Learn more about market trends Healthcare Transformation
The digital revolution is beginning to make its presence felt and promises to make healthcare more efficient and safer. The "Healthcare transformation" report looks at the improvements Artificial Intelligence and Big Data could bring into people's lives but also examines potential policy and regulatory risks in the more developed economies. In addition, as national healthcare models are being disrupted by soaring costs, the report discusses a number of solutions which are currently up for debate. There is a focus also on China as an example, providing insight into a country facing an aging population and a rapidly growing health service industry.
AI and healthcare: The road to modern health
Artificial Intelligence (AI) promises to radically change healthcare, “democratizing” it by supporting patient access to online automated medical diagnosis, allowing people to collect and analyze far more “medical” data at home, personalizing healthcare delivery, supporting phone-based behavioral health intervention, and changing how people communicate with doctors and hospitals. While greatly improving healthcare in underserved countries, AI will also raise a host of policy and regulatory issues in more developed economies.
How should medical costs be allocated?
Health expenditures have been constantly increasing faster than Gross Domestic Product in many countries. While this development has spurred discussions about the sustainability of health systems around the world, many fundamental drivers of the observed rise in costs are still ill-understood. Besides the two central forms of financing (private or public), many sharing agreements and health management concepts have been applied in order to reduce problems of asymmetric information and to improve efficiency within the system.
China’s tech giants delivering smart health services
China’s tech giants are transforming its healthcare system. Companies like Ping An, Tencent and Alibaba are building closed ecosystems to improve customer experience. Using cutting-edge technologies such as blockchain, artificial intelligence or advanced biometrics, they provide a faster and better way to cope with the increasing demand for healthcare services and significantly reduce waiting times through AI-assisted online consultation services. With internet-supported telemedicine, essential medical services can also be provided to remote rural areas.
The regulatory response to AI in healthcare
There is a consensus that AI will fundamentally transform modern economies and societies, and be applied across numerous day-to-day activities of work and life. While the expectations are large, there are also concerns. For regulators, in particular, it is crucial to understand the different dimensions of AI, what needs to be regulated and why. The need for regulation could arise from the risk of discrimination as well as safety and privacy concerns, also raising the question of accountability in case of undesired outcomes.