How can IoT improve the value-creating landscape within the Nordic life science industry?

Abstract

Internet of things (IoT) is currently driving a new age of digital innovations within life science by facilitating digital transformation and progressive care. However, the IoT technology is also associated with significant challenges for organizations. These challenges do pose a risk of negative impact on business, and severe complications for individuals and patients, if not understood and addressed properly. This study is examining the value-creating landscape within the Nordic life science industry, and how it is affected by IoT as an emergent technology. Previous research on the subject demonstrates a lack of empirical studies examining the Nordic market and calls for additional empirical examinations that can help explain IoT’s potential and implications on life science busi- nesses. We conducted a qualitative study based on interviews with experts in the field, focusing on two research questions. The first research question is examining social and economic value derived from IoT within the Nordic life science market, while the second research question targets challenges as- sociated with IoT within the Nordic life science market. Several opportunities for IoT to create social and economic value within life science have been identified. A selection of these includes improved diag- nostics, individualized care, knowledge about product usage, and decision support. Our findings do also affirm several challenges for the technology, where the main obstacles are found to be high regulatory demands and con- servatism within the life science industry. Additionally, technical challenges associated with the IoT technology such as connectivity and cyber security issues are also significant.