By Joseph Pategou
Joseph Pategou has completed a Master of Sciences in International Strategy and Influence and a Master of Chemistry and Life Sciences. He is fascinated by healthcare and the experience of many companies in the development of new types of drugs with the aim of saving lives around the world. Joseph Pategou is a consultant specialising in the pharmaceutical industry at Wavestone. He has published more than 15 papers/articles in reputed journals including Labotech.eu and his focus rests on strategy, digital, innovation and biosimilars.
Post-1956, artificial intelligence (AI) has become mainstream and governments around the world have brought this into the ambit of public debate and have launched major national initiatives. AI has definitely become the new focus of international competition. For many consulting firms, the global market for AI is expected to reach more than $15 trillion in 2030. An increase in productivity will be responsible for more than $6 trillion in income and consumption will contribute to more than $9 trillion. Countries across the globe are trying to make the most of this phenomenon, and China is one of them.
Shifting economic paradigm
China is a demographic giant with a population of more than 1.3 billion and a CAGR of 0.6% as of 2016. This population has been a tremendous force in allowing China to sustain a GDP growth rate which reached 6.7%, although this figure translates a slowdown in GDP growth rates compared to the record 9.5% in 2011. This economic situation coincides with the shift of the paradigm that China is experiencing, from an economy based on industry to an economy based on service.
China’s prospects for artificial intelligence
In the realm of AI, China aspires to be a global leader and hence the state council has published a plan for AI in China with two major dates. AI will become a major economic driver by 2020 and in 2030 China hopes to become a global leader in terms of innovation, application and technology. This market will be worth more than $150 billion. For Frontier Economics, in 2035 AI could be responsible for a GDP increase of 1.6% which translates to numerically represent $7 trillion. Chinese companies are investing heavily in AI, an endeavour that is supported by government initiatives such as the €140 million that was invested in a 3-year program for the Academy of Sciences in 2016. This quantum of investment is challenging the United States leadership in AI development.
AI’s potential in healthcare
The size of China’s population has contributed to the surge in demand for care and patient data. At the same time, China is experiencing a shortage of healthcare workforces with only 1.5 doctors for 1,000 people, a statistic that is lower than that of the US (2.55) or Australia (3.37). Moreover, the current situation is contributing to lower efficiency is diagnostics, treatment and access to healthcare. In this landscape, AI can help to create an affordable and sustainable healthcare system by increasing efficiency, lowering error rates, and decreasing medical costs. For example, patient history, symptoms and medical images can be analysed to make the right treatment decisions. Moreover, the absence of legacy opens the door to a huge AI impact which may bring healthcare into a new age in China. Following this, many Chinese companies are already creating tremendous value for patients and healthcare professionals.
Infervision: An innovation
Infervision, a Chinese start-up, creates a diagnostic system based on AI to help Radiologists detect lung cancer at an early stage. The device is able to detect the first signs of cancer on a series of images, enabling doctors to offer treatment to their patients quickly. This technology is already being used in some hospitals like Shanghai Changzheng Hospital to identify suspicious lesions and nodules in lung cancer patients.
The expansion of Alibaba in China
Alibaba, the Chinese giant in e-commerce is pushing boundaries, through Alibaba Cloud. The aim is to favour the application of AI in diagnostics and healthcare to make medical treatment more accessible and affordable. The first solution was the launch of the ET Medical Brain which is a prime alternative designed to help medical professionals by using computers to act as virtual assistants for patients in medical imaging, drug development and hospital management. For the Alibaba team, this solution will help medical personnel in the ambit of efficient decision-making, repetitive tasks and improving the quality of care delivered. To strengthen their position, Alibaba’s healthcare unit has invested $35 million in a medical imaging company, Wanliyun. Wanliyun develops a cloud platform for medical imaging applications. The company provides remote medical image diagnosis and related services including X-rays, CT scans, and magnetic resonance imaging (MRI) for patients, physicians, and hospitals. Alibaba’s investment in Wanliyun is a continuation of its efforts to improve healthcare technology in China by using cloud computing.
iCarbonX and its development
iCarbonX is another company to keep in mind. The company aims is to build an ecosystem of digital life based on a combination of an individual’s biological, behavioural and psychological data, using the internet and AI. To put things into perspective, iCarbonX wants to collect health data from millions of people and set up a computation methodology that will create the first intelligent digital guide, providing a personalised health management system which presents recommendations, both small and large, for a healthier life. iCarbonX has released an app called Meum, a digital health management platform. For Jun Wang, the founder of iCarbonX, Meum can help each person have a deeper understanding of his or her body. Moreover, the Meum platform connects the digital lives of people and helps each other through sharing, and comparing feedback. The platform also improves itself automatically by self-studying, which enables itself to discover new knowledge and better assist users. The global context in China favours the surge of AI due to the huge implications and investment of government and private companies. AI is definitely bringing tremendous value to the health system in China by bringing affordability and accessibility to healthcare.
Featured Image Source: Army Medicine via VisualHunt / CC BY
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