Generative Artificial Intelligence Growth Opportunities in the Healthcare and Life Science Industry

Generative Artificial Intelligence Growth Opportunities in the Healthcare and Life Science Industry

Possibilities Exist to Adapt Large Language Models and Reinvent Enterprise Functions

This project provides an overview of the effects of generative AI (Gen AI) on the healthcare and life science industry and numerous growth opportunities, including how it could overcome regulatory and cybersecurity obstacles, address the build-borrow-buy conundrum, and impact the value chain of pharmaceutical companies, medical device developers, payors, and providers.

Although still in the nascent stage, there is cautious enthusiasm about Gen AI’s potential. Pharmaceutical companies and provider organizations are taking the lead in incorporating this technology in their workflows. Gen AI currently is showing the highest impact and use case development in R&D (new product/service development) and customer interaction, notable in processes involving extensive documentation or communication.

Gen AI comes with its own set of challenges regarding the safe, reliable and ethical use of the technology. Organizations also face the quandary of whether to build models in-house, forming a development partnership, or buying something that already exists. All three scenarios present different cost, timeline, and accountability challenges that organizations must think through.