According to the EY report titled, ‘The AIdea of India: Generative AI’s potential to accelerate India’s digital transformation,’ 60% of survey people from the healthcare and Life Sciences sector believe Gen AI will have a significant impact on the entire value chain.
The report also suggested that 28% of healthcare and Life Sciences firms have already implemented their first GenAI solution, and a significant majority i.e. 48% plan to implement their first GenAI solution within 1 year.
Suresh Subramanian, Partner & National Life Sciences Leader, EY Parthenon India said, “While the Indian Life Sciences enterprises initially exercised caution regarding AI adoption, numerous Gen AI applications are now contributing to drug development and highly targeted therapies, which is likely to put India in the global clinical trial map.
While some organizations in India are already piloting GenAI in controlled environments, 80% of the surveyed firms acknowledged that their organizations are not yet fully prepared to embrace this technology.
The report also suggested the concerns revolve around potential job displacements, leaders were largely positive that Gen AI will not replace the core healthcare workforce but improve their efficiency and hence release more supply in the healthcare system.
84% of healthcare and Life Sciences firms surveyed believe that GenAI can positively impact workforce productivity, whereas 60% believe it could amplify existing workforce’s potential.
The survey revealed apprehensions among industry leaders, such as a dearth of adequate skills and understanding within the existing ecosystem, and reservations regarding result accuracy.
About the Survey
The survey conducted by EY cast a wide net, encompassing a diverse array of industries and a rich tapestry of professionals occupying various roles. The survey was designed to reflect the breadth of Indian business sectors. It canvassed ~200 C-suite executives across India.
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