The past year has been filled with rapid progress in Generative AI, which refers to artificial intelligence capable of producing content such as text, images and audio. While the healthcare industry has a reputation for being notoriously slow to adopt new technologies, the industry appears to be turned the page when it comes to this class of AI.
There is a long list of examples showing that the healthcare industry is embracing new generative AI tools emerging with excitement. Some include Epic integrating GPT-4 in your electronic health record, Google Cloud AND Mayo Clinic launching a generation focused on artificial intelligence Associationand the initiation of generative AI Hippocratic AI raising $50 million in initial funding from General Catalyst AND Andreessen Horowitz.
According to CB Insights analyst Anjalika Komatireddy, there are three key areas of the healthcare industry where generative AI is booming both in terms of venture capital funding and innovative technology development. She discussed these three domains on Tuesday during a Web seminar.
The first area Komatireddy identifies is support and navigation. You mentioned that most of the AI tools cropping up in this field can be thought of as AI co-pilots for physicians in the sense that they help automate EHR workflows for physicians.
Some companies are trying to ease the clinical burden through the medical conversation summary indicated by Komatireddy Shade, Shorten AND Short. Others focus on medical coding, such as Suki, DeepScribe AND Considerand some specialize in medical questions and answers, for example Atropos Health AND Med-PaLM by Googleshe explained.
Now, if we think about where the market is headed, I think we’ll see further consolidation going forward as these vendors look to become a one stop shop for these different EHR capabilities. And I think we can also expect to see incumbents, like Epic, add more generative AI capabilities to address these functions, Komatireddy said.
The next domain he highlighted is digital therapies and wellness tools. Komatireddy said this sub-sector is producing a number of AI companions. Replicatea chatbot designed to provide users with emotional support, is an example of a company in this space.
Komatireddy emphasized that there are still significant risks associated with its use great language models in mental and emotional health services, though. He referred to some bad press Replika received in 2020 after the chatbot encouraged some users engage in dangerous behaviors, including homicide and suicide.
This begs the question: is generative AI ready for mental health care? Kormatireddy asked.
The latest area of the healthcare industry that Kormatireddy identified as experiencing a flurry of Generative AI activity is drug research and development. Many startups have started using generative AI to predict the properties of new proteins and drugs, she explained.
That, in turn, is helping to optimize new drug candidates faster, he said.
In recent months, the pharmaceutical sector has seen a number of news releases in this area, Kormatireddy added. For example, Recursion pharmaceuticals recently acquired two generative AI startups based in Canada, Cyclic AND Valencia, to enhance its drug discovery capabilities. Other offers you indicated include BioNTechSt acquisition From InstaDeep AND Insilica medicineIPO.
Even companies producing technology to facilitate clinical trials are hopping on the generative AI bandwagon. Kormatireddy highlighted a startup called Unlearnwhich calculates a digital twin for each patient enrolled in a clinical study.
Photo: hirun, Getty Images
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