A recent report from the British market research company, finnCap showed that the UK’s healthcare providers and companies could benefit greatly from employing artificial intelligence (AI) technology. The sector has incredibly large amounts of data to handle, and would greatly benefit from integrating AI.
The applications for AI are almost endless, from drug innovations and trials, to patient care, as well as increased efficiency of healthcare operations. AI used in drug trials have the potential to spot various factors that could be missed by the human eye.
AI would be favourable in the, as it would predict potential new cases by geographical area, and predict which types of populations would be at most risk. This data could be used to forewarn travellers to the area.
The report has four key factors as to why AI would be an attractive investment for the healthcare sector.
First, the advances in computing power and decline in hardware cost, which will continue to increase the capability of AI and reduce the costs of its implementation.
Second, the continually increasing size of data sets generated in the healthcare field, which AI can allow for improved processing and management of data.
Third, is the number of cross-industry partnerships and collaborations in the healthcare sector which have grown and are expected to continue to do so. The main big pharma companies have either collaborated with or acquired AI technologies to take advantage of the opportunities it brings
Fourth, is the competitive advantage which AI offers in terms of processes and efficiency to the companies employing it, over the companies that are not yet implementing the technology.
The industry is quick to point out that technology has often promised to increase productivity, but has yet to make an impact on a large scale. The report still believes that AI will make a vast difference within the next 5 – 10 years.
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