5G Economy: Enabling a new era of personalised health care and significant growth in the sector
Qualcomm Incorporated announced that its subsidiary, Qualcomm Technologies, Inc. released additional findings of its landmark study, The 5G Economy. The new paper titled “5G Mobile: Impact on the Health Care Sector,”developed by Dr. David Teece, professor at Haas School of Business, U.C. Berkeley and chairman and principal executive officer of Berkeley Research Group, examines the potential economic impact of 5G on the Health Care industry, based on the findings of the original study released in early 2017 conducted by IHS Markit.
On this new paper Dr. Teece states that according to IHS Markit, 5G will have a significant impact on the health care sector, its suppliers, and on sectors that use health care, and it will enable more than $1.1 trillion (€0.94 trillion) in sales for the global health care market in 2035, representing more than 9% of the $12.3 trillion (€10.56 trillion) of the global 5G-enabled economy that year.
It is also expected that 5G will be a substantial enabler of a new era of “personalised health care” providing the ability to leverage large amounts of patient-specific data to develop predictive analytics and take courses of action tailored to the patient and his or her condition, also giving patients greater ability to manage conditions on their own.
“Few people are cognizant of the full impact that the mobile communications has on their lives or on the economy. There is growing evidence that wireless technology is the silent enabler of technological progress throughout the economy,” said Dr. David Teece, professor at Haas School of Business, U.C. Berkeley and chairman and principal executive officer of Berkeley Research Group.
“Health care is a large and growing sector of our economy. Technologies that improve productivity and patient care are much sought after. 5G will open the door to important developments in personalised, anywhere, anytime, medicine.”
“At Qualcomm, we have held the vision for more than 15 years that mobile connectivity will transform the health care industry globally. As we have pushed the mobile industry forward, we have evolved towards the enablement of the Internet of Medical Things,” said Rick Valencia, senior vice president and president of Qualcomm Life, a subsidiary of Qualcomm Incorporated.
“We are excited to see that the findings of this report provide new perspectives on the economic benefits that 5G will bring to health care and also that 5G will be crucial for this transformation.”
The new paper states that 5G will have a large impact on the quality of health care received by hundreds of millions of patients and will fuel significant changes in the way in which health care is delivered. Other potential benefits of a new health care paradigm include resource and cost savings, as well as a greater focus on health care providers focusing on outcomes instead of volumes, and ultimately healthier lives overall.