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Healthcare costs continue to surge. Now companies are using powerful cloud-computing networks and connected devices to stem the tide. For example, Qualcomm (QCOM) has partnered with Philips USA, the American division of the Dutch company Koninklijke Philips N.V. (PHG).
QCOM and PHG plan to develop an important Internet of Things healthcare ecosystem.
Medicare estimates that it spends $17 billion each year on avoidable readmission costs for patients. Frequently, these patients get readmitted because they suffer from the complications of multiple chronic conditions, such as diabetes.
Qualcomm Life quietly developed the 2Net open-device network, and a suite of connected medication dispensers, biosensors and self-care glucose meters. Philips Healthcare Suite is an open, cloud-based platform for healthcare systems, providers and individuals. The marriage of the two creates one massive, scalable ecosystem. It will also create a lucrative new niche medical business as providers move care from costly emergency rooms to the patients’ homes.
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Pricewaterhouse Coopers suggests the market for connected healthcare will grow to $61 billion by 2020. From current levels, that is an impressive growth rate of 33% annually. And all parts of the ecosystem are expected to prosper. By 2020, connected health devices should grow to $14 billion and connected services should expand to $45 billion. From current levels, that represents annual growth rates of 37% and 31% respectively.
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| Even after successful surgeries, too many patients end up back in the hospital. |
The Pricewaterhouse numbers might be conservative. As healthcare costs rise at an unsustainable rate in most of the developed world, policymakers are reaching the broad consensus that maintaining health is just as important as treating conditions. Connected healthcare, especially for chronic sufferers, encourages patient self-management while at the same time reducing costs. It’s a win-win.
The timing is right for Philips and Qualcomm, too. Healthcare Suite has industry-leading core capabilities in data storage, data aggregation and analytics. Advances in cloud computing mean all of this can be delivered at scale. And 2Net allows healthcare providers to build custom applications for personalized treatment through the patient’s medical device, smartphone or, potentially, other wearable device. It’s not hard to imagine a world where patients with an Apple Watch are in constant, real-time contact with software at their healthcare provider.
Philips’ Jeroen Tas summarizes the prospects well: "Patient self-management combined with connectivity to a care network is an emerging model that enables scalable chronic-disease-management for patients and providers."
That business, let alone its terrific prospects, are not yet reflected in Qualcomm’s share price, making the big chip company a buy on pullbacks for connected-healthcare investors.
Best wishes,
Jon Markman
{ 13 comments }
Jon, what kind of psychobabble is this…..”QCOM and PHG plan to develop an important Internet of Things healthcare ecosystem.”
This won’t help health care because it is increasingly controlled by government. If anything, it will only increase government’s control of people’s lives through lack of privacy of health records. Plus, useless “consultants” such as Pricewaterhouse Coopers support Big Government and the plan to complete the takeover of health care.
Technology cannot save a society in collapse. It cannot save health care.
It is yet another great idea for free tax money! FRAUD is the most pervasive wrong that ever existed and is blessed by paid off gov, officials and allowed by the sec with little penalty and lots of no risk awards. How does that help put integrity in the gov or the crony system? I hope you vote no; because the goal seems to be win over us not the rich no matter the promise, and fool people to keep it going, how else could someone running for president make millions when the stock market fell, and leak information that cost us so much unless it was another kickback theory, and how about now?
As an investor one must deal with the realities of investing environment but much of that $17 billion is because a patient seldom talks directly to provider and receive needed care. It’s usually patient to insurance/government;provider to patients insurance/government, then provide care per third party policies and send coded bill to insurance/government and receive payment upon approval by insurance government. Shortening the paper trail will save money and save treatment costs by preventing health complications caused by delay but eliminating the system would save even more. That wouldn’t be good for some stocks but it would be good for others.
This was an informative article.
As I have done many times in the past, I’m wondering why you don’t include a share button, so this information could be shared, like I share a lot of information on Facebook with many groups (mostly veteran groups with older members).
By recognizing the author and company, since this site is a free open to the public site, I don’t see how you could lose.
I bet it would lead to a lot of new subscribers.
Just a thought.
So the cost of healthcare is going up more and more with Obamacare. Please tell us what this will do to insurance premiums and not just where the profits flow to. Thanks
Will
Tighten your seatbelt
Thought you might find this interesting…
BestJohn
I call B**S*** on this.
The Gvmt does not want people healthy. They want to depopulate the landscape and control the remaining sheeple. Yeah, private companies might be trying to provide better services at a lower cost but as soon as the gvmt gets involved, they hi-jack the tool and bloat it out of proportion.
I keep telling my Wife: the best thing is to stay healthy (exercise/eat right) and AVOID having to enter into that cesspool called “Healthcare”.
Qualcomm and Phillips are at best infrastructure players. Companies like McKesson and Cerner control the applications and provide healthcare information systems. They also have formidable network/infrastructure divisions. Qualcomm gear is part of both companies strategy whereas Phillips gets involved on the radiology side mainly. Obamacare revisions should include going from physician to facility, to insurance provider in a seamless process. As a Medicare recipient and one who has relatives receiving Medicaid, the advent of Obamacare has contributed negative results (example, an annual physical is not covered). Preposterous! Healthcare professionals and not political professionals understand that preventative medicine is the key component to decreasing healthcare costs.
Jon, this battle has been going on for some time. The govt talks about too many readmissions and penalizes the hospitals, so here is what they do. In stead of add mitting you the paper now says you were sent to your room for observation. the hospital solved their problem but put it on the patient–most long term health care policies sold for a lot of years require that you be admitted for three days at the hospital as a condition for their policy to go into effect .Some people did not see this change at the hospital level and got stuck with a bill at the LTC facility
I worked on and developed systems to automate the management of patients with chronic conditions at home over 20 years ago. The insurers showed little interest. One of the fallacies of health care is that it is an advanced field. With the exceptions of the biomedical, pharmaceutical, genetic and surgical areas, health care is not that advanced. In its administration and execution today’s healthcare is inefficient and even primitive.
The amount of waste that is ignored and tolerated in a typical American hospital would have you comparing it not to a 747, but a biplane.
The Internet makes lying politicians, easier to track down. Obama has said that he believes US healthcare should be a one payer system ( in a speech to union members…find it on google). This means that Obamacare is a device…DOOMED TO FAIL…the health insurance companies call health care quits…and who comes riding in like the cavalry to save the day?…..BIG GOVERNMENT…Yes, Gov’t will step in to offer health care because insurance companies have backed out. Now all the gov’t free loaders will get lucrative jobs….dispensing gov’t health insurance to the masses. Don’t believe it? Michele Obama had a “job” in health care prior to Obama taking over as King…er sorry…POTUS…She was making $200,000 per year. She was so good in her job the next year she got a raise….$300,000 per year. When Obama started to run for Presidency, Michele quit her “day job”….Her job was “so vital to the company”…….that the company did not fill the job after she left. The Obamas know where the fatted calf lies. At least for them its health care. Nancy Pelosi, one of the biggest thieves in Washington ( read the book…” throw them all out”)….was asked about Obamacare when it was being debated in Congress…She was asked….” Is the Health Care act feasible?”….She responded…” Will it work?…..We DON:T KNOW IF IT WILL WORK…..that’s why we have got to pass the bill…TO SEE IF IT WILL WORK…?!”….With genius logic like that and Obamas cunning and conniving ways, health care in the usa will become the biggest center of graft and corruption….making the thieving of the military industrial empire group, look like chump change…
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