Student Name: Bhargav Patel

Student ID: M00790855

Module Code: MBS 4816

Module Leader: Dr Jossy Mathew

Due Date: May 10, 2021

Total Word Count of Content Written: 1410
TOPIC:

ARTIFICIAL INTELLIGENCE (AI) in HEALTHCARE: RESHAPING the

HEALTHCARE BUSINESS of the UNITED KINGDOM

INTRODUCTION:

The year 2020 was an eye-opener to every sector in the world and the United Kingdom
(UK) being a world leader in public, private and academic sectors came across many problems to
solve. The sector that was hit the most was healthcare. From large scale manufacturing of drugs
and vaccine, their distribution, to telemedicine, the healthcare business of the UK needed to
associate, finance and acquire at a pace never seen before. This showed that the modern
healthcare system is expensive, time-consuming, no early detections or diagnosis, there is a
shortage of doctors and nurses, pile-up in hospitals and clinics for treatment, lack of technology,
also the priority should be preventive care along with expanding substitute economical template
that could aid to the world's financial upswing. (Somauroo, 2020)

The solution to all this is Artificial Intelligence (AI), a plethora of technologies that get
wiser and eventually provide superior results, have competence like human intelligence, have a
diverse range of expansion techniques and problem-solving propositions, have an immense
capacity to serve to global financial ventures (Bughin et al., 2018).

AI in healthcare can be used to precisely diagnose and decrease inaccuracies, managerial

workflow support, upgrading patient's experience, saving time and cost by automating an
administrative task, amplifying patient’s experience through conversational AI, the development
of drugs that took $2.3 billion in seven years has now reached $150,000 cost in three weeks, this
shows that AI is the future of every business sector around the world if we open our eyes enough
to see it (Yu, Beam and Kohane, 2018). Even though AI came into existence in the 1950s, the
world is yet to be familiarized with it, hence, some challenges need to be addressed such as
patient privacy and ethics of data ownership; coaching and mastery to use AI system; responsible
and accountable for output; transparency with patients (Hall and Pesenti, 2017).

1
 This research will be focusing on how AI is making the healthcare business cost-effective
and quick, the advantages and insights of adding AI into the workflow, adding AI into existing
devices, patient benefit management through AI, effects on the country's healthcare economy,
presence of AI in the current healthcare business sector, how it is changing the world of and
around the UK’s market.

I am selecting the United Kingdom (UK) for conducting this research because it is a developed
country leading the race of healthcare system, economic growth and technologies.

AIM:

This research aims to find the effecting aspects and relation between Artificial
Intelligence (AI) and the healthcare business in the United Kingdom.

OBJECTIVE:

The objective of the research is to find out about hospitals, clinics, healthcare companies
that are working with AI and its effect on the UK's healthcare business.

RESEARCH QUESTION:

How can the healthcare market of the UK derive efficiencies, productivity and transform
patient outcome by the implementation of AI in its business sector?

LITERATURE GAP:

While researching about my topic I found that there are many authors, books and journals
available for the "healthcare market", "healthcare system impact on UK's business", etc., but
there aren't many valid journals or books available with relation to my topic. Therefore, I believe
that this research can help fill that gap and will broaden the knowledge of this topic.

LITERATURE REVIEW:

In a report by Accenture by Collier et al. (2017), it is evaluated that the best 10 AI

applications in healthcare could redeem the market $150 billion yearly by 2026. The value of the
AI healthcare business is predicted to be $6.6 billion by 2021; this shows the enormous

2
compound rise yearly at the rate of 40% since 2014, but when this data is compared to the
adoption of AI value the financing is still on an average. It also mentioned that by 2035 AI could
gain $814 billion to the UK’s financial sector, which would show the uprise of GVA 2.5 to 3.9%
yearly (Branon, 2016). The UK’s GDP will be grown 10.3% because of AI which equals £232
billion, making it one of the most successful business opportunities (PricewaterhouseCoopers,
2020).

According to Spatharou et al. (2020), the healthcare market will have to fight to last
imperishable. Even though the economy of the world could develop 40 million new opportunities
in healthcare, it will remain adequate due to the shortage of doctors, nurses and physicians. The
Department of International Trade aid the trading and investments, and encourages the UK as an
AI competency centre, but more can be done by adding attention to AI in the global
entrepreneurship programs, focusing on AI technologies and the countries associated with it the
most by making initial contact and selling them with idea and opportunities for the sake of the
UK’s business and moving it forward, demonstrating and developing different means for the UK
based companies so that they can showcase their talent globally and make profits in the
economy, and also focusing and encouraging women leaders and showcasing their talent
globally. (World health organization, 2016)

In an article about the socioeconomic effect on European healthcare (2020), it was

mentioned that AI applications in the healthcare market can certainly retain 380,000-403,000
lives yearly. Cost-saving that covers the expenditure of health care physicians (HCP) time could
save €170.9 to €212.4 billion and in this, the AI implementation could have the beneficial impact
with €50.6 billion of certain savings, this also includes €45.7 billion in monitoring and €38
billion in real-world data. AI functions can certainly free up 1,659 million to 1,944 million hours
every year. The effect of AI applications in virtual health assistance and other funding could save
up to 1,154 million hours yearly and all this saved time can become useful in other aspects of the
healthcare business.

By enhancing patient results and approaches, advancing the utilization of resources, AI

could have a considerable socioeconomic effect on the healthcare business. The full capacity of
AI in healthcare can be liberated by making advancements in various sectors of the European

3
healthcare business, covering the way such mechanisms are calculated and compensated,
coaching and workforce skills, data ownership (Socioeconomic effect on European healthcare,
(2020).

METHODOLOGY:

In this research, I am selecting a mixed-method approach for data analysis that includes
both quantitative and qualitative analysis of data collection. During a month time, I will be
contacting around 10-12 managers of the start-up companies that have AI and are related to the
healthcare business. I will be asking them about the AI system, its discovery in healthcare, profit
margins, time consumptions, patient reviews, their budgets, how AI is helping the health sector
according to them. Further to that, I will develop correlation data that will identify the pattern, if
any, amongst the interviews, conducted and all this will be included in the Quantitative analysis.

For qualitative analysis, a structured assessment will be executed if they pivot on broad
illustration of an AI performance, have an assessment of the financial planning and result of the
AI performance, effects of the AI implementation in the healthcare sector, and the long-
established healthcare efficacy as well as eHealth evaluation through desk research and
interviewing the experts on this subject by collecting and analyzing that data with my criteria and
finding the pattern.

Also, in quantitative analysis, the assessment of structured and nonstructured data will be
done through algorithms and models. The machine learning method, support vector system,
neural networks, modern deep learning, and natural learning processes will be analyzed and then
it will be compared with the present healthcare system, further to this for comparisons and I will
be using the methods of Correlation and also will do the f-test and t-test of the collected data. I
will further also analyze various AI applications that are currently in use for diagnostic purpose,
data collection, robotics, imaging and see how they are beneficial against the traditional
healthcare business as in how much outcomes the UK’s healthcare business have made. The
research will be conducted between the period of June 2021 to August 2021.

4
CONCLUSION:

With my research and methodology, I am hoping to show the positive effectiveness and
the country’s potential financial growth that the AI technology will bring with its implementation
in the healthcare business sector in the United Kingdom. This research will show how AI
technology is better in most of the aspects of savings, time, data collection, patient experience,
managerial workflow for entrepreneurs, the government, private health workers, software
companies.

5
REFERENCES:

Branon, O. (2016). Artificial Intelligence Poised to Double Annual Economic Growth Rate in 12
Developed Economies and Boost Labor Productivity by up to 40 Percent by 2035, According to
New Research by Accenture. [online] newsroom.accenture.com. Available at:
https://newsroom.accenture.com/subjects/technology/artificial-intelligence-poised-to-double-
annual-economic-growth-rate-in-12-developed-economies-and-boost-labor-productivity-by-up-
to-40-percent-by-2035-according-to-new-research-by-accenture.htm [Accessed 10 May 2021].

Bughin, J., Seong, J., Manyika, J., Chui, M. and Joshi, R. (2018). Notes from the AI frontier:
Modeling the impact of AI on the world economy. [online] McKinsey & Company. Available at:
https://www.mckinsey.com/featured-insights/artificial-intelligence/notes-from-the-ai-frontier-
modeling-the-impact-of-ai-on-the-world-economy [Accessed 10 May 2021].

Collier, M., Fu, R. and Yin, L. (2017). Why Artificial Intelligence Is the Future of Growth.
Accenture. [online] Available at: https://www.accenture.com/us-en/insight-artificial-intelligence-
future-growth [Accessed 10 May 2021].

Hall, W. and Pesenti, J. (2017). GROWING THE ARTIFICIAL INTELLIGENCE INDUSTRY IN

THE UK. [online]. Available at:
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file
/652097/Growing_the_artificial_intelligence_industry_in_the_UK.pdf [Accessed 10 May 2021].

PricewaterhouseCoopers (2020). The impact of artificial intelligence on the UK economy.

[online] PwC. Available at: https://www.pwc.co.uk/services/economics/insights/the-impact-of-
artificial-intelligence-on-the-uk-economy.html [Accessed 10 May 2021].

Somauroo, D.J. (2020). U.K. Invests $330 Million To Lead The World In Healthcare AI. [online]
Forbes. Available at: https://www.forbes.com/sites/jamessomauroo/2020/12/10/uk-invests-250-
million-to-lead-the-world-in-healthcare-ai/?sh=24fb26647af2 [Accessed 9 May 2021].

6
The socio-economic impact of AI in healthcare. (2020). [online] MedTech Europe. Available at:
https://www.medtecheurope.org/wp-content/uploads/2020/10/mte-ai_impact-in-
healthcare_oct2020_report.pdf [Accessed 10 May 2021].

World health organization (2016). Global Strategy on human resources for health: Workforce
2030. [online] Who.int. Available at: https://www.who.int/ [Accessed 10 May 2021].

Yu, K.-H., Beam, A.L. and Kohane, I.S. (2018). Artificial intelligence in healthcare. Nature
Biomedical Engineering, [online] 2(10), pp.719–731. Available at:
https://www.nature.com/articles/s41551-018-0305-z [Accessed 10 May 2021].