Artificial Intelligence (AI) has emerged as one of the most transformative technologies of our generation, impacting diverse sectors such as finance, entertainment, and retail. However, while these industries have experienced rapid advancements, healthcare remains one of AI’s most promising yet untapped frontiers. AI is poised to revolutionize healthcare, not only by empowering providers but, more importantly, by giving consumers greater control over their health. The narrative that “AI’s ship has sailed” is simply untrue; we are still in the early stages of realizing AI’s full potential in healthcare.
A key indicator that AI in healthcare is not merely hype is the substantial investment flowing into this space. Companies like SoftBank, one of the world’s leading tech investors, are making significant bets on AI. Reports indicate that SoftBank is investing up to $9 billion per year in AI-driven projects. This level of investment underscores a strong belief in the long-term potential of AI, particularly in industries like healthcare where it can yield profound real-world impacts.
Recently, it was reported that Tokyo-based SoftBank is expected to invest $500 million in OpenAI’s latest fundraising round. While this news didn’t surprise industry insiders, it raises an important question: why didn’t it happen sooner? SoftBank has a history of making high-stakes investments in transformative technologies. Its landmark investment in Arm Holdings, which powers over 90% of the world’s smartphones, set new records for the company. Today, as a 90% shareholder in Arm, SoftBank aims to develop a new AI chip by 2025, further positioning itself to capitalize on AI’s potential—with healthcare set to benefit significantly from this shift.
Healthcare: AI’s Next Big Opportunity
While AI has made notable strides in sectors like marketing, finance, and logistics, its application in healthcare is still in its infancy. The healthcare industry has been slow to adopt new technologies, often due to complex regulatory landscapes and the critical need for precise data processing. However, AI holds the potential to change this landscape dramatically, making healthcare one of the sectors where AI’s transformative power will be most evident.
One of the richest data sources in healthcare today is the Electronic Health Record (EHR), which collects vast amounts of data on patient visits, medical histories, test results, and treatments. Unfortunately, this data is often siloed and underutilized across various platforms and healthcare providers. Here, AI can play a crucial role by analyzing EHR data to uncover insights that go beyond human detection. It can identify patterns, predict health risks, and offer actionable recommendations for preventive care.
Despite this potential, most AI initiatives in healthcare are still in the early stages. Many tech companies are beginning to overlay AI onto existing platforms, but their success hinges on healthcare providers’ willingness to adopt these tools. This poses a significant challenge, as healthcare professionals are already overwhelmed. Before COVID-19, doctors and nurses struggled with their workloads, and the pandemic has exacerbated this issue. Many healthcare providers feel burdened by the technologies they currently use, particularly EHR systems.
While EHRs were designed to streamline care, they have often complicated the workflow for providers, adding to their documentation burdens. In some cases, EHR systems have led to “over-documentation,” pressuring physicians to input excessive information, which can result in higher billing codes. This not only strains providers but also raises ethical concerns and may negatively impact patient care. AI has the potential to simplify this process, but the real breakthrough will come when AI shifts from being a tool for doctors to a tool for consumers.
AI Empowers the Consumer
The future of healthcare lies not just in improving the efficiency of healthcare systems but also in empowering consumers to take control of their health. The notion that healthcare providers should be the sole gatekeepers of patient data is outdated. Consumers should have complete access to their health information, and AI should facilitate understanding and action on that data.
Imagine having all your medical records in one place, easily accessible via a simple app. An AI engine could analyze this data and alert you to potential risks or health issues you may not even be aware of. For instance, AI could recommend preventive screenings based on trends in your lab results or flag early warning signs of conditions like diabetes or heart disease before your doctor typically would. This approach doesn’t replace doctors; it augments their care and empowers consumers to better understand and manage their health.
Moreover, AI could enhance the continuity of care, keeping patients informed and engaged with their health beyond doctor visits. Instead of relying solely on annual check-ups, AI could provide real-time feedback based on longitudinal data from EHRs, wearable devices, and even genomic data. This would lead to improved health outcomes and potentially lower overall care costs by addressing issues before they escalate.
We Are Just Getting Started
Despite the buzz surrounding AI, we are still in the early stages of unlocking its full potential in healthcare. The ship has not sailed; we are just beginning to build it. The advancements we see today are merely scratching the surface of what’s possible. Technologies such as natural language processing, deep learning, and machine vision are evolving and will continue to improve, unlocking new possibilities in diagnosis, treatment, and disease prevention.
SoftBank’s track record in AI investment reflects this reality. Over the past five years, the company has invested approximately $10 billion in healthcare-related projects spanning genomic research, pharmaceuticals, IoT medical devices, and insurance, among others. These investments are strategically positioned to capitalize on the next wave of healthcare innovation, much of which will be driven by AI.
The future of AI in healthcare is bright, and it’s not too late to get on board. The opportunities for innovation and growth are immense, and we are just beginning to explore the possibilities. With the power of AI, consumers will gain unprecedented insights into their health, shifting the healthcare system from reactive treatment to proactive prevention. As AI continues to evolve, the lines between healthcare, technology, and consumer empowerment will blur, creating a new paradigm for managing and maintaining health.
While some may believe the AI revolution has already peaked, the reality is that we are only at the dawn of its potential in healthcare. With companies like SoftBank investing billions into AI research and development, and with healthcare positioned to be AI’s next major frontier, the future holds enormous promise for consumer-driven health. This is not the end of the AI story; it’s just the beginning.
-Noel J. Guillama, Chairman