How could AI transform the healthcare industry?
Following up on our comments about the possible benefit that the Artificial Intelligence (AI) application would bring to the investment analysis process, now we will share some perspectives about how innovation represents a powerful force for driving change in healthcare, and AI is well positioned to revolutionize the sector. Healthcare systems contain large amount of data that can be extracted to obtain information. Pharmaceutical companies are always searching for ways to speed up lengthy drug development processes. In theory, AI could help promote more effective management across the industry, helping to obtain the right treatments in the adequate quantities for the right patients. Under this context, the initial application that the AI could have within the healthcare industry would involve the following areas:
- Research and Development (R&D): AI could potentially be used to improve the success rates of the medications in clinical trials, even though this process could take years.
- Clinical trials: Implementing AI in logistic areas could expedite the clinic trial process and improve overall efficiency. Particularly, it could improve this process by helping companies to identify clinical sites that can enroll patients more quickly, as well as identify underperforming sites that need improvement.
- Commercial Development: AI could help companies identify physicians and specialists who could be the main candidates to promote a new product launch and minimize the obstacles to reaching the market. Also, AI could help companies focus on the most effective events to generate enthusiasm and expectation around a new medication.
- Complementing the human experience: Every patient wants to obtain the best diagnosis from their doctor, here AI could make a great difference. With the help of AI, a physician would have the potential to improve the diagnosis based on a patient’s uncommon symptoms. By leveraging AI technology to improve diagnostic accuracy, healthcare providers can offer better conclusions and strengthen their outcomes.
As mentioned above, these points could be the first approach of AI to the sector. However, this process will take time and its progress will be subject to constant evaluations, or even regulations, to ground its capacity to produce better results and economic benefits. What is a fact is that these new technological capabilities are here to stay.
In this regard, UnitedHealth Group expressed that AI could help reduce the time needed to turn data into information, leading to a better understanding of all the factors that affect a person’s health. When implemented strategically, this technology can lead to better healthcare decision making and lower costs for companies.
