BML Munjal University, a Hero Group Initiative, unveiled a report at its 2nd AI industry conclave on “Embracing the shift in healthcare”, that was organised virtually on Wednesday – February 10, 2021. With a foreword from Sunil Kant Munjal, Chancellor, BMU & Chairman, Hero Enterprise, the report titled AI: Embracing the shift in healthcare, summarizes the opportunities and challenges that AI presents for India’s healthcare sector, factors driving its adoption, practical insights into its functioning in the Indian context gathered through a primary survey with C-suite executives in healthcare organisations and recommendations for its future prospects. The research report was released by Dr. Vishal Talwar, Dean, School of Management, BML Munjal University. Expert speakers from Invento Robotics, Qure.AI, Microsoft, University of Warwick, Oxford University and McKinsey shared their insights on the subject.
Speaking on the occasion, Sunil Kant Munjal, Chancellor – BML Munjal University said, “Technology is unlikely to substitute human intelligence yet, even so, AI heightens the ‘human’ element of intelligence with every iteration and interaction. AI is already improving the quality of life and leading to high-skilled jobs that facilitate human creativity and intelligence. It is especially heartening to see the impact of AI and related technologies in the healthcare sector, where enormous value can be created across the entire patient journey, from diagnosis and treatment to ongoing health maintenance.”
Covid-19 has focussed the world’s attention to one of the fastest-growing and largest industries in the world – healthcare. This is also evident from the India Budget FY 22 where the sector has received a 137 per cent increase in allocation.
AI is the new normal and is embracing the shift in healthcare confirms the report launched by BML Munjal University. It cites the various use cases of AI that are accelerating its adoption. The development and application of AI techniques in healthcare are helping to improve the diagnostic process. AI technology is assisting pathologists in making more accurate diagnoses and developing methods for individualised medical treatment. In drug discovery, Pharmaceutical companies are adopting AI to improve the efficiency and accuracy of drug creation. AI is helping to enhance the patient experience and improve access to quality healthcare. Further, it is helping to improve the operational efficiency of hospitals that can substantially reduce the costs of running day to day business.
Expectedly, the Indian market for AI in healthcare is expanding at a fast pace and is estimated to be worth INR 431.97 billion by 2021, expanding at a rate of 40 per cent. Several factors in India are providing favourable tailwinds. These are a combination of government investments, the boom of health-tech start-ups, and increasing market competitiveness among hospitals. The National Strategy for Artificial Intelligence (NSAI) is one such initiative of the government which is encouraging companies in healthcare to adopt AI. Under NITI Aayog, healthcare has been mentioned as the core beneficiary from the NSAI. A Task Force on AI has been deployed to browse and explore new avenues where AI can be used and subsequently leveraged. The prospect of introducing cognitive systems to help specially-abled people and the ageing population has been highlighted.