The pharmaceutical industry and research institutions are turning towards AI to increase processing, generating better drugs, and budgeting.
Every major company like Google, IBM, Microsoft, Amazon, Apple and Uber are becoming highly competitive to grab the most significant piece of the pie in Healthcare Market through AI services. It’s easy to say that we are going to witness some significant AI breakthroughs.
Whether it’s about the cost management, new medical research for diseases like cancer, time optimisation, with minimal errors & mistakes, AI and the Internet of Medical Things (IoMT) is already helping people in a great extent in the healthcare sector and will continue to do even more in the near future.
How AI is transforming the Healthcare Industry
Data mining holds excellent potential for the healthcare system to the systematic use of data and analytics to maximum productivity and to provide the best care at minimum cost. In this age of Big Data Management of Data is the most extensively used application. The very first step in healthcare is compilation and analysis of the patient’s and its hospital’s history and medical records. Cognitive AI bots can incorporate data from pre-op medical records with real-time operating metrics to physically guide and enhance precision.
For example, Google Deepmind health can successfully deliver hundreds of thousands of medical information within no time. WatsonPaths launched by IBM comprises two cognitive technologies that can be used by the AI algorithm, Watson, to help doctors make more accurate decisions faster and to gather new insights from EMR.
The research findings presented by the STAR(Smart Tissue Autonomous Robot) team demonstrated that Robot’s surgical cuts were incredibly precise, with lesser damage area than the conventional methods.
Personal Assistant: AI bots through our smartphones can help us to get reminders about medicines, solving preferable FAQs and get more information. Wearable health trackers – by Garmin, Fitbit, Apple and many more – monitors activity levels and heart rate. It timely reports our physician and helps us gain medical support. The doctors also could track and make sure if the medications are being taken on schedule.
On an average, 2.6 billion US dollars are spent on each drug that makes it to market by the pharma industry. With the help of AI, there is a considerable amount of drop concerning both, the budget and time.
According to Bloomberg Technology, Microsoft used AI to help doctors in finding the correct treatment for cancer. With loads of research, processes and options, it got difficult to choose the right drugs for patients.
So, to help determine which combination of drugs is the most effective ones, Microsoft is working on a project named “Hanover”. A machine which also stores all the information and data necessary related to Cancer. 4. Doctor’s Assistants: With Artificial Intelligence backing them up, doctors can generate a more accurate, quick and full reference to the rare conditions, diagnosis and symptoms. Augmedix is working to lessen the time physicians spend on a computer and focus more on the patient’s care with the help of its Google Glass as a scribe to collect video, audio and written notes. It uses natural language processing to assist physicians to make sense of the processed information.
Getting information from patients related to their insurance is generally very tiresome. AI’s New Insurance Checker helps in deciphering, understanding, and verifying health insurance. This is now attainable with the help of Medical apps like ZocDoc. Powered by AI available in its iOS and Android apps and also for mobile websites. ZocDoc help patients to correctly opt their plan, verify their insurance info and share it with the physician while taking an appointment.
Artificial Intelligence, with the help of deep learning, have completely revolutionized image analysis, and are further widening the reach and upgrading the quality of imaging. With service providers like Butterfly Network, Enlitic, 3Scan and Baby Labs we have found a better and cheaper in most cases like Ultrasounds, MRI, help in tissue analysis in much lesser time than the normal. Enlitic can use image recognition to gather the data trunking from radiology images and employing it in unique medical cases.
Potential cost savings in Artificial Intelligence in healthcare department, according to Healthcare IT news:
A recent report from Accenture determined the “near-term value” of Artificial Intelligence in healthcare department to determine how the potential impact of this technology goes up against the upfront costs of implementation. “When combined, key clinical health AI applications can potentially generate $150 billion in annual savings for the United States economy of healthcare by 2026.” We may all agree that there is a whole lot of influence of machine learning, and artificial intelligence (AI) in Healthcare.