As a result of the fast development of Internet of Things (IoT) technology, the healthcare sector has undergone a transformation. This transformation has been brought about by the deployment of linked medical devices that provide immediate monitoring and data collecting. Despite the fact that these innovations promise to bring about considerable gains in patient care and operational efficiency, they also bring about major security issues, especially with regard to the protection of personally identifiable information about patients. Within the context of the Internet of Things (IoT) ecosystem for healthcare, this study investigates sophisticated encryption approaches that are aimed to protect patient data stored in linked medical equipment. One of the first things that the research does is investigate the specific security needs and risks that are linked with Internet of Things (IoT) devices in the healthcare industry. These include concerns around data privacy, integrity, and authentication. Advanced Encryption Standard (AES), Elliptic Curve Cryptography (ECC), and Quantum Key Distribution (QKD) are some of the encryption standards and protocols that are often used in the process of protecting Internet of Things (IoT) connections. This article presents a complete examination of these encryption standards and protocols. Following that, it digs into sophisticated encryption approaches that are especially targeted to the limits and needs of healthcare IoT systems. These techniques include lightweight cryptographic algorithms, key management strategies, and secure multi-party computing (MPC) frameworks.