- Artificial Intelligence (AI) algorithms provide precise data to gain insight into care processes, treatment variability, diagnostics, and patient results
- AI holds potential to reduce the margin of probable errors in medication
- Opyl, Living Cell, and Volpara are some ASX healthcare stocks that utilise AI
Artificial intelligence (AI) is a technology that enables machines to learn from past data and given information, makes sense of it, and uses this information to do various business tasks.
The healthcare industry is leveraging AI to gain advantages over traditional analytics methods and make clinical decisions. AI algorithms provide precise data to gain insights into care processes, treatment variability, diagnostics, and patient results.
Let us discuss in brief some of the roles of AI in healthcare.
- Through Customer service chatbots, patients can raise their queries regarding illness symptoms, appointments, and bill payments. This, in turn, reduces the workload of medical professionals.
- Every healthcare organisation has a huge pile of critical data which needs proper and secure management. AI helps in the appropriate management and processing of these data.
- The automation of redundant time-consuming tasks is another major role of AI in healthcare. It stamps out the need for integration and expensive downtimes.
- AI holds potential to reduce the margin of probable errors in medication. Sometimes, even an extra dose of drug or medicine can be detrimental to a patient
- Robots incorporated with cameras, surgical tools and required mechanical arms enhance doctors' knowledge, skills, and experience, creating a new form of surgery.
- AI applications have algorithms that make it easier to interpret complex images to conduct analysis.
Let us dive into three healthcare stocks from the ASX that are leveraging AI.
Opyl Limited (ASX: OPL)
Opyl is steered by its mission to enhance health and wellness through its innovative digital platform. It provides professional guidance and access to emerging AI technologies for biopharma and healthcare organisations. The company’s services include:
- Social media insights
- Clinical trial recruitment platform
Living Cell Technologies (ASX: LCT)
Living Cell is a biotechnology company focused on the development and commercialisation of regenerative treatments. It addresses serious conditions in its product candidates by using the potential of cells and their receptors.
NTCELL is the company’s product candidate for treating Parkinson’s disease. It is a capsule coated with alginate and contains clusters of neonatal porcine choroid plexus cells.
In May, the company announced applying AI in its innovative research against Parkinson’s disease.
Volpara Health Technologies (ASX: VHT)
Volpara is one of the prominent global players in AI R&D (research and development) for the early detection of breast cancer. It has software that provides data and feedback to clinicians.
Recently, the company signed a contract with Radnet Management, Inc, a US-based company offering outpatient imaging services under which, Radnet will implement VHT’s Software throughout its organisation.