United States: The collaboration of Artificial Intelligence and the Healthcare Industry can be revolutionary and result in remarkable savings for the United States. Through a report published by researchers from McKinsey and Harvard has projected the amount to be at US$360 billion.
The research was published in the Omnia Health Magazine on November 17. Accordingly, this integration is ground-breaking in terms of revolutionary medical devices, drug development, diagnosis and treatment.
It is to be noted that with the combination of AI and Machine Learning (ML), every involved associate is in a win-win situation – the experience of a patient is enhanced, the work of the practitioner is complemented by tasks automating, price cuts and the decision-making process is also advanced.
A few more benefits that can be extracted from this collab are as follows:
Drug development has been revolutionized by the Artificial Intelligence:
The researchers have claimed that AI can be proven to accelerate the development of new drugs. Without the assistance of AI, the procedure of drug development takes around 12 to 18 years and the total amount used for the same is US$2 to US$3 billion.
AI has the potential to make research and development faster, reduce expenses, and increase the chances of drug approval. The adoption of AI in drug discovery has been boosted by COVID-19, marking a pivotal moment for the pharmaceutical industry.
Development of digital biomarkers from Artificial Intelligence:
Combining information about the body, lifestyle, and surroundings leads to a more detailed understanding of individual traits. With the addition of genetic information, this approach, known as deep phenotyping, is contributing to the revolutionization of healthcare.
Development of Medical Devices from Artificial Intelligence:
According to the reports, last year, 91 medical devices were authorised by the US Food and Drug Administration (FDA) with AI or ML capabilities. Importance algorithms and sophisticated machine-learning tools are covered under this category.
Artificial Intelligence contributing towards value-based care:
Using AI in value-based care models is a revolutionary innovation with great potential. It improves operational efficiency patient outcomes, and creates opportunities for shared savings. The healthcare industry is recognizing the benefits of AI in analyzing health trends and providing superior, value-based care.
An example showing how AI can assist in creating a digital twin of a patient was cited by the Vice President of Strategic Partnerships for the DrOwl app – David Friede. The new innovation will contribute towards detailed research about the treatments and outcomes; the authorities have anticipated that this approach will act as a friend of the patient, enhancing the overall healthcare experience and treatment journey of a patient.