The Bottom Line

Sustained viability of AI in healthcare and life sciences ​

​As we wrap up our ongoing exploration on the impact of AI in healthcare and life sciences (HLS), let's dive deeper into the ground reality.

From what we've uncovered so far, it's known that  AI transforms HLS operations for the better, but there should be substantial financial benefits, without which adoption cannot be realized.

Does the evidence point to sustained viability of AI?
​The answer is clear.​

A MedTech company, renowned for its robotic surgical systems, is at the forefront of advancing AI to enhance healthcare delivery. Recently, it unveiled an AI-powered digital tool, aimed at empowering surgeons with comprehensive case data insights.​ ​Additionally, the company is utilizing AI in imaging, seamlessly integrating it into the pre-operation process of the robotic systems. The company's robust performance underscores its commitment to innovation, evidenced by a notable 12% revenue growth in the latest period, paralleled by a 19% surge in procedure volume.

Another medical devices company, which only came into being less than a year ago, has already made significant strides in the AI space. The company's recent financial performance, highlighted by strong earnings released at the end of October 2023 exceeded expectations and bolstered share prices, making it an appealing investment option from a fundamental standpoint. Today, the company continues to demonstrate its commitment to advancing healthcare through the integration of AI. It recently also unveiled over 40 innovations, including AI-powered imaging and ultrasound products and services. Building on this momentum, they further introduced a suite of AI-enabled products and services aimed at expediting the diagnosis of breast cancer by healthcare professionals.

The move to AI is strategic and financially smart

​According to a McKinsey report, AI could unlock an estimated USD 100 billion annually in the US healthcare sector. This seismic shift is attributed to major enhancements in clinical operations, patient outcomes and decision-making. And in this context, GenAI isn't just a part of the healthcare future; it's actively reshaping it, ushering a new era of medical innovation and efficiency.

With GenAI models , healthcare practitioners are increasingly benefitting from improved accuracy and efficiency in diagnostics and treatment plans. Not only does this enhance patient satisfaction and outcomes but also contributes significantly to cost savings. The reduction in drug discovery time and costs translates to faster market entry and a competitive edge for pharmaceutical companies.

Healthcare administration can benefit from 6X the investment they incur in advanced AI tools through Remote Patient Monitoring due to increased efficiency and reduced operational costs.
But we are still at the cusp

​There’s vast potential yet to be unlocked and we anticipate three major phases of impact as the integration of AI in healthcare scales.​

The road ahead looks exciting and success hinges on broader data integration, robust governance and stakeholder confidence in AI's capabilities and risk management.

That being said, MedTech companies, CROs, Health ISVs and pharmaceutical businesses would have to navigate a path around the following strategic challenges to benefit from the phased adoption of AI. These include:

Ethical and privacy considerations: Secure handling of sensitive data and ethical AI deployment

Data integrity and governance: Ensuring accuracy and transparency in AI applications

Cross-disciplinary collaboration: Bridging gaps between the advancements in AI and evolving healthcare needs through collaborative innovation

How HARMAN solves industry challenges through AI

​With a focus on data to insight, advanced analytics, patient engagement, remote care, predictive care and adaptive automation, HARMAN AI-led solutions are geared towards improving operational efficiency, enhancing patient outcomes and driving business growth. Our approach is not just about adapting to technological advancements; it's about leading the charge in healthcare excellence.​

Interested in taking the next leap in your HLS journey?

Let's talk AI

Sourabh Chongdar

Global Practice Leader – Healthcare and Life Sciences
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