Twenty-eight per cent of healthcare and life sciences companies have implemented their initial GenAI solution, while48 per cent intends to do so in the next year, an EY report. said
Moreover, 60 per cent of survey participants from the healthcare and life sciences sectors believe Gen AI will have a significant impact on the entire value chain.
Gen AI could benefit every facet of the healthcare value chain, from clinical services to customer operations and branding. Similarly, Gen AI applications are poised to expedite the assimilation of cutting-edge technologies across the value chain in life sciences.
While some organisations in India are already piloting GenAI in controlled environments, 80 per cent of the surveyed firms acknowledged that their organisations were not yet fully prepared to embrace this technology. Nevertheless, they are keen to establish the necessary infrastructure.
“Pharma and medical devices firms have been quick to deploy Gen AI in customer acquisition, delivering personalised care, patient experience and outcomes, process optimisation across the value chain, such as supply and demand planning and operational efficiency,” said Suresh Subramanian, Partner & National Life Sciences Leader, EY Parthenon India.
While concerns about potential job displacements remain, leaders were largely positive that Gen AI would not replace the core healthcare workforce, but improve their efficiency. “Eighty-four per cent of healthcare and life sciences firms surveyed believe that GenAI can positively impact workforce productivity, whereas 60 per cent believe it could amplify the existing workforce’s potential,” said the report.
Further, healthcare leaders cautioned that the adoption and implementation of Gen AI would be challenging, especially with regard to concerns on data privacy, cybersecurity, and the potential for biased responses.
“In an environment marked by significant demand-supply disparities and a shortage of clinical and non-clinical talent (e.g., just 64 doctors per 100,000 patients, compared to the global average of 150 per 100,000), Gen AI holds the potential to augment the healthcare system’s capabilities and accelerate the transformation of diagnostics, treatments, and patient care,” said Kaivaan Movdawalla, Healthcare Leader, EY Parthenon India.