Priya Patel
TLDR:
- AI has the potential to make a positive impact in healthcare, but it is held back by various factors, according to Philips CEO, Roy Jakobs.
- To fully utilize AI’s potential, healthcare workers need training, financial incentives need to change, and there should be regulatory guidance.
AI is a dominant topic in discussions among business leaders, but its consumer applications are still relatively trivial compared to its potential in healthcare. The healthcare industry, which consumes significant resources, is ripe for automation and the adoption of AI. Consulting firms project AI’s growth rate in healthcare to be 85% per year in the next four years, making it a $22 billion market by 2027. The largest healthcare companies are ready to roll out their AI applications, particularly in medical imaging, to diagnose and treat more patients with fewer staff. However, widespread adoption of AI solutions requires clinicians to be retrained, financial rewards, and regulation. Unfortunately, these necessary elements are currently lacking. Governments have shifted their priorities away from healthcare, and funds are allocated to other sectors, causing AI innovation to compete for attention and resources. Therefore, the impact of AI in healthcare depends on the priorities and policies of those in charge.
