In a groundbreaking shift for an industry known for its cautious approach to digital innovation, nearly 48 per cent of healthcare and pharmaceutical companies are gearing up to integrate first-gen AI solutions within the next year, as revealed by a recent EY report. The findings underscore the increasing allure of Generative AI (Gen AI), a transformative technology that has been making waves with its potential to revolutionize various sectors.
The report, titled ‘The AIdea of India: Generative AI’s potential to accelerate India’s digital transformation,’ emphasizes the promise Gen AI holds for the healthcare sector, traditionally conservative in adopting digital technologies. The insights indicate that Gen AI has the potential to enhance every aspect of the healthcare value chain, spanning from clinical services to customer operations and branding.
A significant revelation from the report is that 60 per cent of surveyed participants in the healthcare and life sciences sector believe Gen AI will wield a substantial impact across the entire value chain. While 28 per cent of these organizations have already implemented their initial Gen AI solutions, a notable 48 per cent are planning to integrate their first Gen AI solution within the next 12 months.
Despite the growing enthusiasm, the report also sheds light on the challenges faced by the healthcare and life science industry. Although some organizations in India are currently piloting Gen AI in controlled environments, a staggering 80 per cent of surveyed firms admit that they are not fully prepared to embrace this transformative technology.
Concerns around potential job displacements surface, but leaders in the sector express optimism that Gen AI will enhance rather than replace the core healthcare workforce. An impressive 84 per cent of healthcare and life sciences firms surveyed believe that Gen AI can positively impact workforce productivity, while 60 per cent envision it amplifying the existing workforce potential.
However, the report does highlight apprehensions within the industry, including a lack of adequate skills and understanding within the existing ecosystem, reservations regarding result accuracy, and concerns about data privacy and cybersecurity. Industry leaders emphasize the need to address these challenges before embarking on the full-scale implementation of Gen AI.
With insights gathered from nearly 200 C-suite executives across diverse sectors, including technology, media and entertainment, financial services, government, health, pharma and life sciences, retail, and manufacturing, the EY report paints a comprehensive picture of the evolving landscape of Gen AI adoption in India. As the healthcare sector embraces this transformative technology, it navigates a careful balance between enthusiasm and readiness, paving the way for a digital revolution in the industry.
