As more healthcare and life sciences companies leverage AI, there is enormous opportunity to expedite discovery for treatments and cures and to improve healthcare access.
By Evan Ramzipoor, Workflow contributor
Last year, AstraZeneca announced its intention to analyze up to 2 million human genomes by 2026. This project would have been impossible if not for recent advances in AI technology. As more healthcare and life sciences companies leverage AI, “there is enormous opportunity to expedite discovery for treatments and cures and to improve healthcare access,” says Deana Kraft, global head of healthcare and life sciences at ServiceNow.
To get a full picture of how organizations are putting AI to work, ServiceNow surveyed almost 4,500 executives worldwide, including 502 from healthcare and 278 from life sciences companies. Their answers power our second annual Enterprise AI Maturity Index, which measures each respondent’s progress on a 100-point scale. The surprising result: The average score across all organizations dropped nine points from last year.
ServiceNow and NVIDIA teamed up to analyze AI maturity across a range of industries and found that in healthcare and life sciences scores declined even more, falling an average of 11 points for both industries.
(Click here to read the full Healthcare AI Maturity Index report.)
The news wasn’t all bad, however. Most of the organizations we surveyed are already seeing benefits from AI adoption. Healthcare companies report a 5.8% increase in gross margins from their use of AI last year, while life sciences organizations are seeing even greater impact (7.4%).
The main challenge is that AI technology is evolving faster than these industries can deploy it. “Although AI should boost performance, most healthcare companies face tremendous economic headwinds,” Kraft says. Given the need to ensure that new technologies don’t put patient health at risk, it makes sense that organizations are “thoroughly evaluating, testing, and retesting potential innovations.”
Despite these challenges, 16% of healthcare and 15% of life science companies are Pacesetters. These top-ranking firms are ahead of the pack on all five pillars of AI maturity: AI strategy and leadership, workflow integration, talent and skills, data governance, and realizing value in AI investment. These Pacesetters had higher scores than other firms in each of these areas, with an average score of 44 for both industries, compared to 32.3 for others.
Pacesetters saw greater bottom-line growth from AI than did their competitors, and they achieved substantial improvements in productivity, competitive positioning, risk management, and speed of innovation.
Here are five best practices that distinguish Pacesetter firms in the healthcare and life sciences industries.
IMPACT AI