target audience: TECH SUPPLIER Publication date: Aug 2023 - Document type: IDC Survey Spotlight - Doc Document number: # US51184823
The Most Strategic Generative AI Technology Partners for the Life Science and Healthcare Industries
This IDC Survey Spotlight looks at the most strategic generative AI technology partners for the life science and healthcare industries. While the number of technology providers in the generative AI (GenAI) space is exploding, the life science industry has a very clear vision of partnering with public cloud providers, followed by digital infrastructure partners and IT consulting partners. Healthcare has also given some preference to GenAI tool providers and to the start-up ecosystem. In detail:
- The top barriers for the use of GenAI for the life science industry include data security, the trustworthiness of GenAI, and access to quality data. Access to large, domain-specific data sets to train and fine-tune large language models (LLMs) remains an ongoing challenge for the life science industry. Data security also tops the list for the healthcare industry, followed by data privacy, which is not surprising considering that both industries are dealing with highly sensitive patient data.
- What is striking, however, is the fact that the third barrier for the healthcare industry is a simple belief that GenAI is not required. In contrast, this comes last in the list of barriers for the life science industry.
- Life sciences foresees customer engagement, supply chain, and product and software development/design as business areas where GenAI will have the maximum impact in the next 18 months. Customer engagement and product design also ranked highest in the list for healthcare. One sees growing interest in developing intelligent patient summaries to drive personalized conversations with patients, improving the patient experience and outcomes.
- The three GenAI use cases having the maximum promise for both life sciences and healthcare were knowledge management applications, design applications, and code generation applications.
- While close to 30% of the life science industry was investing significantly in GenAI in 2023, only 10% of the healthcare industry was doing so; more than half of both the industries were exploring potential use cases.