Modern healthcare innovations span AI, devices, software, images, and regulatory frameworks, all requiring stringent coordination. Generative AI arguably has the strongest transformative potential in healthcare technology programmes, with it already being applied across various domains, such as R&D, commercial operations, and supply chain management.
Traditional models for medical appointments, like face-to-face appointments, and paper-based processes may not be sufficient to meet the fast-paced, data-driven medical landscape of today. Therefore, healthcare professionals and patients are seeking more convenient and efficient ways to access and share information, meeting the complex standards of modern medical science.
According to McKinsey, Medtech companies are at the forefront of healthcare innovation, estimating they could capture between $14 billion and $55 billion annually in productivity gains. Through GenAI adoption, an additional $50 billion plus in revenue is estimated from products and service innovations.
A McKinsey 2024 survey revealed around two thirds of Medtech executives have already implemented Gen AI, with approximately 20% scaling their solutions up and reporting substantial benefits to productivity.
While advanced technology implementation is growing across the medical industry, challenges persist. Organisations face hurdles like data integration issues, decentralised strategies, and skill gaps. Together, these highlight a need for a more streamlined approach to Gen AI deployment.
Of all the Medtech domains, R&D is leading the way in Gen AI adoption. Being the most comfortable with new technologies, R&D departments use Gen AI tools to streamline work processes, such as summarising research papers or scientific articles, highlighting a gras