Impact of Smart Technology and Economic Growth for Biomedical Applications

Impact of Smart Technology and Economic Growth for Biomedical Applications

Dhinesh Kumar R.
DOI: 10.4018/978-1-7998-3591-2.ch005
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Commonly, the sensor installed by these entities collects the citizen and infrastructure data by explicit approval. The performance based on the outline of the citizens could be done through AI depending on the data they offer that could promote advancements in the cities, or it could be utilized for the profit of the corporation. Certain barriers should be crossed in order to succeed in achieving the deployments of the cities. Commonly, the only target is to inform AI through the data gathered by the IoT in the real-time process. At certain times, the generation of data is the main part that is done by several elements, and this could be employed in a deliberate way. Certain challenges are also faced in the economic growth and its impact on biomedical industry. This chapter presents the impact of smart technology and economic growth for biomedical applications.
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International Power Institute serves as a mediator in providing guidelines and educational content regarding biomedical industries with the help of International Committee of Power Engineering Professors in International Power Education Academic sector. International power biomedical industries are highly supported with the API, which is considered to be the respectful engineering industry (Beck, Levine, 2012). A survey will be conducted by the API bi-annually based on the transmission, generation and distribution companies (Johansen, 2011). The following requirements are to be satisfied in order to enhance the research innovation in the biomedical Industries:

  • Most of the power and manufacturing biomedical industries highly depends on the cultural transformation with the constructive engagement among the workforces with the quality leadership and management, which could enhance the rate of workflow along with the innovation

  • In order to create an ecosystem with the emerging technologies, greater absorptive capacity is required in the work environment and the thinking ability to collaborate the existing technology with the new one.

  • The interconnection of biomedical industries firm promotes greater chances in networking, collaborating and clustering educational institutions, public agencies and research laboratories thereby providing a greater platform for the engineers (Krstevska & Petrovska, 2012).

  • In future, the competition among the biomedical industries could be increased with the “boundary-crossing” skills of the teamwork, creative thinking, communication and problem-solving.

Europe is a place known for their second largest industry with highest employment and sixth largest place for the biomedical industries output. Biomedical industries make their highest business expenditure on Research & Development (BERD) with 11% increased annual export earnings (OED, 2012). More than 1 million people in Europe get their job opportunities in more than 47,530 industrial companies.

However, over the past decades, Industrial sectors in Europe had faced many challenges due to the Global Financial Crisis that arises due to the high exchange rates over a long period and also due to the 'fourth industrial revolution', which increases the input costs as well as the energy. Compared to the year 2017 and 2018, the industrial sectors in Europe have survived to these crises in the year 2019. In terms of the supply chains, products, technologies and sectors, International biomedical industries had well balanced in their local and global structural shifts (OCED, 2017).

In early 2019, RBA forecasted a sharp plunge in the GDP growth of the International economy (+1.7% p.a. till June 2019), grasped by unpretentious growth for the next of upcoming months (+2.6% p.a. till December 2019). Based on the ABS data, there was a sudden break in the global as well as the local economy and the employment growth at the end of the year 2018. Persistent and long-term concerns in the biomedical industries could be bought out in terms of global competition, energy costs, imports and exports by developing a quality workforce with the productivity enhancement, future growth, global connections and local innovations.

Figure 1.

Rising Healthcare


The popularity of healthcare and its expenditure is shown in figure 1, 2 and 3. AI technology enhances this process by managing the IoT devices with its ultimate processing and learning abilities that are made possible with the powerful subset known as Machine learning (A.Suresh 2017).

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