target audience: TECH SUPPLIER Publication date: May 2023 - Document type: IDC Survey Spotlight - Doc Document number: # US50617123
Impact of Generative AI on the Healthcare and Life Science Industries
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Abstract
This IDC Survey Spotlight examines the impact of generative AI (GAI) on the healthcare and life science (HLS) industries. The life science and healthcare industries are both investing in GAI. This is the beginning of the journey, but as the right use cases get identified, with knowledge management taking the lead, one can expect the deployment of GAI to scale rapidly. As both the industries deal with patients' lives and patient data, it is critical to tread cautiously and ensure that the necessary guardrails are implemented:
- Software development and design has taken the front seat across the HLS industries as the most impacted business for GAI. This is driven by the fact that the industries definitely see the potential of GAI and will invest in building capabilities in GAI.
- A third of the life sciences industry believed that product development and design would be the most impacted business area, while one-fourth prioritized customer engagement. This would be driven by the focus of life sciences on R&D and innovation.
- Customer engagement and marketing, as well as supply chain, were given significantly higher priority by the healthcare industry.
- This survey has demonstrated that there is a clear interest in the use of AI in the life science industry, with 35% of the industry already investing in generative AI and one-fourth exploring potential use cases. Yet these are early days with a third of the industry not having taken any action as yet in this regard. A fairly similar distribution is seen in the case of the healthcare industry as well.
- Notably, the most promising use case for GAI across HLS was knowledge management. This was closely followed by code generation applications and design applications in the life science industry. However, once again, marketing came second in the case of the healthcare industry, followed by design applications.