Is there is a way to determine an iPhone's exact location (indoors, and to a distance of just a couple of feet) via use of radio/antenna's or some other infrastructure located around premises (i.e a hospital, shopping mall, school). Will appreciate any ideas/direction (technologies, research) as for how to overcome this limitation.
If you mean for an area you have control over (setting up a location network for a specific school/hospital) as opposed to generic location, you'd be able to triangulate your position based on wifi signal power for APs with known locations.
If you wanted it to be a generic solution, and you know there would be multiple APs in/around the buildings you wanted, you could triangulate all wifi signals while you have GPS outside the building, and then reference those locations when you lose gps accuracy. The first part is something that many wardriving applications already do.
Here's an article describing a commercial technology for this purpose in high-level detail: link
And here's a link to a SO page where people have started discussing possible methodologies: link