment, drugs and equipment management, and error reduction.

Table 1: Drivers of IoT in the healthcare sector

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Internet of Healthcare
Things (IoHT)
As the world
acclimatizes and
recalibrates, IoT is the
intelligent guardian
that drives us forward
to a safer and more
connected future.

Internet of Healthcare Things is a Telehealth technologies were

phrase coined by Gartner which also used increasingly for both
refers to the emerging trends in prevention and protection.
the healthcare industry where Personal consumer wearables
technology is shaping the way we are in use to track vital health
live. Forrester Research indicates signs, whereas telehealth visits
that there is a huge potential for help to reduce the transmission
smart healthcare to grow as of in-person appointments.
currently the APAC region Smart IoT monitoring devices
witnesses only 7% of work which are rising in demand since they
is delivered by IoT service support millions of vulnerable
providers. At the start of 2020, a and elderly people to live more
Gartner survey among US-based independent lives. Healthcare
enterprise IT managers facility infrastructure
concluded that IoT adoption is monitoring is another space
becoming more mainstream as that is seeing huge growth. IoHT
86% of respondents reported is witnessing a steep growth
that they had IoT architecture in and expenditure by healthcare
place for many business lines. providers is only set to increase
Research from CB Insights more. Gartner forecasts growth
indicates that infectious disease from $16 billion in 2018 to $52
and life-support devices billion in 2028 at a compound
dominated the medical devices annual growth rate of 12%.
domain in the first quarter of
2020.

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HIPAA COMPLIANCE
HEALTH INSURANCE PORTABILITY &
ACCOUNTABILITY ACT (HIPAA)

The Health Insurance Portability

& Accountability Act (HIPAA)
include the standards for the
sensitive data protection of the
patients. Organizations that are
involved with protected health
information (PHI) must have the
process, network, and physical
security measures established
and follow them to ensure HIPAA
Compliance. Covered entities
(anyone providing treatment,
payment, and operations in
healthcare) and business
associates (anyone who has
access to patient data and
provides support in treatment,
operations, or payment) must
meet HIPAA Compliance. Other
entities, such as subcontractors
and any other related business
associates must also be in
compliance. If a product deals
with protected health
information, it must be HIPAA
compliant. If it deals with
consumer health information,
then it doesn't have to be HIPAA
compliant. The checklist below
can help in developing an
implementation plan to comply
with HIPPA regulations.
Figure 3: A HIPAA compliance
checklist

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About
MyMDBand offers a Medical Bracelet,
which contains medical emergency
information. The band is a durable and
stylish bracelet with a personalized
Quick Response(QR) code that provides
medical personnel with instantaneous
access to the patient's emergency
medical information, anytime,
anywhere, securely. The information
includes prior medical conditions,
current medications, any allergies, and
vaccinations. All the information is
stored in a sophisticated online
repository called MyMDFile, which
follows the latest security measures
and HIPPA Compliance.

Using MyMDFile's technology, the

patient's medical information is
displayed in their local language,
ensuring that they get the best medical
care everywhere. In case that the
device is not scannable, information
can be accessed from the online
website as well. The device is marketed
on a subscription basis in 8 countries,
including the U.S., Canada, UK, and
Australia. The company is a start-up
that was founded in 2012 in Israel and
has raised $54K in crowdfunding on
Crowdmii. MyMDBand's secure, simple
and intuitive interface helps users keep
their medical information up to date or
have their doctor do it for them.

The company is fundraising for 36,000

USD to invest in their next
development stage, offering individuals
their bracelets, enabling organizations
to promote the campaign under their
MyMDband is fundraising
own name, and allowing communities for 54,000 USD in order
to fund bracelets for those who need it, to fund its lifesaving
locally or abroad. In a separate
campaign, MyMDband is fundraising for
bracelets for Holocaust
54,000 USD in order to fund its survivors in Israel
lifesaving bracelets for Holocaust
survivors in Israel.

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Value Proposition
Strategy
MyMDband is a simple silicon
bracelet containing a stainless steel
metal buckle, with a unique laser
engraved QR code, and PIN code on
the backside, which provides medical
support teams access to all the
patient’s medical information, within
seconds, and in practically any
language in the world. Based on an
innovative system that makes use of
IoT to adapt to any language,
MyMDBand’s technology
automatically adapts in order
to display the medical data in
the local medical
professional’s language.
Figure 4: The Value Proposition Model - MyMDBand
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MyMDband provides a much-
required solution to one of the most
critical problems in emergency
medicine, responsible for about
100,000 deaths annually in the
United States alone: lack of access to
a patient's medical information at
the time of an emergency.The really
innovative concept is the system
behind the bracelet. The built-in GPS
of the mobile phone that scanned
the device enables MyMDBand to
automatically notify the patient’s
predefined emergency contacts,
alerting them about the treatment
and the need for assistance, as well
as providing their loved ones with
the correct location.
5
Competitor Analysis

Table 2: Competitor Analysis

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 Market Segments
According to research by Global
Market Insights, Inc. IoT devices in the
field of remote sensing and patient
data monitoring is expected to be
valued at 20 Billion USD by 2027. This
increasing trend is due to increasing
releases and expansion of digital
footprint, especially in developing
countries.

Penetration of key market players like

ZigBee connection technology offers
high-end features to monitor medical
benefits, health records and even get
remote medical assistance. Figure 5: IoT in Healthcare Market:
Revenue Share % by Application

By Geography, the IoT healthcare market Europe: Second Largest market due to
is segmented as implementation of advanced
North America, technological devices and platforms to
Europe, ease primary healthcare services. The
Asia Pacific and major health care institutions have
LAMEA. switched to real-time patient monitoring
databases accessible on the cloud from
North America: Advances IoT software any healthcare unit. Penetration of bigger
and services adoption, technical networking technologies provides faster
advancements and increased usage of data access and instant analysis to
smart devices. Healthcare sectors have experts, thus making it the most preferred
predominantly adopted smart healthcare technology in the European healthcare
services and government initiatives could market.
also be considered a major driver in the The Image below is a pictorial
projected spike of the healthcare representation of Mordor's Prediction of
segment. market growth in IoT @HealthCare Sector

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 Market Segments (cont.)

Figure 6: IoT in Healthcare Market: Growth Rate by Region

(Source: Mordor Intelligence Statistics)

Asia Pacific: With increasing LAMEA: With the high adoption of

penetration in emerging markets like advanced technology, UAE is currently
China and India, this region sees an positioning Dubai as a healthcare
opportunity to and increased the tourism destination with end-to-end
adoption of IoT Components in the services including high-care
healthcare industry. The demand for treatment.
quality healthcare services, higher
adoption of cloud computing depicts
a stronger market by 2025. In China,
almost 30% of medical software in the
healthcare industry provides real-time
scenario data from IoT devices. Also,
20% of local institutions have adopted
to IoT based biological sensor
technology to measure the vitals of
patients

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 Customers
MyMDband is a fashionable and
durable bracelet with a certain times, might not be
personalised QR code that gives
medical workers secure access to
a person’s emergency medical
information at any time and
anywhere.
The world we currently live in and
the kind of lifestyle that we lead
makes it essential to have reliable
medical instruments like this
band at our disposal all the time.
The company essentially targets a
wide range of customer segments
including:
World Travelers: It is advisable
for travellers to have a device
like this with them, in order to
make sure that all the medical
information is readily available
in case of any emergency for
the medical staff in a foreign
land.
Senior citizens: As a person
gets older, the probability of
any health and the medical
issue becomes larger and
hence, it is advisable to wear a
device like this one to remain
prepared for any uncertainties.
IOTOT - SEC 2, GROUP 2
Children: Since, children at
able to express any
discomforts in the best of
manners. It is advisable to
keep the children secure and
catch any disease at the
earliest of the stage.
Pregnant Women: Pregnancy
is always a difficult time for
most women, with two lives
at stake. It is advisable to
use devices like this one in
order to sail through this
tough period smoothly.
Doctors: Doctors are
expected to be the brand
ambassadors of a product
like this and make their
patients and the general
public know about these
devices and their utility in
our life.
9
Pricing
The company follows a The strap supplied by default is of
subscription model of pricing, the colour black. One could get
where they charge a yearly bands of 5 extra colours red,
subscription fee of $79.99. For orange, yellow, blue and turquoise
any new customer or first-time for a price of $13.99.
purchase, an additional amount
of $20 is levied with the $79.99
subscription fee.

Any other business-

related features
MyMDfile ( An independent medical records bank):

There are several proposals for It's an electronic repository for

regional and, eventually, collecting, storing, and
countrywide health information disseminating a patient's medical
exchange, but the hunt for a records. The company has been
system that can transmit a trying to develop a system where
patient's data entirely, patients or payers would pay a
confidentially, and securely fee to open an account with the
whenever and wherever it is health record bank. When a
required is at the heart of them patient visits a healthcare
all. The health information institution, the provider enters
exchange (HIE) paradigm that the encounter's information into
underpins the national health the patient's health record bank.
information network is Patients might also contribute
responsible for most of this their own health information to
effort. In many ways, a health the database.
record bank is similar to a
financial institution.

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financials

Table 3: Financials MyMDBandUS

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Future of IoHT
IoT in the Healthcare sector has helped
the medical professionals in safely
connecting with their patients in times
as that of the Covid-19 Pandemic. The
increased usage of wearables has
enabled remote patient treatment and
monitoring at their homes, which in turn
has allowed for a reduction in the
number of resources that a medical
facility would require to operate under
normal circumstances.

Added to this are the benefits that 5G is

about to bring. With nearly 100 times the
speed of 4G connections, 5G is providing
flexibility to IoT in the sense that huge
amounts of data can be exchanged at
blazing fast rates. Assisted medication
adherence; remote temperature
monitoring; sleep monitoring with heart
rate, oxygen levels and movements for
high-risk patients; dynamic glucose
monitoring are some of the features that
5G enabled IoHT devices can offer in real-
time.

End-to-End connectivity is another

functionality the IoT can bring for
healthcare, by automating the patient
care workflow through an array of
healthcare mobility solutions. Machine-
to-Machine communication along with
Interoperability and data movement
supported by information exchange can
help in transforming healthcare delivery
and make it more productive than ever.
Multiple connectivity based protocols
allow the devices to monitor for
anomalies and spot early signs for any
illness, thus raising the alarm before it
gets too late.

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Risks/Challenges in
Industry
With the demand, trend and
applicability on the rise for IoT in
the Healthcare sector, challenges
are bound to come up. One of the
biggest challenges is the Cost
Factor. Keeping that aside for a
moment, we still have many other
challenges that are slowly gaining
significance as innovation in this
sector is gaining pace.
One such challenge is with data
storage. How do we handle
mountains of data collected by
thousands of IoT devices? This is
followed by the security concerns
as this data is required to be
shared across, so privacy and who
gets to access whose data is
another challenge.
Another challenge is posed by the
sheer number of devices involved
in the process. As there is no
standardized protocol, multiple
devices can act as a barrier in the
implementation phase itself.
Platform independence or cross-
platform compatibility is a crucial
requirement for IoT in healthcare
to be as big of a success as
imagined.
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Coming back to the factor of cost,
many healthcare devices that
come in the form of wearables,
are still considered expensive.
Although devices are available on
the lower end as well, that do
offer a band for the buck, they
still lack the appeal from a
layman’s point of view. The
higher-end devices offered by the
“Premium” brands offer quality
and a wide variety of features,
which comes at a cost.
The last and one of the most
crucial factors is the 24*7
availability of IoT devices. It is
good that the devices can operate
24*7 and provide data at every
instance, but this is bringing the
challenge of providing 24*7
maintenance and assistance for
the same. This is crucial because a
failure in this regard can be
catastrophic.
13
Conclusion
IoT Wearables in healthcare
industry have a promising trend
with largest market from
developed countries while,
highest growth in developing
countries. Some of the major
competitors in this segment like
Dexcom and Philips are looking to
integrate with smaller firms to
create an integrated service for
people at any corner of the world.

IoT not only assists the future of

the healthcare service, but
creates richer database to analyze
the trends in disease pattern, a
major driver to predict outbreaks
under optimal circumstances.

With risks of data and privacy

theft, there lies a risk terror
attacks and biomedical attacks
which can posses threat to the
humanity in future.

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 Reference

https://www.wipro.com/business-
process/what-can-iot-do-for-healthcare-/
https://www.eseye.com/internet-of-
healthcare-things-ioht-trends/
https://digitalguardian.com/blog/what-
hipaa-compliance
https://www.mymdband.com/LandingPage
.aspx
https://straitsresearch.com/report/iot-
healthcare-market/
https://www.mordorintelligence.com/indu
stry-reports/global-patient-monitoring-
market-industry
https://www.automation.com/en-
us/articles/august-2021/increasing-
remote-health-monitoring-iot-gateway
Future of IoT in healthcare brought into
sharp focus (techtarget.com)
ISSN: 2315-4462 (jocm.us)
The Future of IoT in Healthcare Facilities
(healthspacesevent.com)
Future of IoT in Healthcare |
TheSelfEmployed.com
What is the Future Scope of IoT in
Healthcare? - Appventurez

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