Generative AI seen helping lower costs in pharma, healthcare | Healthcare Asia Magazine
128 views
Photo by CDC on Unsplash

Generative AI seen helping lower costs in pharma, healthcare

New technology can streamline diagnostic processes, and help with predictions in drug discovery.

The use of generative artificial intelligence (AI) in pharmaceuticals and healthcare could potentially address the long-standing issues of high costs and poor patient experiences in the sector, according to a report by GlobalData. 

Generative AI is poised to bring radical changes to the healthcare sector and enable a transformative shift across the value chain, said Kiran Raj, practice head of Disruptive Tech at the consultancy firm.

The technology can help physicians provide more effective care at lower costs with streamlined personalised care and guided diagnosis. The firm, in its latest Innovation Radar report, said AI could synthesise key information of patients including their medical history, family history, and lifestyle.

In the drug discovery scene, generative AI can help generate novel drug candidates based on the criteria and constraints supplied by researchers. 

The technology can also predict the efficacy and safety of new drug candidates, and potentially personalise drug therapy for better patient experience.

Businesses around the world are already on the move to discover the next biggest innovation in the sector according to the report.

GlobalData said healthtech startups like Huma.AI, Insilico Medicine, and Absci are currently developing generative models that could help fast-track drug development, while tech giants Google and NVIDIA provide the infrastructure needed.

“The genAI landscape is not without risks, especially in regulated industries like pharma and healthcare, there is potential for significant advancements and benefits,” said the firm’s associate project manager of Disruptive Tech, Saurabh Daga.

To fully leverage on the potential of technological breakthroughs, Daga stressed the need for companies to collaborate with organisations which have the industry perspective and tech expertise involving responsible AI.

Follow the link for more news on

Join Healthcare Asia Magazine community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

CHI accelerates the development and adoption of health tech firm innovations
The Centre for Healthcare Innovation invests $2.4m (US1.8m) to set a framework that can test the safety of market-ready innovations.
Catholic Medical Center trailblazing big data and AI adoption in Korean healthcare
Its flagship Seoul St. Mary’s Hospital leads the seamless integration of cutting-edge technology across CMC’s eight affiliate hospitals.
OUE Healthcare poised to capture foreign patient demand for specialist care services
The healthcare group recently partnered with three medical specialist groups including two leading respiratory and cardiothoracic surgery specialist practices.
iClaim boosts Thailand’s health insurance claims in 10 seconds
IT expert Piyawat Maneenual sets up a game-changing platform that allows data transfer from hospitals to insurance companies in real-time.