NewsHealthcare and Pharma Companies Eager to Have Generative AI

Healthcare and Pharma Companies Eager to Have Generative AI

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A recent report from EY-Parthenon has unveiled that nearly 48 percent of healthcare and pharmaceutical companies are gearing up to integrate their first Generative Artificial Intelligence (GenAI) solutions within the coming year. The report, released on Wednesday, indicates a notable shift in the sector’s approach to adopting digital technologies, with 28 percent of companies having already implemented their initial GenAI solutions and almost half planning to follow suit within the next twelve months.

The EY-Parthenon report positions this development as a significant change, emphasizing the potential of GenAI to alter the traditionally conservative stance of the healthcare and pharma industries towards digital innovations. The report suggests that GenAI could address the demand-supply imbalance caused by a shortage of clinical and non-clinical talent in the Indian healthcare system.

According to insights from the survey, approximately 60 percent of respondents from the healthcare and pharma sector anticipate that GenAI will exert a very high impact on the entire value chain, enhancing efficiency and responsiveness to market dynamics.

In the pharmaceutical sector specifically, the report notes that GenAI applications have the potential to accelerate the assimilation of cutting-edge technologies throughout the value chain. The applications of GenAI in drug discovery, clinical trials, precision medicine, and streamlining healthcare operations are highlighted. AI-powered algorithms, capable of analyzing extensive datasets, identifying potential drug candidates, and reducing development timelines and costs, are seen as key drivers of transformation.

The report underlines that millions of Indian citizens could benefit from the next generation of AI applications, particularly in the fields of healthcare and drug discovery. Although some organizations in India are already piloting GenAI in controlled environments, the report reveals that 80 percent of surveyed firms acknowledge their organizations are not fully prepared to embrace the technology. Despite this, there is a notable interest among healthcare and life sciences companies in establishing the necessary infrastructure for GenAI adoption.

As the healthcare and pharmaceutical sectors gear up for transformative changes, the EY-Parthenon report suggests that GenAI may play a pivotal role in shaping the future of healthcare in India.

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