gen ai: Nearly half of healthcare, pharma cos set to implement Gen AI solution in one year, says EY Report

Practically 48 per cent of healthcare and pharma corporations surveyed are poised to combine first-gen AI options inside one 12 months, an EY report stated on Wednesday. The shift is, nevertheless, important within the sector, which has been historically conservative in adopting digital applied sciences, it added.

The findings additionally underline the rising attraction of this rising expertise that has made headlines with its promise of reworking industries.

The EY report insights revealed that in healthcare, Gen AI holds the promise of benefiting each aspect of the worth chain, from scientific providers to buyer operations and branding. Equally, in life sciences, the potential of Gen AI purposes is poised to expedite the assimilation of cutting-edge applied sciences throughout the worth chain.

Based on the report, 60 per cent of survey individuals from the healthcare and life sciences sector imagine Gen AI can have a major impression on your complete worth chain.

“Whereas 28 per cent of healthcare and life sciences companies have already applied their first Gen AI resolution, a major majority — 48 per cent — plan to implement their first Gen AI resolution inside 1 12 months,” it stated.

The report, titled ‘The AIdea of India: Generative AI’s potential to speed up India’s digital transformation’ highlights that whereas the healthcare and life science sector has been historically conservative in adopting digital applied sciences, a gradual shift is underway. Whereas some organisations in India are already piloting Gen AI in managed environments, 80 per cent of the surveyed companies acknowledged that their organisations usually are not but totally ready to embrace this expertise. Nonetheless, there’s a eager curiosity in establishing the mandatory infrastructure, the report stated.

Whereas considerations revolve round potential job displacements, leaders have been largely optimistic that Gen AI won’t change the core healthcare workforce however slightly enhance their effectivity.

About 84 per cent of healthcare and life sciences companies surveyed imagine that Gen AI can positively impression workforce productiveness, whereas 60 per cent imagine, it may amplify present workforce potential.

In the course of the survey, healthcare leaders cautioned that the adoption and implementation of Gen AI can be difficult.

It additionally revealed apprehensions amongst business leaders, similar to a dearth of satisfactory expertise and understanding inside the present ecosystem, and reservations concerning consequence accuracy.

Considerations pertaining to knowledge privateness, cybersecurity and the potential for biased responses underscore the crucial to mitigate these points earlier than embarking on this transformative journey.

“The survey was designed to replicate the breadth of Indian enterprise sectors. It canvassed almost 200 C-suite executives throughout India. They symbolize various sectors, together with expertise; media and leisure; monetary providers; authorities; well being, pharma and life sciences; retail; and manufacturing,” EY stated.