HiLabs CEO and co-founder Amit Garg recently joined other AI thought leaders from the global investment banking firm Oaklins to discuss how AI can address challenges in healthcare and life sciences. The group, which included Sikka.ai CEO Vijay Sikka and SQREEM Technologies CEO Ian Chapman Banks, discussed issues including spiraling costs, staff shortages and rising global demand, and how technology is solving those problems. From cleaning dirty data in provider directories to generative AI as a tool to improve patient-centered care, the discussion highlighted the transformative role AI can play to improve the healthcare system.

John Matthews, Oaklins’ artificial intelligence (AI) specialist, explained the driving force behind this conversation: excitement about generative AI is driving an uptick in investment in this burgeoning technology.

“Spending on AI in healthcare is projected to grow at quite a significant pace over the next few years through to 2030 and no doubt beyond,” he said.

Amit explained that innovation in this sector should not focus solely on the “flashy technology” that drives some of the excitement around AI’s potential in healthcare: “Sometimes very simple solutions can solve some very important problems.”

Insights generated from AI models require a high level of accuracy and openness in the system paired with strong evidence to support recommendations. “Otherwise it’s very hard, especially in healthcare, for the operators on the ground to implement and take actions based on your insights.”

Watch the full webinar on-demand