Weekly Business Insights from Top Ten Business Magazines
Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since September 2017 | Week 342 | March 29-April 4, 2024
Shaping Section | 1
The AI doctor will see you…eventually
The Economist | March 27, 2024
Extractive Summary of the Article | Listen
Better diagnoses. Personalised support for patients. Faster drug discovery. Greater efficiency. Artificial intelligence (AI) is generating excitement and hyperbole everywhere, but in the field of health care it has the potential to be transformational. In Europe analysts predict that deploying ai could save hundreds of thousands of lives each year; in America, they say, it could also save money, shaving $200bn-360bn from overall annual medical spending, now $4.5trn a year (or 17% of gdp). From smart stethoscopes and robot surgeons to the analysis of large data sets or the ability to chat to a medical ai with a human face, opportunities abound. Yet as the Economist Technology Quarterly this week shows, although AI has been used in health care for many years, integration has been slow and the results have often been mediocre.
There are good and bad reasons for this. The good reasons are that health care demands high evidentiary barriers when introducing new tools, to protect patients’ safety. The bad reasons involve data, regulation and incentives. Overcoming them could hold lessons for AI in other fields.
AI systems learn by processing huge volumes of data, something health-care providers have in abundance. But health data is highly fragmented; strict rules control its use. Governments recognise that patients want their medical privacy protected. But patients also want better and more personalised care. Each year roughly 800,000 Americans suffer from poor medical decision-making.
Improving accuracy and reducing bias in AI tools requires them to be trained on large data sets that reflect patients’ full diversity. Finding secure ways to allow health data to move more freely would help. But it could benefit patients, too: they should be given the right to access their own records in a portable, digital format. Consumer-health firms are already making use of data from wearables, with varying success. Portable patients’ records would let people make fuller use of their data and take more responsibility for their health.
Another problem is managing and regulating these innovations. In many countries the governance of ai in health, as in other areas, is struggling to keep up with the rapid pace of innovation. Regulatory authorities may be slow to approve new ai tools or may lack capacity and expertise. Governments need to equip regulators to assess new ai tools. They also need to fill regulatory gaps in the surveillance of adverse events, and in the continuous monitoring of algorithms to ensure they remain accurate, safe, effective and transparent.
That will be hard. One solution would be for countries to work together, to learn from each other and create minimum global standards. A less complex international regulatory system would also help create a market in which small companies can innovate. Poorer countries, with less developed health infrastructure, have much to gain from introducing new tools. They may even be able to leapfrog the entrenched health systems of rich countries—though a lack of data, connectivity and computing power will get in the way.
A final problem involves institutions and incentives. ai promises to cut medical costs by assisting or replacing workers, improving productivity, reducing errors and flattening or reducing spending, all while improving care. That is desperately needed. The world could lack 10m health-care workers by 2030, around 15% of today’s workforce.
Yet saving money using innovation is tricky. Health systems are set up to use it to improve care, not cut costs. New technology may account for as much as half of the annual growth in health spending. Layering on new systems will increase costs and complexity. But redesigning processes to make efficient use of ai is likely to be resisted by patients and medics. Though ai may be able to triage them over the phone or provide routine results, patients may demand to be seen in person.
Worse, many health systems, such as America’s, are set up to reward the volume of work. They have little reason to adopt technologies that cut the number of visits, tests or procedures. And even publicly run health-care systems may lack incentives to adopt technologies that reduce costs rather than improve outcomes, perhaps because saving money may lead to a smaller budget next year. Unless governments can change these incentives, so that ai combines better treatment with new efficiencies, innovation will increase costs. Accordingly, governments and health authorities will need to fund schemes dedicated to testing and deploying new ai technologies. Countries including America, Britain and Canada are pointing the way.
3 Key takeaways from the article
- Better diagnoses. Personalised support for patients. Faster drug discovery. Greater efficiency. Artificial intelligence (AI) is generating excitement and hyperbole everywhere, but in the field of health care it has the potential to be transformational.
- There are good and bad reasons for this. The good reasons are that health care demands high evidentiary barriers when introducing new tools, to protect patients’ safety. The bad reasons involve data, regulation and incentives. Overcoming them could hold lessons for AI in other fields.
- Poorer countries, with less developed health infrastructure, have much to gain from introducing new tools. They may even be able to leapfrog the entrenched health systems of rich countries—though a lack of data, connectivity and computing power will get in the way.
(Copyright lies with the publisher)
Topics: Technology, Health Care, Artificial Intelligence
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