path = '/tmp/pipe'
chunk_size = 8192
fd = os.open(path, os.O_RDONLY | os.O_NONBLOCK)


def do_something():
    pass


def check_timer():
    pass


def do_another():
    pass


while True:
    try:
        output = os.read(fd, chunk_size)
    except (OSError, IOError):
            print "Чето поломалось"
    if not output:
        print 'pipe закрылся'
    else:
        print "Мои данные: ", output
    do_something()
    if check_timer():
        do_another()