Healthcare anticipates almost twice as much as AI.
According to a recent Morgan Stanley report, artificial intelligence and machine learning (ML) will account for 10.5% of healthcare companies budgets next year and 5.5% in 2022. According to the investment bank, 94% of healthcare companies use AI and/or ML to some extent.
While the use of AI and ML is becoming more common in industry, it has yet to reach its full potential as an enabler of new business opportunities and efficiencies,” Seeking Alpha says in a report published on Monday (September 4). “In particular, investors should look to AI and ML to create significant opportunities in four areas,” the report said: biopharma, health services and technology, life sciences tools and diagnostics, and medical technology.
For example, Morgan Stanley says that in 2021, more than 100 drug and biological applications submitted to the US Food and Drug Administration will contain AI and ML components, up from 14 in 2020.
Every 2.5 percent improvement in preclinical development success rates could lead to more than 30 new drug approvals within 10 years,” said Terence Flynn, head of US biopharma research at Morgan Stanley. “Doubling this could create 60 new approved treatments, adding $70 billion in value to the biopharma industry.
Recent examples of healthcare projects in the AI space include HCA Healthcare’s partnership with Google Cloud and the ecological medical documentation technology company Augmedix’s use of generative AI in emergency medicine.
Meanwhile, Anthem Blue Cross and Blue Shield plans to add states to an AI-powered virtual primary health plan that uses technology to streamline health care starting next year. Although experts have warned that many commercially available reproductive AI tools have not been trained on health data, making them inaccurate and unreliable, the technology still has room to operate in this area.
And some industry observers, as noted here in April, believe that the integration of AI into healthcare could lead to breakthroughs in care and treatment. This is because healthcare companies have collected vast amounts of data, including health data and images, demographic data, historical claims, and clinical trials. Modern artificial intelligence can use this information to create a better patient experience.
Observers and industry representatives believe that areas such as automation and optimization of the workflow of health systems, structuring and analysis of health data, and environmental monitoring of patient engagement are all key areas where artificial intelligence can make a difference now, along with the automation of administrative call centers and other aspects of restoring the efficiency of the customer service focus.
The future of AI in healthcare
The potential of AI in healthcare is vast. AI is expected to revolutionize the way we diagnose, treat, and manage diseases. It is also expected to improve the efficiency and cost-effectiveness of healthcare delivery.
