AI and Its Intervention in Global Market
Artificial Intelligence (AI) is one of the most discussed revolutions of the current global scenario. It is bringing big changes in every industry all around the world. AI with new technologies, regular updates and consistent innovation is helping industries to break all the conventional working processes and bringing more accuracy and credibility to the global market. There is no industry which has been left untouched by the intervention of AI in the global market and one of the most talked about in them is Healthcare Industry. With the help of AI not just big innovations are being experienced in healthcare but also day-to-day health check has been possible because of the technology like Smart Watch and Fit-Band,
AI Disrupting Healthcare and Changing Conventional Norms
AI with the help of different algorithms, technology and software helps healthcare to break conventional norms and bring new age changes. The usage of robots, AI-directed equipment and command software is bringing accuracy, convenience and ease to healthcare practices. 3D Printing Smart Hand, mRNA technology, genetic coding, powering surgery-assisting robots, administrative assistants and many more technologies created by AI to improve the quality and infrastructure of healthcare.
Recent research shows that the combination of AI with Machine learning (AI/ML) has improved drug testing, body imaging, scanning and many more segments of the healthcare industry. There are different software and tools operated through AI are being used depending on the custom needs of the hospitals, pharmaceuticals or patients. There is huge potential for custom research and consulting in healthcare industry for the adoption of AI.
3 Biggest Innovations in Healthcare Industry by AI
AI in Online Medical Consulting and Assistance
AI has such a diverse spectrum of programming that it is attracting many organizations to collaborate.
• Since the COVID-19 pandemic, the online medical assistant has seen drastic growth and recorded growth from 13% to 17% in the year 2022.
• One Medical, an online medical consulting service is using AI and big data technologies to provide consultations to patients online. Amazon has invested nearly $4 billion to close the deal by acquiring One Medical in July 2022, which suggests the interest of big ventures in bringing AI into online healthcare.
• Walmart through its venture VillageMD, acquired Summit Health for nearly $9 billion in November 2022 to expand its market share in online medical assistants.
• Merck Global Health Innovation Fund, Merck invested a $500 million venture fund in digital health in December 2022.
AI and ML to Improve Drug Testing and Manufacturing
• In September 2022 Pfizer and CytoReason came into a partnership to use AI and ML to new age drug discovery in which Pfizer paid nearly $90 million to gain access to the AI technology by CytoReason.
• Recursion, a leading TechBio company is using AI and ML to improve drug manufacturing and trials. They use gene coding technology with the automation of AI to analyze and test drugs.
• Recursion collaborated with Biotech Ecosystem to open its Canadian headquarter in June 2023 in competitive synergy with the government to improve drug testing and manufacturing.
• Researcher from MIT-Takeda developed an AI-based estimator for medicine manufacturing in May 2023.
AI and Cloud Computing for Medical Imaging
• Bayer, a multination pharmaceutical and biotechnological firm is investing in AI and cloud computing to make radiology especially MRI and CT scans more accessible, feasible and online for patients all around the globe.
• Bayer is investing in next-generation immuno-oncology and precision molecular oncology approaches using AI by spending almost $140 million on their new research and innovation facility in June 2022.
• Tempus, a leader in cloud medical imaging has partnered with Amazon HealthLake Imaging to support physicians in delivering personalized, data-driven patient care in November 2022.
• In April 2023 Partnership of Phillips and AWS has been the biggest to bring AI into medical imaging and scanning by reducing the cost to scale their operations globally.
Future of AI Innovations in the Healthcare Industry
All these innovations are attracting big ventures to invest in AI in the healthcare industry as of May 2023 $50 million investment has been made by Andreessen Horowitz and General Catalyst to seed fund the Hippocratic AI technology which reduces the cost of treatment in the healthcare industry and makes it more accessible and custom.
All these innovations and investments open the door for custom research for AI in the healthcare industry. For every small and big business and company in healthcare as well as for the new entrants, it has become very crucial to invest in research and development to consult the best technological fit for their target market. It is important to understand the needs of the market and customers of healthcare to provide the best possible infrastructure and solutions to improve the growth of healthcare.