Medical technology is on the cusp of a revolution thanks to artificial intelligence (AI). Since the breakthrough of ChatGPT, generative artificial intelligence (GenAI) has been dominating the headlines – and is raising huge expectations, not least in the healthcare and the life sciences sectors. But what in all of this is hype, and what is real? The fact is that the transformative power of AI is available to be harnessed now. It can dramatically shorten development cycles, make production processes smarter and help customise sales. AI is being used to boost innovation, and thus improve patient care and run business operations more efficiently. Yet at the same time, established players in the market are under increasing pressure to act on this development. Newcomers – ranging from agile start-ups to tech giants – are coming into the market armed with AI-based solutions. For decision-makers in the MedTech industry, this means that sitting back to see what happens is not an option. Unless they actively seize the opportunities offered by AI, they risk being left behind. The good news, however, is that the technologies are there and the data is in plentiful supply – so now it’s a matter of moving swiftly to the implementation phase.
AI along the entire value chain
Artificial intelligence reveals its full potential when it is applied across the entire length of a medtech company’s value chain. From research and development (R&D), production and supply chain management to marketing and sales – there are starting points for creating added value every step of the way, and not just with GenAI. For example, AI systems can contribute new design ideas in the early research stages, ensure smoother production processes and anticipate customer needs for sales purposes with pinpoint precision. Numerous companies are already experimenting with and using AI in specific areas. However, the real added value is generated when AI is used in an integrated way and at scale across a range of functions. Leading medtech companies are therefore developing holistic AI strategies that target opportunities in all aspects of the business. Three core areas and the key factors that determine sustainable success are highlighted in this article.
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