Is the role of AI in healthcare more of a passing trend or the inevitable future with the use of expansive models?
In the ever-evolving landscape of technology, China's tech giants are making significant strides in the healthcare sector. The integration of Artificial Intelligence (AI) into hospital management is rapidly becoming a defining trend, as seen in 2024.
At the forefront of this transformation is Tencent Health, which views AI as the solution to three major challenges in hospital management: patient services, doctor diagnosis, and smart administration. Meanwhile, Baichuan Intelligence's founder, Wang Xiaochuan, has expressed his company's deep understanding and excitement towards healthcare as the sector they find most intriguing.
The pharmaceutical industry is also jumping on the AI bandwagon. Major players such as Novartis, Eli Lilly, and Isomorphic Labs, which uses AlphaFold technology and has partnerships with pharma giants, are focusing on revolutionizing drug development with AI. Projects targeting the design of AI-discovered medications are expected to enter human trials soon.
However, making money remains a critical task for many large model companies. Huawei Cloud's Pangu model, for instance, is focusing on traditional Chinese medicine, while Baidu Health, in partnership with Wuhan Union Hospital, has launched a project aimed at enhancing outpatient services.
The influx of capital has led to the rise of major players such as Alibaba, Tencent, and iFlytek, alongside newer medical AI companies like Yidu Tech and Airdoc. As of October 2023, nearly 50 medical large models had been publicly released in China, accounting for about 20% of all large model products.
Beyond strong model capabilities, a complete service system, a deep understanding of healthcare industry know-how, and the ability to implement these solutions systematically are all becoming key evaluation criteria for buyers. Tasly's international innovation center for gene-based drugs is collaborating with large model companies to develop an R&D model that can help achieve functions such as smart consultation and health Q&A in traditional Chinese medicine.
Some large model companies are showcasing meaningful collaborations with pharmaceutical firms, such as Huawei Cloud exploring the use of its Pangu model for traditional Chinese medicine R&D. Advances in deep learning, natural language processing (NLP), and computer vision between 2015 and 2024 have reduced AI production costs and lowered barriers to entry, attracting nearly RMB 1 trillion (USD 140.3 billion) in investments.
Despite these advancements, few companies have successfully integrated AI technology into real-world healthcare settings, and the anticipated value of AI in healthcare has yet to materialize in financial reports. Companies are mapping out their entire business process to find the greatest common ground between businesses and large models and identify the most suitable collaboration scenarios.
As we move forward, the emergence of truly transformative applications will take time. Customers now care more about how to translate model capabilities into business value, signalling a shift in focus from technology to its practical applications in the healthcare industry. The future of AI in healthcare is an exciting frontier, and China's tech giants are leading the charge.
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