Artificial Intelligence (AI) is transforming the healthcare industry in ways that were unimaginable just a few years ago. From disease diagnosis to drug discovery, AI is making significant strides in improving the accuracy, efficiency, and accessibility of healthcare services.  With advancements in machine learning and big data analytics, AI is poised to revolutionize healthcare by improving patient outcomes, reducing costs, and streamlining processes. From disease diagnosis to drug discovery, AI applications in healthcare are vast and promising.

While all this time, academicians and leading players in the healthcare industry have been nudging and pushing this tool to make a difference to the industry, it was only after ChatGPT hit the world stage, that the wider industry stood up to take notice this AI power.

This transformer-based neural network that provides answers and data with human writing patterns shook the medical world when it cleared the US Medical Licensing exam.

India is no exception when it comes to embracing AI’s potential. In fact, the case is much stronger in an emerging market like India which has a massive challenge of providing quality affordable healthcare to 1.4 billion of its population. The need to solve for huge disparity in healthcare infrastructure across different parts of the country.

India has the unique advantage of high quality clinical and engineering capability and a tool like AI couldn’t ask for better resource strength then what India can provide. According to a report by MarketsandMarkets, the AI in healthcare market in India is projected to grow from USD 43.9 million in 2018 to USD 202.4 million by 2023, at a cagrof 36.1%. This growth is primarily driven by factors such as the increasing demand for AI-based solutions in the healthcare industry to improve patient outcomes, reduce healthcare costs, and address the shortage of healthcare professionals in the country. Additionally, the increasing availability of healthcare data and the growing investments by healthcare providers and technology companies in AI-based solutions are expected to further fuel the growth of the AI industry in Indian healthcare.

Although still at a nascent stage, AI is being applied in many different ways and forms in India. Some of the areas that are seeing growing traction are

1. Diagnostics

AI-powered diagnostic tools, especially on the imaging side are being used to address shortage of radiologists, faster turnaround time, accuracy and managing population screening. Further, AI-powered diagnostic tools are already being used by dermatologists to diagnose skin cancers, and radiologists can use AI to detect signs of breast cancer on mammograms.

2. Personalized Treatment

AI is healthcare providers in India develop personalized treatment plans for patients. By analyzing patient data, AI algorithms are identifying the most effective treatments for specific patients based on their medical history, genetics, and other factors. This is helping reduce the trial-and-error approach that is often used in healthcare and improve patient outcomes.

For example, in cancer treatment, AI is helping physicians select the most effective chemotherapy regimen based on the patient's genetic profile. AI is also helping to identify patients who are at high risk of complications or adverse reactions to treatment.

3. Remote Monitoring

AI-powered remote monitoring tools are helping healthcare providers in India monitor patients remotely, reducing the need for in-person visits. This is particularly important for patients with chronic conditions who require ongoing monitoring and support.

For example, AI-powered wearable devices are helping monitor patients' vital signs and alert healthcare providers in India if there are any signs of deterioration. This is helping healthcare providers intervene before a condition worsens, improving patient outcomes and reducing healthcare costs.

4. Enhanced Patient Experience

AI is helping improve the patient experience in India by providing personalized, on-demand support. For example, chatbots powered by AI is providing patients with instant answers to their healthcare questions, reducing the need for phone calls or in-person visits. AI-powered chatbots are also providing personalized support for patients with mental health conditions, offering a confidential and non-judgmental space for patients to discuss their concerns.

5. Predictive Analytics

AI-powered predictive analytics are helping healthcare providers in India identify patients who are at high risk of developing certain medical conditions, such as diabetes or heart disease. By analyzing large amounts of patient data, AI algorithms are identifying patterns and making predictions about patient outcomes. This is helping providers to intervene early and prevent the development of chronic conditions, improving patient outcomes and reducing healthcare costs.

All good things have other side of the coin aswell and it does not come without its set of challenges. So while on one hand, we see this huge potential for Indian healthcare, there are many challenges that tag alongside and need to be addressed to make it truly transformational.These challenges are data privacy and security concerns, regulatory barriers, need for more skilled professionals to develop and implement AI-powered solutions, awareness, behavioural change and most importantly trust building.

To overcome these challenges, the Indian healthcare sector needs to create a supportive ecosystem that encourages innovation, collaboration, and investment in AI technologies. By adopting AI in a responsible and ethical manner, India can revolutionize its healthcare sector, making quality healthcare more accessible and affordable to its billion people.

(Authored by Sunil Thakur, Partner, Quadria Capital)