The past year has been filled with rapid advancements in generative AI, which refers to AI that can produce content like text, imagery and audio. While the healthcare sector has a reputation of being notoriously slow to adopt new technologies, the field seems to have turned a new leaf when it comes to this class of AI.
There is a long list of examples that show that the healthcare industry is embracing newly emerging generative AI tools with enthusiasm. Some include Epic integrating GPT-4 into its electronic health record, Google Cloud and Mayo Clinic launching a generative AI-focused partnership, and generative AI startup Hippocratic AI raising $50 million in seed funding from General Catalyst and Andreessen Horowitz.
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In the view of CB Insights Analyst Anjalika Komatireddy, there are three key areas of the healthcare sector where generative AI is booming the most — in terms of both venture capital funding and the development of innovative technology. She discussed these three domains on Tuesday during a webinar.
The first area that Komatireddy identified is care delivery and navigation. She said that most of the generative AI tools cropping up in this field can be thought of as “AI co-pilots for doctors,” meaning they help automate EHR workflows for physicians.
Some companies are seeking to alleviate clinical burden through medical conversation summary — Komatireddy pointed to Nuance, Abridge and Corti. Others focus on medical coding, such as Suki, DeepScribe and Regard, and some specialize in medical Q&A, like Atropos Health and Google’s Med-PaLM, she explained.
“Now, if we think about where the market is headed, I think we will see some more consolidation in the future as these vendors try to become a one-stop-shop for these different EHR features. And I think we can also expect to see legacy incumbents, like Epic, add more generative AI capabilities to address these functions,” Komatireddy declared.
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The next domain she highlighted is digital therapeutics and wellness tools — Komatireddy said that this subsector is producing a slew of “AI companions.” Replika, a chatbot designed to provide users with emotional support, is an example of a company in this space.
Komatireddy pointed out that there are still significant risks associated with using large language models in mental and emotional health services, though. She referenced some bad press that Replika received in 2020 after the chatbot encouraged some users to go through with dangerous behaviors, including murder and suicide.
“This begs the question: is generative AI ready for mental healthcare?” Kormatireddy asked.
The last area of the healthcare sector that Kormatireddy identified as experiencing a flurry of generative AI activity is drug research and development. Many startups have begun using generative AI to predict the properties of novel proteins and drugs, she explained.
“That, in turn, is helping optimize new candidates for drugs more quickly,” she declared.
In just the past few months, the pharmaceutical field has seen “a bunch of new exits in this area,” Kormatireddy added. For example, Recursion Pharmaceuticals recently acquired two Canada-based generative AI startups, Cyclica and Valence, to improve its drug discovery capabilities. Other deals she pointed to include BioNTech’s acquisition of InstaDeep and Insilico Medicine’s IPO.
Companies that produce technology to facilitate clinical trials are also jumping on the generative AI train. Kormatireddy highlighted a startup named Unlearn, which computes a digital twin for every patient enrolled in a clinical trial.
Photo: hirun, Getty Images
