USA News Group
Commentary
VANCOUVER, BC, April 25, 2024 /PRNewswire/ -- Across several
sectors the use of artificial intelligence (AI) is making a huge
impact, with healthcare emerging as possibly receiving the largest
boost. According to a new research report from analysts at
Mordor Intelligence, the market for artificial intelligence
in health care is set to explode at a CAGR of 42.20% through 2029.
As the tech sector races to provide the market with solutions,
several companies are emerging as leaders in aiding the healthcare
sector, including Avant Technologies Inc. (OTC:AVAI),
Microsoft Corporation (NASDAQ:MSFT) (NEO:MSFT), Health
Catalyst, Inc. (NASDAQ:HCAT), Ginkgo Bioworks Holdings,
Inc. (NYSE:DNA), and Recursion Pharmaceuticals, Inc.
(NASDAQ:RXRX).
Recently, Avant Technologies Inc. (OTC:AVAI) strengthened
its AI-powered healthcare offerings by acquiring
Wired-4-Health, a company specializing in healthcare
technology and data services. This addition supports Avant's
goal to create the first supercomputing network in the country.
This network will offer big data and AI software companies a
quicker, more potent, and more affordable computing
infrastructure.
"Our strategy behind this acquisition was to enable
Avant to deliver best-in-class data and system
interoperability support services to the healthcare and life
sciences sectors powered by AvantAI® and our high-density compute
capabilities," said Tim Lantz, CEO
of Avant Technologies. "At the same time, this exciting
combination significantly strengthens our financial profile, offers
massive commercial growth opportunities in one of
Avant's largest target markets, and bolsters
our internal customer support and R&D capabilities."
The goal of this deal is to bring together Avant
Technologies and Wired-4-Health to improve how
healthcare data is shared and used. By joining forces, they can use
advanced AI and powerful computing to help healthcare and life
sciences organizations deal with data and system challenges more
easily and effectively.
This partnership improves the way transactions are processed,
analyzes health outcomes, and ensures compliance, leading to better
performance, more reliable data, and a more affordable, scalable
system for customers.
"In the near term, if the healthcare industry expects to succeed
in lowering costs while improving quality, the deployment of
advanced AI, combined with more powerful, cost- effective compute
capabilities will be critical to that success," said Angela Harris,
Avant's Chief Operating Officer. "The
addition of Wired-4-Health will position Avant
as a key contributor in helping healthcare organizations solve
complex problems at the intersection of cost, quality, compliance
and technology."
Tech giant Microsoft Corporation (NASDAQ:MSFT) (NEO:MSFT)
has also been aiding the healthcare sector, most notably with its
Azure AI Health Bot, which helps create copilot experiences with
healthcare safeguards. Microsoft is enhancing its Azure
AI Health Bot services by adding new healthcare-specific safeguards
and features, including integration with Microsoft Copilot
Studio.
These upgrades allow healthcare organizations to create their
own copilot experiences, with pre-built capabilities, templates,
and connectors tailored to healthcare needs, supporting
protocol-based workflows alongside AI-based answers, and ensuring
compliance with industry standards and guidelines. Now the platform
is already being put into use by big players, including by German
pharma giant Roche.
"By leveraging Azure AI Health Bot to build copilot experiences
for doctors, we are developing an intuitive, conversational
interface that lets clinicians access and explore
Roche's clinical documentations in a more
natural way and to cope with the complexity and flood of
information," said Dr. Georg Isbary of Roche Pharma
Germany. "The pilot for this new user experience, powered by
generative AI features and compliant with the necessary security
standards, has been integrated into our systems and will be further
tailored to regional market needs."
Long-time developer in the AI and machine learning (ML) space
for healthcare, Health Catalyst, Inc. (NASDAQ:HCAT) signed a
multi-year partnership with SacValley MedShare, one of
California's largest and most
established qualified health information organization, earlier this
year. As per the deal, Health Catalyst will support
SacValley's important mission through a broad set of
technology solutions, including KPI Ninja by Health
Catalyst, Healthcare.AI – a Health Catalyst Data
Operating System (DOSTM) Platform module, and several
other application solutions and Professional Services.
"We are honored to partner with SacValley MedShare on
their continued journey to advance healthcare and are confident our
technology, combined with our dedicated, skilled team members, will
deliver the improved efficiency and support SacValley
MedShare needs to achieve its healthcare transformation goals,"
said Dan Burton, CEO of Health
Catalyst.
By choosing Health Catalyst's advanced data and analytics
services, SacValley will enhance its ability to share and
use information. This will lead to better service for those paying
for healthcare, by making it easier to share important health
details. This helps in delivering top-notch reports and care for
patients.
"Transforming data from movable to usable is the alchemy of
insights, turning raw potential into the gold of informed
decision-making, ultimately forging a path towards health equity
and improved outcomes," said John
Helvey, Executive Director of SacValley MedShare.
"This is the primary reason SVMS chose Health
Catalyst as a transforming partner."
Another AI player is Ginkgo Bioworks Holdings, Inc.
(NYSE:DNA), which is making it easier and cheaper for other
biopharma companies to produce important biological materials and
organisms by using artificial intelligence (AI). Back in
February 2024, Ginkgo
announced the acquisition of key assets of Reverie Labs,
which has built and used AI/ML tools to accelerate drug discovery.
The acquisition of Reverie's infrastructure and software
serves to help train large-scale AI foundation models, while four
of Reverie's key AI team members will also be joining
Ginkgo.
Gingko followed this up through a collaboration with
UK-based biotech company Prozomix, to build out the
production of next generation enzyme plates for active
pharmaceutical ingredient (API) manufacturing. The agreement aims
to leverage Gingko's Enzyme Services and
industry-leading AI/ML models along with
Prozomix's existing enzyme libraries and deep
experience manufacturing enzyme plates.
"API manufacturing is poised to greatly benefit from the latest
in enzyme engineering and AI/ML enzyme models," said Cindy Chang, Senior Director, Business
Development at Ginkgo Bioworks. "We are so excited to
partner with Prozomix to get enzymes into as many API
routes as possible and help partners meet both their COGs savings
and sustainability goals."
Another developer helping to lead the way in AI-powered
healthcare is Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX),
which uses AI to pick out which treatments should be tested in
clinical trials, while also letting biopharma companies to use
their AI tools to do so also.
Last year, Recursion lined up a $50-million collaboration with AI chipmaking
giant Nvidia for AI drug discovery. Then at the beginning of
2024, Recursion presented a demonstration of LOWE (Large
Language Model-Orchestrated Workflow Engine), a new software
designed to perform complex drug discovery tasks using a natural
language interface. The platform is powered by
Recursion's proprietary biological and
chemical data, and can orchestrate experiments using
Recursion's automated wet laboratories,
unleashing the power of the Recursion Operating System in an
easy-to-use tool.
"For the first time, we've taught Large Language Models to use
many of Recursion's tools and data in the
same way an expert scientist would, but much more simply and in a
more scalable way," said Chris
Gibson, Ph.D., Co-founder and CEO of Recursion. "LOWE
provides an exciting glimpse into what we believe the future of
drug discovery will look like – a first step towards the
development of autonomous 'AI scientists' for therapeutic
discovery."
Source:
https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
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