In 2023, Artificial Intelligence (AI) emerged as a focal point, with the healthcare sector standing out as one where the implications were particularly significant.
Although AI has been present in the healthcare industry, notably in drug development and medical imaging, the widespread recognition of OpenAI‘s ChatGPT has propelled the conversation to new heights.
Traditionally known for its reliance on outdated technologies like fax machines, the healthcare industry is now navigating the technological age. Major players like Microsoft, Amazon, and Google are vying for a share in next-gen tech, aiming to relieve doctors and medical staff of cumbersome administrative tasks. Additionally, health insurers are exploring automation possibilities in the claims process.
The integration of AI into healthcare could enhance productivity, reduce costs, and elevate patient care, especially crucial in the face of an aging population. For investors, the impact of AI technology is poised to become evident across various sectors, including insurers, pharmaceutical giants, hospital chains, and software developers.
While the healthcare industry has lagged behind the broader market, with the S&P Health Care Equipment index down 6% compared to the overall index’s 24% gain, this trend may soon shift. Citi Global Wealth has identified medical technology as a key investment theme for the upcoming year, aligning with the continuous growth in health spending.
Experts were consulted to glean insights into what 2024 holds at the intersection of AI and healthcare. Perspectives from Big Tech, venture capitalists, startups, cybersecurity, and more shed light on the evolving landscape.
Google’s Chief Clinical Officer, Michael Howell, envisions 2024 as the year healthcare enterprises will start reaping the benefits of generative AI. The continuous exponential growth in technical innovations within AI models is expected, with a focus on delivering real value to healthcare practitioners and patients.
Salesforce’s Senior Vice President and GM of Health, Amit Khanna, anticipates startups automating processes like insurance approval through AI-driven solutions, streamlining manual and paper-based tasks in the healthcare journey.
Kevin Zhang, Partner at Upfront Ventures, foresees AI playing a crucial role in areas like contract management, specifically contracts between insurance companies and doctors. Changes are expected to emanate from Big Tech companies like Microsoft, integrating AI into clinical documentation and dictation tools.
Alexa Von Tobel, Founder and Managing Partner of Inspired Capital, presents a dual narrative for AI in healthcare. While acknowledging areas where AI isn’t yet suitable, she highlights its applicability in infrastructure tasks such as billing, note-taking for doctors, claims processing, and faster access to medicine.
Michael Shpigelmacher, CEO and Founder of Bionaut Labs, believes the AI boom will drive rapid innovation in how doctors and scientists interact with the human brain, particularly in treating complex neurodegenerative diseases.
Colossal Biosciences’ CEO, Ben Lamm, predicts that by 2024-2025, the first drugs discovered by AI will enter clinical trials, marking a significant shift in drug discovery processes.
Lee Schwamm, Associate Dean for Digital Strategy and Transformation at Yale School of Medicine, envisions AI models being deployed on extensive clinical and electronic health record data to predict readmissions, treatment responses, and hospital stays. Automation of back-office tasks in healthcare administration is also expected.
Axel Wirth, Chief Security Strategist at healthcare cybersecurity startup Medcrypt, predicts the proliferation of AI algorithms into various decision-making scenarios, including healthcare diagnosis, therapy decisions, and financial decisions. With this proliferation, securing applications of AI will become increasingly critical.
As 2024 unfolds, the convergence of AI and healthcare is poised to bring transformative changes, addressing challenges, streamlining processes, and enhancing patient outcomes.