Bhargav Dissertation Project

Student’s First name: Bhargav
Student’s Last name: Patel

Student’s ID Number: M00790855
Student’s Email ID (MDX Official): Bp451
Student’s Personal ID: Bhargavptl2020@gmail.com
Module Code: MBS 4816
Module Leader: Dr. Jossy Mathew
Module Name: MBS 4816 [HEN] Business Transformation Project
Campus: London
Academic Year: 2020-21
Word Count: 12,307
TITLE: ARTIFICIAL INTELLIGENCE: THE NEW BUSINESS MODEL
FOR THE HEALTHCARE INDUSTRY
ABSTRACT:
BACKGROUND: - As explained by Somauroo (2020), 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. The
solution to all this is Artificial Intelligence (AI), 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,
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). Based on this we want to understand how AI is revolutionizing
the healthcare industry. The main aim of this research paper is to identify and understand the socio-
economic aspects of artificial intelligence in the healthcare sector and how it is the future of the modern
era healthcare business.
METHODS: - The main objective is to highlight and explain how artificial intelligence has made a
huge impact on the UK healthcare sector economically. Hence, a mixed-method approach has been
used along with case study analysis. The research paper has focused on the top three healthcare
companies that are using artificial intelligence for productivity and efficiency, those companies are
Pfizer, Johnson & Johnson, and GSK (GlaxoSmithKline). Furthermore, for a better understanding of
the research topic primary and secondary data collection is presented along with approaches and
theories.
RESULT: - Based on the findings it was observed that the economic impact of artificial intelligence
on the UK healthcare sector is note-worthy. The findings showed that artificial intelligence is cost-
effective and less time-consuming. It also showed that the established healthcare companies in the UK
have applied the theories of economies in scale and macroeconomics in artificial intelligence
application. The findings also showed that artificial intelligence can save money, reduce time and save
lives all at once with digitalization as its assets.
CONCLUSION: - The research paper successfully explains all the essential criteria and findings that
are needed to address the research question. The paper explains how artificial intelligence is the new
business model for the healthcare sector and the key findings were highlighted with the presentation of
case studies and models for any future healthcare businesses to understand better. In addition to this,
the information presented in the paper was unbiased and practical.
KEYWORDS: - Artificial Intelligence, Healthcare sector
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ACKNOWLEDGEMENTS:
I would like to extend my gratitude towards my module leader Jossy Mathews for providing me with
knowledge about the subject. I would also like to provide my appreciation towards my tutor Laxmi
Narasimhan Vedanthachari, who helped me in making my dissertation better by providing insights on
the subject. I would like to thank and acknowledge my university for giving me a platform to learn and
project my talents as well as in enhancing my research skills.
I would like to thank my parents and classmates for giving me strength and motivation as well. Without
these people to guide me, I would not have reached my potential.
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Contents
CHAPTER 1: INTRODUCTION ........................................................................................................ 1
1.1 AIM AND MOTIVATION FOR RESEARCH .................................................................. 2
1.2 RESEARCH QUESTIONS: ................................................................................................. 3
1.3 LITERATURE GAP: ........................................................................................................... 3
2 CHAPTER 2: REVIEW OF LITERATURE ............................................................................. 4
2.1 Introduction: ......................................................................................................................... 4
2.2 What is Artificial Intelligence? ............................................................................................ 4
2.3 Artificial Intelligence: networks and tools .......................................................................... 5
2.4 Economic Impact of Artificial Intelligence ......................................................................... 7
2.5 Artificial intelligence in healthcare ..................................................................................... 8
2.6 Economies of Scale .............................................................................................................. 14
3 CHAPTER 3: RESEARCH METHODOLOGY...................................................................... 16
3.1 Introduction: ....................................................................................................................... 16
3.2 Research Aim: ..................................................................................................................... 16
3.3 Research Philosophies: ....................................................................................................... 16
3.4 Design of Study: .................................................................................................................. 16
3.5 Details of Case Study .......................................................................................................... 17
3.6 Data Collection Process ...................................................................................................... 18
3.7 Ethical Consideration ......................................................................................................... 18
4 CHAPTER 4: CASE STUDY, FINDINGS AND DISCUSSION ............................................ 19
4.1 PFIZER:............................................................................................................................... 19
4.1.1 Pfizer’s “BOLD MOVE” Growth Strategy: ............................................................. 19
4.1.2 Win the Digital race in Pharma: ................................................................................ 21
4.1.3 Summary ...................................................................................................................... 22
4.2 JOHNSON & JOHNSON................................................................................................... 22
4.2.1 Innovation in Johnson & Johnson ............................................................................. 22
4.2.2 The Goal: Affordable and Accessible medicine........................................................ 23
4.2.3 Future Endavoures of the J&J .................................................................................. 24
4.2.4 Summary ...................................................................................................................... 24
4.3 GLAXOSMITHKLINE (GSK) .......................................................................................... 24
4.3.1 GlaxoSmithKline and its Artificial Innovations ....................................................... 25
4.3.2 Summary ...................................................................................................................... 26
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4.4 DISCUSSION ...................................................................................................................... 26
4.4.1 The common pattern of Artificial Intelligence application ..................................... 26
4.4.2 Other Key Highlights and findings............................................................................ 28
4.5 STRENGTHS AND LIMITATIONS OF THIS RESEARCH PAPER: ........................ 30
5 CHAPTER 5: SUMMARY AND CONCLUSION ................................................................... 32
6 CHAPTER 6: REFERENCES ...................................................................................................... i
LIST OF FIGURES:
Figure 2-1 Three dimensions of Machine learning (source: Intelligence, 2020) .................................... 6
Figure 2-2 Traditional drug discovery timeline (Source: King Jr, 2018) .................................................. 8
Figure 2-3 Applications of Artificial Intelligence ................................................................................... 10
Figure 2-4 Artificial Intelligence driven Compound Design (source: Somasundaram, 2020) ............... 12
Figure 4-1 The Bold Move growth strategy (Source: Pfizer, 2021) ....................................................... 20
Figure 4-2 Pfizer's annual revenue........................................................................................................ 21
Figure 4-3 Three main components of J&J (Source: Johnson&Johnson, 2021) .................................... 22
Figure 4-4 Johnson & Johnson revenues .............................................................................................. 23
Figure 4-5 GSK Revenues in Million Pounds ......................................................................................... 25
Figure 4-6 Economies of scale representation (Source: McKinsey&Company, 2019).......................... 27
Figure 4-7 Healthcare Gross Value Added in 2035 (US$ billion) (Source: Digital health, 2019) ........... 28
Figure 4-8 Sustainable clinical growth through AI innovations ............................................................ 29
IV
ARTIFICIAL INTELLIGENCE: THE NEW BUSINESS MODEL FOR THE HEALTHCARE INDUSTRY
CHAPTER 1: 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 vaccines, 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).
Healthcare manufactures are evolving with the growing use of electronic-based health registers and
other related technologies. The rise in these technologies, such as smart bands with personal fitness
tracking features and huge data framework shows that the healthcare manufacture has a rich source of
data, which can be utilized for anticipating the primary outcomes in business and medical services.
AI, operated by information analytics and learning tools, is the door to unlatch this data and resolve
crucial problems of healthcare manufacture. The industry can be favourable for various sectors
including:
• Financial - With the advancement of scan exposure techniques, better claim administration and an
efficient healthcare system, scams can be reduced and profit can be increased.
• Operational - Upgrading productive capacity and satisfaction to healthcare providers by increasing the
pace of current work with the help of intelligent assistants and auto regulating the monotonous activities,
so that the healthcare providers can give more time to the patients.
• Clinical - Reduce critical incidents such and better patient feedbacks with the aid of AI.
Artificial intelligence (AI) can change the way medical services are provided to people at large.
According to the European Union's EIT Health report, AI can aid in advancing the medical services,
the experience of the patients and availability of medical services. It can boost the productive capacity
and performance of the health services and make medical assistance better and easily accessible to more
people. AI also helps in bettering the experience of medical service providers by giving them more time
with their patients and decrease the burden.
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A new study suggests that by 2027 the worldwide artificial intelligence (AI) in the medical sector is
stipulated to gain a business size of USD 61.59 Billion and record considerably more CAGR. The
medical sector uses AI to examine the complicated distinct and health-related data. AI aids healthcare
providers to recover information, understand figures and arrange treatments for healthcare procedures.
To advance the growth related to Covid - 19 vaccines, the government and private sector are presently
aiming to integrate Artificial Intelligence in research-related activities.
Regardless of the fact that AI was originated in the 1950s, the world is still not accustomed to it, and
that's why it is important to address the various critical issues such as patient confidentiality and data
ownership rights; training and proficiency to utilize AI system; honesty with patients. (Hall and Pesenti,
2017). This research will aim to answer questions like how Artificial Intelligence is helping the medical
sector to be rapid and economical, the benefits of including artificial intelligence in the system and
recent tools, the impact of AI in the present medical sector business and how it is transforming the UK's
healthcare market and the world at large.
1.1 AIM AND MOTIVATION FOR RESEARCH
Aim: The aim of my research is to focus on and explain the role of artificial intelligence in the
healthcare business sector and how it is more cost and time effective for the healthcare economy.
My objective is to construct and collect information and findings that can be beneficial for the
future as well. The pandemic showed us that the healthcare sector is expensive and the inclusion
of artificial intelligence in this can be the ultimate aid for future start-ups or businesses. The gains
that come with artificial intelligence in every possible aspect of healthcare can aid the system to
gain or redeem more.
The COVID-19 pandemic has given this opportunity to explore this topic as the healthcare sector
was the one section that was hit the most. We saw from large-scale manufacturing of drugs and
vaccines, their distribution, to telemedicine, the healthcare business 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.
During this companies came forward and truly explored the use of artificial intelligence with their
unique plans and models which helped them to cope in the time of need and presented the form of
planning that can be beneficial for all organizations and start-ups in healthcare.
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Motivation: Given the present pandemic, and being affected by it personally like many others, I
came to know about the intricacies in the healthcare sector. Healthcare is very expensive and even
with the current technology, its time consuming as well. The healthcare sector has to find a solution
to all of it and the answer came with artificial intelligence. I explored all the aspects of this topic
and came to the realization that artificial intelligence is the modern technology that can
revolutionize the healthcare business while making it affordable for common people also making
this is my primary motivation. It can create an environment where engagement between patients
and physicians will be stronger and more reliable.
Some of the companies who are still following traditional healthcare methods can benefit from this
and make healthcare more generic and affordable. This was the sole reason I took this research
topic, as it made me curious about all the ventures that come with artificial intelligence that can
aid unfavourable situations and can following help other businesses as well.
1.2 RESEARCH QUESTIONS:
How can the healthcare market derive efficiencies, productivity and transform customer outcomes by
the implementation of AI in the UK healthcare business sector?
1.3 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 the economy", etc., but there aren't many valid
journals or books available with relation to the economic impact of artificial intelligence in the
healthcare business. Therefore, I believe that this research can help fill that gap and will broaden my
knowledge of this topic.
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2 CHAPTER 2: REVIEW OF LITERATURE
2.1 Introduction:
To acknowledge the key difficulties in health care sectors in Europe, AI is among the advancing
technologies having the capability to aid the health sector. By helping doctors in determining and
therapy choices and aiding citizens to be well informed and make better health decisions, AI-related
technologies can give the power to people. For the growth of ongoing discussions related to the
function AI can and should have in the medical sector, it is essential to examine the AI's economic
and social consequences on the healthcare sector of Europe (Hall and Pesenti, 2017).
Effect on health-related results, economic means and duration consumed by healthcare providers
evaluate the economic and social impact on the healthcare system. Further, the possible effect of AI
on the healthcare sector of Europe can be determined by evaluating the number of lives saved,
slowdown of expenses and the duration of time saved for healthcare professionals (Hall and Pesenti,
2017).
First of all, 380,000 to 403,000 lives can be saved per annum. Approximately 313,000 lives can be
saved through wearable AI-related devices. Subsequently, AI helps in tracking 42,000 lives and
imaging 41,000 lives. Besides, involving the economic cost of the time of healthcare professionals,
€170.9 to 212.4 billion could be saved per annum. Smart bands having AI apps may have the highest
effect with possible savings of €50.6 billion. In addition to that, AI aids in tracking (€45.7 billion)
and present moment data (€38 billion). Lastly, Artificial Intelligence can facilitate 1,659 million to
1,944 million hours annually. This is accompanied by the effect of AI in virtual health assistance
(VHA) which have the potential to free up to 1,154 million hours per annum. Robotic equipment
(367.5 million hours) and smart bands (336.1 million hours) are among the other devices having AI
applications that can help Healthcare Professionals to devote significantly more hours to top worthy
exercises (Deloitte Insights, 2020).
2.2 What is Artificial Intelligence?
For a seminar on the topic ``the science and engineering of making intelligent machines'' organised
in 1956 at Dartmouth, John McCarthy invented the terminology ``Artificial Intelligence'' (Society
for the Study of Artificial Intelligence and Simulation of Behavior, 2018).
Since the lowest point in the initial 1990s, a phase (also known as the AI winter) when financial
assistance and interest in AI research decreased, confidence in AI has mostly increased (Crevier,
1993). Being an essential area of computer science, Artificial intelligence tries to devise
sophisticated machines having the attributes of human knowledge. This concept can be named
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``General AI,'' having devices that can understand and rationalise and even listen and comprehend
like humans (Copeland, 2016).
Having an intricate goal, AI has a system that functions in the real or virtual world. To determine
the best course of action to attain the goal, they observe their surroundings, gather and understand
systematised and unsystematised information and rationalise based knowledge acquired from this
information. AI technologies also have the potential to understand and adjust their actions by
examining how their old behaviour affected their surroundings (Intelligence, 2020).
The aspect that allows a body to operate properly and with planning in its surrounding. A generic
word that encloses a set of applications having the potential to carry out the duties independently,
which if, done by a person, would have necessarily needed intelligence is known as artificial
intelligence. It is quite complicated to identify AI with precision because depending on the
background of study and implementation, its meaning preferably varies. Artificial Intelligence (AI)
outlines a group of modern basic function virtual computerised technologies that aids devices to
extremely sophisticated activities with efficiency (Properzi et al., 2019).
AI technologies intent to procreate or exceed capabilities (using a computer), that ought to need
'intelligence' if a person tries to discharge them (The Engineering and Physical Science Research
Council). These involve understanding and adapting; visual learning and communication; logical
thinking and programming; self-determination; innovation; development of strategies and
limitations; and obtaining information and estimations from various distinct computerised data
(Somasundaram, 2020).
Types of Artificial intelligence that are currently in operation are: Interacting with computers in
human lingo, using programmed and automatic systems, composing more realistic computer games,
obtaining improved ideas from transport data and handling logistics networks. Artificial Intelligence
that is presently in use is transforming economic practices over commercial services, healthcare, a
system of law, consumer assistance, survey, construction, tax and transportation. The performance
of most of the digitalized applications, commodities and resources can be enhanced by artificial
intelligence. AI allow us to use computerised data more efficiently and with modern methods
(Somasundaram, 2020).
2.3 Artificial Intelligence: networks and tools
Artificial Intelligence contains various sets of approaches, including logical thinking, finding
answers, knowledge depiction, and basic models of machine learning (ML). Machine learning uses
techniques that can identify arrangements within a group of information that further have subfields.
Deep learning (DL) is one of the subdivisions of machine learning, which uses artificial neural
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networks (ANNs) (Faggella, 2019; Intelligence, 2020).
These include a group of interrelated complex data processing components consisting of

‘perceptons’ which imitates the transfer of nerve impulses in the human brain and is similar to
neurons of the human nervous system. Artificial neural networks consist of a group of branches,
each of which obtains an individual code, and uses algorithms to resolve issues and ultimately
change them into output. ANNs consist of a variety of networks such as, convolutional neural
networks (CNNs), multilayer perceptron networks (MLP), recurrent neural networks (RNNs), which
uses monitored or unmonitored training techniques (Faggella, 2019).
Figure 2-1 Three dimensions of Machine learning (source: Intelligence, 2020)
The Multilayer Perceptron network has features such as system identification, increase assistance,
procedure recognition, and standards, which are generally learnt through monitored training
techniques working in one way only, and is also useful as global system dividers. Recurrent neural
networks (RNNs) have a sealed loop, with the ability to remember and preserve data, like Hopfield
networks and Boltzmann constants (McClean, 2020).
Convolutional neural networks (CNNs) are a chain of powerful systems that can be identified by
their topographic anatomy, which helps to process sophisticated tasks of brain, system identification
and processing complex signals.
As per the report of Accenture "AI: Built to Scale", it is estimated that 84% of corporate
administrators believe that AI is essential for them to reach their development target. Although, 76%
of them admits that they struggle while implementing AI around their market. AI is no longer just a
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luxury but it truly is a need for the future success of a business (McClean, 2020).
2.4 Economic Impact of Artificial Intelligence
Artificial Intelligence has the potential to lead the way to major socio-economic welfare. It is
essential for the economy of the UK as it has considerable capacities to assist in raising the efficiency
of present-day business management and for forming entirely new commodities and resources.
According to an estimation, by 2024, increasing production approximately to 30% in a few industries

and cost reduction up to 25%, the international business of AI solutions could have a value beyond
£30bn. By 2030, AI could have a share up to $15.7 trillion in the international market, higher than
the present productivity of India and China combined, from which $6.6 trillion is expected to emerge
from increased output and $9.1 trillion is expected to emerge from utilisation after effects, says
another estimate (McKinsey&Company, 2019).
Further by 2035, by forming new relations between machines and human beings and transforming
the essence of work, where technology highly adjust to our requirements and people are steadily in
control, artificial intelligence could magnify the yearly growth rates of business. AI technologies
influence the economy by rising labour efficiency up to 40 per cent and by allowing labourers to
utilize their time more productively. Worldwide, the US-based technology giants seem to be the
superior investors in Artificial intelligence, although the amount of investment and locations are still
not entirely known from the surface. According to McKinsey, in 2016, the worldwide technology
majors approximately spent $20 billion to $30 billion on AI, out of which 10 per cent was spent on
acquisitions of AI and 90% was spent on Resource and Development and distribution
(McKinsey&Company, 2019).
The acquisitions involving the major UK based AI businesses that get the recognition from public
and media and accurately specify the drive for AI constitutes a fairly tiny part of their altogether
financial expenditure in AI. It has been evaluated that in 2014, international GDP was increased by
about 3% through international information streaming, which implies that by 2030, digital and
information streaming could have a share up to 7% in the rise of GDP. This further reflects that in
comparison with today, artificial intelligence could contribute about 20% of the share of digital and
information streaming by 2030.
Moreover, by 2030, the effect of automation could reach up to $9 trillion, or approximately 11%
more productivity as compared to the current valuation. This means creativity and transformation
can increase productivity up to 7% ($6 trillion) by 2030.
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2.5 Artificial intelligence in healthcare
The importance of Artificial Intelligence (AI) across biological sciences bodies, from resource and
development to production, global supply chain management and business affairs has increased
during the Covid - 19 pandemic. The pandemic made many of the business administrators and
managers acknowledge that it is possible to run their company remotely with digital techniques.
These digital solutions have truly helped to transform the mindset, and managers are inclined
towards investing in a future having digital systems, data, and artificial intelligence. Following the
discoveries of a conference organised in the Netherlands in 2007 at an Artificial Intelligence in
Medicine (AIM) discussion, Patel et al. (2009) issued a research paper named ``The coming of age
of artificial intelligence in medicine''.
In this research paper, the author talked about the advancement of research related to AI and its
influence on the healthcare sector. He tries to identify the impact of Artificial intelligence in the area
of healthcare, following which he proposed that one of the reasons for the growth of AI in the
medical sector is the integration of AI-based techniques within various clinical applications (Patel
et al., 2009).
The author further explains the importance of research related to machine learning for the future as
healthcare has become an information-demanding measurable field because of the rise in the use of
Electronic Medical Records (EMR). Hence, research related to machine learning is essential to
understand this data and form discovery logistic support to aid a human physician. (Patel et al.,
2009).
Figure 2-2 Traditional drug discovery timeline (Source: King Jr, 2018)
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A. Radiology and artificial intelligence: King Jr (2018) explained the significant influence of
Artificial Intelligence on the radiology sector. The field of radiology has experienced
massive improvements with the growing use of ultrasound, Positron Emission Tomography
(PET), Magnetic Resonance Imaging (MRI), Computed Tomography (CT) and x-ray
technologies. According to the author, the use of imaging data by AI available through
imaging applications like ultrasound, PET, MRI and CT will be the next future advancement
(King Jr, 2018). The author discusses the AI will operate in the field of radiology in the form
of stages, of which the initial stage has already started to appear. The first stage shows the
automated division of different arrangements in the MR and CT images through the AI
system. (King Jr, 2018). This will produce substantial savings in duration for radiologists
by segregating and classifying pathological lesions for examination (King Jr, 2018).
According to Recht & Bryan (2017), the unification of AI or machine learning with the
healthcare sector has a significant impact on radiologists. The author explains that in the
coming future, AI will come to be a daily part of the life of radiologists and will aid to
increase the accuracy and efficiency of their duties (Recht & Bryan, 2017). In the next 10
years, it is estimated by the authors that clinical images before being examined by a
radiologist will be pre-examined by a device based on AI. The device will carry out the daily
reading works such as pattern identification, evaluation and division (Recht & Bryan,
2017a).
B. Clinical Trials and Artificial intelligence: The use of AI in current and upcoming clinical
products have the potential to enhance the digital and service provider experiences of the
customers. This can be achieved by self-operating or by removing complex transactions and
administrative charging systems through smart communications and mechanisation of
labour work. In its present state, AI can inspect and identify. It can help in finding an illness
and who has a chance to get an illness based on the symptoms of a patient. With time, AI is
advancing by facilitating people with information regarding the positive impact of
treatments and lifestyle change to avoid illness (Spatharou, Hieronimu and Jenkins, 2020).
Shortly, 62% of enterprises are considering spending on AI (The State of AI: Artificial Intelligence
in Business). As a matter of fact, in the past 1 year, 20% of enterprises have so far changed or barred
from accepting new labourers with the help of artificial intelligence. Provided that, 72 per cent of
enterprises already acknowledge the eminent significance of AI to decide the future of their
production (Wolff et al., 2020).
According to a recent study by Reports and Data, before 2027, the worldwide artificial intelligence
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(AI) in the clinical sector is estimated to achieve a business capacity of USD 61.59 Billion and record
a notably high CAGR. Artificial Intelligence, by improving productivity is helping in the speedy
growth of the clinical sector and further decreasing a load of healthcare providers (Davenport and
Kalakota, 2019).
Figure 2-3 Applications of Artificial Intelligence
As of July 2019, there are 170 Artificial Intelligence businesses, 50 enterprises, 400 investors and
35 crucial resource and development hubs. By the second half of 2019, the number of resource and
development hubs increased by 5, investors increased by 50, associations increased by 30 and start-
up business ventures increased by 20 in comparison with the first half of 2019 (Chebrolu, Ressler
and Varia, 2020).
The "Artificial Intelligence resource and development" business marked a spike of more than
US$700 million in 2018 from US$200 million in 2016. According to researchers, it is estimated to
gain US$20 billion in the coming 5 years. Out of 170 enterprises, some 120 are proactively dealing
with various fields of drug discovery, including major biopharma enterprises, to identify artificial
intelligence-driven techniques (Davenport and Kalakota, 2019).
Principally, all nations worldwide are dealing with cost issues such as a growing requirement from
prolonged illness, cost-push inflation, mainly due to growing population and inadequate means
(human resource experts, funds, etc.). Instead of managing this requirement, we are still perpetually
backing tools and amenities that were created to deal with an entirely distinct category of medical
requirements. To cope with major health-related matters that involve intense supervision of patients
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for days or weeks, hospital-centric arrangements are of great use. But it is incapable to handle a huge
number of patients with prolonged, complicated conditions and needs long term care.
Applications of Artificial intelligence technologies in the healthcare sector:
According to Frost & Sullivan, 2016, the growth of Information Technology in medical care services
has been transforming at a great pace from output to resources to solutions. The coming decade is
transforming towards health-related techniques such as using artificial intelligence, digital
platforms, robotics, etc.
Many influential artificial intelligence tools are already operational in iOS or Android, utilizing
which consumers are easily getting the information they require to track their health and wellbeing
on a day-to-day basis and to make better decisions in collaboration with their healthcare
professionals.
According to "Care Anywhere", research conducted in 2016, the rising universality of the Internet
of Things (IoT) and the growth of technology is generating improvements and eliminating
limitations in the medical sector by facilitating treatment anywhere and everywhere. This inclination
can also be seen in the field of robotics and artificial intelligence.
The significance of each technology, chances of implementing them and its merit to the health sector
was also evaluated. Robotic support surgery ($40 billion), managerial productivity support ($18
billion) and digital nursing support ($20 billion) are the leading three technologies that exhibit the
highest near future value. With the advancement of expertise by these and other AI, their potential
to understand and act will constantly lead to growth in performance, accuracy and productivity.
The growth in the use of algorithms with precision is helping to recognise newer vision for care
choices, diagnosis and nursing outcomes (Bresnick, 2018b). The abundance of health-related data is
aiding the progress of advanced artificial intelligence technologies that have the potential to modify
the performance and efficacy of treatments.
Electronic Medical Records (EMR) and fitness tracking bands are providing health-related
information, which can now be examined using new methods. The development of Artificial
Intelligence in this time of big data can support healthcare providers to enhance the standard of
treatments and can facilitate radiologists with techniques to increase the validity and efficacy of care.
Artificial Intelligence is highly applicable to manage monotonous work practices, handling a vast
amount of information and giving assistance in decision making to reduce the possibility of errors.
According to the research firm Frost & Sullivan, it has been evaluated that Artificial intelligence can
decrease care expenses by up to 50 per cent while enhancing nursing outcomes by 30% to 40%
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(Hsieh, 2017a).
While discussing the rising capacity of artificial intelligence in the clinical environment, Sennaar
(2018), presented that the major reason for the tiredness among healthcare providers is handling the
rising amount of accounting and health-related data and artificial intelligence can aid them in this
respect. The author further identified that low data quality or "poor data" is one of the issues which
bring about incorrect clinical data with higher risk to the health of the patients (Sennaar, 2018).
According to the author, for the proper handling of data, health-related systems with successful data
collection plans should use Artificial intelligence-based technologies. The author even talked about
the elements which may lead to a struggle in the implementation of AI technologies, which includes
the narrow amount of available research related to the health care value of AI technologies (Sennaar,
2018).
Figure 2-4 Artificial Intelligence driven Compound Design (source: Somasundaram, 2020)
Even though it is not possible for Artificial Intelligence to completely replace human health
practitioners, a large number of clinics are implementing AI applications to enhance their guiding
skills and, in many cases, AI technologies are performing better than health clinicians.
Central-line associated bloodstream infections (CLABSIs) are among the hospital-acquired

infections (HAIs), that are causing severe issues to the clinicians and patients. Although this issue
can be prevented, still up to 25% of central-line associated bloodstream infections (CLABSIs)
patients died from it. Models operated by Artificial Intelligence can be used by healthcare
professionals to anticipate which patients have more possibility to acquire bloodstream infections
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by accessing various information including the data related to the patient's medical history. By this,
healthcare providers can observe higher risk patients and try to mitigate the risk (Somasundaram,
2020).
According to various studies, healthcare providers are frequently overburdened and have a shortage
of staff and this can lead to a treatment error rate of 10 – 15 per cent. Using treatments that are based
on AI technologies can aid the healthcare providers to understand those patterns that they often
outlook and make better choices for treatment processes.
AI-based mobile applications are another advancing tool that clinicians are using in their daily
workflow. This helps provide a second opinion to the clinicians and those data that are outside their
purview. With these supplementary insights, healthcare providers can save their time, patients can
save their money and mitigate distress by avoiding irrelevant tests.
Assessment of Artificial Intelligence:
It has been observed that 25% of patients dealing with severe and prolonged diseases are treated and
then recalled within 30 days to be treated again. Now, healthcare professionals are focusing on value-
based treatments and are aiming to avoid irrelevant re-admissions. This can be done by examining
higher risk patients for re-admission, using different treatments in the hospital, taking important
actions before discharging them and ensuring steps to be followed during home care. This advanced
procedure has a greater recovery rate and includes a very low expense for both, patient and the
healthcare provider.
It has been further estimated that 24% of claims are rejected during the time of assessment and
payment. These rejected claims are troublesome for patients as they have to pay overhead expenses
and at the same time, the healthcare providers suffer losses due to these denied claims. The present
claim handling methods are extremely hand-operated and consume a lot of time.
For easy facilitation of rejected claim handling method, an AI-based expert system can be used to
identify authentic claims that can yield higher value to healthcare providers as well as patients and
have a greater chance of being paid.
The reason for expensive healthcare services is the innumerable amount of dollars spent on fake
health-related claims registered every year, which also leads to highly expensive medical insurance.
It is impossible to examine every claim by manually reviewing them. Hence, to detect fraud, an AI-
based scan technology can be used to review each claim and examine patterns that show fraud. An
AI-based machine learning method can help to follow existing patterns and also studying the new
patterns as they appear. This AI-based technique to detect fraud can also help to reduce the expense
of patients and track the fraudsters instantly (Properzi et al., 2019).
13
2.6 Economies of Scale
Over the last two decades, one of the major focuses of development in the field of the economy has
been economies of scale (EOS). The advancement in the area of industry bodies has given rise to
the adaptation of a more sophisticated economic structure. This has encouraged essential growth in
the global market, real business cycle theory, major economic upswing and geography.
When expanding the capacity of an individual operating section/plant that manufactures a single
commodity, leads to a reduction in the production's cost per unit, the derived profits are commonly
known as economies of scale (EOS). The capacity of the unit at which all the scale economies are
finished and after which the long-run average value curve either rises or stays flat is hypothetically
known as the minimum efficient scale (MES). The slope of the value curve is called the cost gradient.
The least average value for every manufacturing stage can be recognized by the long-term average
value curve, using the provided factor value and standard, and the available technology. For a better
understanding of economies of scale, it is essential to determine their various aspects. Economies of
scale have two important dimensions, namely internal and external, i.e., it can be internal or external
to the plant, organisation and business. Apart from that, it can also be fixed or changing.
Economies of scale that are internal to the organisation are an essential component that can be used
for creating monopolistic rivalry. Different authors have used the expressions "internal and external
scale economies" in different manners. The key variation is the degree of accumulation where the
partition is drawn. As stated by some authors, the central focus of research is industry. Accordingly,
internal economies of scale emerge on the industry level, whereas the rising of external economies
of scale happens on the regional level (Forbes, 2020).
Hence, the operation of just one business force can impact internal economies of scale. Whereas, a
single business force cannot impact external economies of scale. External economies of scale are
crucial for the determination of progress, path dependency and manifold stability.
There are also scale economies in manufacturing known as firm-level economies that influence
activities like administration, allocation, promotion, study analysis, growth and risk management
(having the potential to acquire capital and transformation) and are sometimes called dynamic scale
economies.
The relation between economies of scale and artificial intelligence is that the economies of scale
know about the true potential of artificial intelligence and how it can renovate the business, society
and economy of a company, country or technology. Artificial intelligence is all about providing a
valuable output representing that Artificial intelligence is about business and economics as it aids
companies and organizations in making decisions and being productive. According to many experts,
14
by the year 2030, the worldwide business can redeem up to $15.7 trillion with the help of artificial
intelligence (Forbes, 2020).
15
3 CHAPTER 3: RESEARCH METHODOLOGY
3.1 Introduction:
Research is a scientifically organised study to acquire more data/knowledge on the topic. As stated
by Redman and Mory (1952), research practice is a methodological manner to explore new facts and
information. According to Kumar (2019), the aim of the research is to look for solutions to the issues
by providing assumptions or accurate answers; accumulating and examining data, formulating
related inference, and lastly, precisely review the outcome to see its applicability.
3.2 Research Aim:
The fundamental aim of this research is to analyze and determine the plan of action used by the cited
healthcare companies to restore their economy. However, the subsequent aim of this study would be
to acknowledge the issues that these companies came across and the type of corporate strategy
(combative or preventive) they are using in the decision-making process.
3.3 Research Philosophies:
According to Žukauskas, et al., 2018, the aim of systematic research philosophy is to express the
thought process of the researcher, by which the researcher acquired the objective of the research.
Saunders, et al., 2007 defined research philosophy as the growth of research theory, information and
its character.
However, strategy decisions should be in connection with the philosophical outlook or

understanding of the researcher (Holden and Lynch, 2004). As state by Jamshed, 2014, there are
commonly four categories of research philosophies examined and characterized by different writers,
those are explanatory research philosophy, realistic research philosophy, optimistic research
philosophy and pragmatic research philosophy.
In this research, the author has applied the strategy of Pragmatic research philosophy, which uses
facts and give more attention to effective outcomes (Lancaster, 2005). According to Alghamdi and
Li (2013), pragmatism is an individualistic philosophical structure that doesn't depend upon any
philosophical strategy or realism. For this study, the author has the liberty to pick strategies they
consider applying to their research objective.
3.4 Design of Study:
Yin (2003: 13-14) explained that a multiple-case study plan supports the researcher in utilising the
replication method to understand the phenomenon. Yin (1994) did a comparison between performing
16
experiment and replication methods on the same subject, the sole distinction is that it's not possible
to manipulate case studies while the experiments can be influenced. There are two phases of
replication, the first phase involves an exact replication, where we try to determine like patterns in
the chosen case studies. However, in the second phase, theoretical replication is used to examine and
accept/ reject patterns recognised in case studies.
The multiple-case study strategy uses the procedure of picking various case studies which are
authentic, and after that qualitative survey is done. When doctrines are unavailable; when the subject
is wide and complicated; or when mentioning specific aspects or material is essential, the strategy
of multiple case studies is crucial and effective. (McCutcheon and Meredith, 1993, Ellram,1996,
Perry, 1998, Hill et al., 1999, Stuart et al., 2002, and Voss et al., 2002).
For this research paper, secondary data will be gathered by using a qualitative research strategy.
According to Berg and Howard (2012), a qualitative strategy can be identified by connotation, idea,
interpretation, analogy and illustration of specific incidents or process or matter. In the qualitative
strategy, data is gathering either from members or from a secondary origin. This strategy helps to
collect the distinctive set of comprehensive data that aids in providing accurate and detailed
information regarding the subject (Johnson and Christensen, 2012, p29-37).
3.5 Details of Case Study
The present research paper will conduct a case study analysis of three major healthcare organizations
located in the UK. The name of these organizations is Pfizer Inc, Johnson & Johnson (J&J), and
GlaxoSmithKline (GSK).
For the selection of the above-mentioned healthcare organizations, certain criteria were followed.
The most essential aspect was the location as all three organizations are multinational organizations
however, they have their respective branches in the UK. Another aspect was the application and
utilization of Artificial Intelligence in their respective sectors. The three organizations were the
oldest and the most diverse users of AI. Another criterion was the inclusion of these organizations
on FTSE (The financial times stock exchange) so that the legitimacy and their effect on the stock
market can be explored.
All these organizations are global companies therefore, the author will not be focusing on
particularly the business in the UK while addressing the case analysis, but will have the objective to
explain and highlight essential business aspects and strategies used globally.
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3.6 Data Collection Process
The collection of data can be either done through primary or secondary sources in the words of
Creswell (1998). For the present research, the author will be collecting a secondary form of the data
source. Foremost, the author will be collecting data from the annual reports and financial reports
available on the official website of the organizations and those reports, the annual revenue collection,
organization approaches and applications related to artificial intelligence will be investigated. Those
reports will also be beneficial for the identification and explanations for the organization’s financial
statements, income statement and balance sheet which can provide essential information about the
respective organizations’ profit, losses, overall expense, cash flow, financial positioning,
organizations’ assets and liabilities, as all of these represents the health and prospects of the
organization (Bragg, 2020).
Another source of secondary data that will be collected for qualitative information will be from valid
research papers, books and articles. Those articles will be used to highlight the key roles and benefits
of artificial intelligence and its effect on the healthcare sector. With all the available data the author
will have the essential information by which the collection of important facts and findings will be
presented.
3.7 Ethical Consideration
The part of philosophy that preserves the rights of people, helps them to differentiate between right
and wrong behaviour and the way to conduct the relationship they share with one another is known
as ethics (Kovacs, 1985; Blumberg et al, 2005). Ethics play a very crucial role in a research strategy
by providing ethical guidance to researchers (Lee, Park, and Han, 2011).
The present study is using the secondary data collection strategy, hence all the information gathered
through the secondary origin have been mentioned precisely without any error or manipulation. The
addition of figures and graphs will be done without any error or manipulations as well and the
respective authors and articles from which the data has been gathered will be mentioned in a proper
invitation manner.
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4 CHAPTER 4: CASE STUDY, FINDINGS AND DISCUSSION
NOTE: the essential information presented in the below-mentioned case studies are
occupied from their official websites, documents related to annual reports, quarterly
reports and financial reports all that relates to the company.
4.1 PFIZER:
Pfizer Inc. is a worldwide research-based company. The company headquarter is based in
Manhattan, New York City. This American biopharmaceutical and biotechnological company were
developed in 1849 by Charles Pfizer and his cousin Charles F. Erhart.
Pfizer innovates and manufactures medicine and vaccines. Some of the products and drugs from
the company make more than US$ 1 billion in revenues. Pfizer’s revenue in 2020 increased 2%
($736 million) to $ 41.9 billion through operation and foreign exchange enhancements.
In the second quarter of 2021, the company gained a profit of $5.56 billion on the earnings of
$18.98 billion, this happened due to the COVID-19 vaccine (BNT62b2 drug), which is responsible
for 41% of Pfizer’s earnings for the quarter. Pfizer increased its comprehensive earnings guidance
to $78 to $80 billion which constitutes 86 to 91% year-over-year growth, this happened because of
the increase in supply and demand of the vaccine which further increased earning guidance from
$26 billion to $33.5 billion.
4.1.1 Pfizer’s “BOLD MOVE” Growth Strategy:

In the year 2019, Pfizer initiated the “Bold Move” strategy which included five different strategies
for the sustainable growth of the company. Those five growth strategies are:
1. Unleash the power of our people: the purpose of this move is to empower the employees
of the company so that they can concentrate on work and can help their fellow colleagues
as well. This move permits the workers of the company to reach their full potential while
focusing on meaningful work and in addition to this it also teaches employees about
colleagues’ presentation and leadership. To unbridle the employee’s full potential, the
workplace should have assortment, impartiality and engagement. This approach shows
Pfizer’s initiation towards equality in payment globally and development of global
participation and recruitment of females and minorities.
2. Deliver first-in-class science: The purpose of this approach is to innovate products that
are best in the line of pharmaceutical through research and development. Pfizer has been
19
able to develop products and discover drugs in the Phase 2 period with successful results.
The discovery of these products is the best making Pfizer a leader amongst other
competitors. Pfizer has also been collaborating with other companies such as BioNTech,
to innovate accessible and affordable medicines and find out the target molecules of many
diseases.
3. Transform the go-to market model: This bold move focuses on making medicines and
vaccines affordable and accessible to patients which will ultimately enhance their
experience with Pfizer. The company has been able to provide Access to medicine Index
(ATMI), which gives information about the medicines that are innovated along with the
patients that are treated with that drug. Pfizer has initiated Accessible & Affordable
program, through which it provides generic medicines to the patients.
4. Win the digital race: The approach of this bold move is to innovate drugs and vaccines
with the help of artificial intelligence or digital transformation.
5. Lead the conversations: This approach focuses on making transparent conversations.

Pfizer has been ranked number 1 in the Patient view survey. Pfizer has a motto to put
people first in any aspect of their business, the company believes that its true potential in
growth can only be reached with transparency. To explore this move more, the company
has been recruiting leader that can make frameworks for the growth of the company and
build policies on pro-patients and pro-innovations.
Unleash
the power
of our
people
Deliver
Lead the
first-in-
conversati
class
ons
BOLD science
MOVES
Transform
Win the
our go-to-
digital race
market
in pharma
model
Figure 4-1 The Bold Move growth strategy (Source: Pfizer, 2021)
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4.1.2 Win the Digital race in Pharma:

Pfizer has been one of the leading companies that have collaborated and produced drugs, vaccines
and multiple applications with the help of artificial intelligence. The company has been
collaborating with artificial intelligence in sectors such as drug discovery and development,
customer experience enhancement, improving health outcomes to easier and faster work of quick
deliverance.
In 2020, Pfizer conducted 28 projects operating to digital solutions on a large-scale across research
and development, engagement between patients and healthcare providers and mass production of
drugs.
Pfizer manufactured some of the products to achieve winning goals in 2021 such as, Pfizer Digital
Companion tool which is the first AI-powered tool for healthcare providers to understand and
diagnose risk factors relating to heart diseases. Pfizer Digital Operations Centre is the first-in-
industry centre that aids in saving time and hours by providing decision making help and predicting
risks and issues in manufacturing operations or data. AI-powered Digital Rep Advisor which is a
virtual clinic for better engagement with patients and to aid healthcare providers during virtual
interactions and diagnosis.
Pfizer's Annual Revenue since 2016
33.5
78.8
38.7 38.8 40.8 41.2 41.9
2016 2017 2018 2019 2020 2021
revenue in $billion revenue by COVID vaccine
Figure 4-2 Pfizer's annual revenue
21
4.1.3 Summary
Over the last decade, Pfizer has grown exponentially with the help of digital technology. Artificial
intelligence has made the company more cost-effective over time along with saving hours during
its drug discovery processes. The company aims to have AI in every possible sector of their
business, such as drug discovery, drug development, patient and healthcare worker engagement
enhancement. With the help of artificial intelligence or digital transformation, the company is
applying modern ways of smart and fast working techniques that are effective in both cost and time.
4.2 JOHNSON & JOHNSON

The company Johnson & Johnson (J&J) was established in 1886 by Robert Wood Johnson and his
brothers James Wood Johnson and Edward Mead Johnson. The headquarter of the company is in
New Jersey. This American based company deals with drug discovery, manufacturing of medical
devices, pharmaceutical products and packaged products.
Pharmaceuticals
Consumer Medical
Health Devices
Figure 4-3 Three main components of J&J (Source: Johnson&Johnson, 2021)
Drug discovery and sales, innovation of medical devices and packaged products are the main three
components of the company that added 55%, 28%, and 17% to the overall revenue of the company.
The company engendered approximately $82.6 billion in revenue in the year 2020. The three
components mentioned above further made $14 billion of the total worldwide revenue in 2020.
4.2.1 Innovation in Johnson & Johnson

The company has been collaborating with AI-powered tools and devices since 2013 and has made
22
enormous profits from it. The company has a separate sector called Johnson & Johnson Innovation
in Europe, Middle East and Africa (EMEA) that has been using artificial intelligence to mitigate
healthcare problems and to find affordable and accessible solutions.
4.2.2 The Goal: Affordable and Accessible medicine

The main goal of the company is to manufacture and produce generic drugs, high-tech accessible
medical devices and affordable packaged products with the innovations of artificial intelligence.
The company has transformed its structure from the inside out and delivered breakthroughs with
the help of digitalization.
The company’s customer segment has developed many products for baby care, skincare,
healthcare, etc., in some of the most infamous brands such as Nuteragen, Clean&Clear, Benedryl,
etc. The company has even successfully manufactured and delivered drugs through advertising,
digital marketing and eCommerce. The customer segment of the company contributed 16.84% of
the overall revenue.
The medical devices segment of the company manufactures different devices used in interventional
solutions for cardiovascular treatments, stroke detections for ischemic, hemorrhagic; performing
surgeries for general and advanced processes relating to ear, nose and throat; orthopaedics for keen,
joints, back pain treatment, etc. Although the company faced losses in this segment compared to
2019, however, the overall year revenue was increased.
Johnson & Johnson Revenues

82.54 82.6
45.6
23
19
14.1
Toal sales Consumer

Total revene Pharmaceutical Medical devices Europe
revenue health
US $ billion 82.54 82.6 45.6 23 14.1 19
Figure 4-4 Johnson & Johnson revenues
23
The pharmaceutical section of the company focuses on immunology, oncology, neuroscience,

infectious diseases, etc., and the company has sworn to produce more affordable drugs and
medicines with the help of AI that can produce early detections, proper prognosis, and drugs. This
section of the company gathered $45.6 billion in the year 2020.
4.2.3 Future Endavoures of the J&J

In the upcoming years, the company will be looking forward to enhancing patient engagement by
providing digitalized products and applications that can be beneficial for prognosis and detections
as well. The company will be investing more in robotized surgery as the project was initiated in
2015 but they only performed 5% of surgeries with it whereas the percentage should be around 70-
80%. They will be using technologies such as data analytics, visualization, advanced
instrumentation, robotics, etc., to further enhance the productivity of this surgery process. J&J will
also be looking forward to launching Internet-of-things (IoT), which will monitor supply chain
operations and manage the sales data, issues and predictions relating to it and decision makings.
4.2.4 Summary
Johnson and Johnson have been the oldest company that applies artificial intelligence in their
system. In the company yearly approach, they have written that they are and will be focusing on
making all the sections of the products affordable and accessible to their customers. They have also
said that artificial intelligence or digitalization was bound to happen, although that change came
some years early and it will stay in the market because of the potential to change the business it
provides. The sales and revenue data from the company is evidence of the role AI plays.
4.3 GLAXOSMITHKLINE (GSK)

Founded in 2000, by Glaxo Wellcome and SmithKline Beecham, the company is a British based
multinational pharmaceutical, biotechnological and consumer goods company with its
headquarters in London.
The company is one of the largest British pharmaceutical organizations that is mentioned in Fortune
500 companies as well. GSK made £34.1 billion in the year 2020, where the total revenue came
from its three main sectors; pharmaceuticals with £17 billion, a vaccine with £6.9 billion and
consumer goods with £10 billion in their respective revenues.
24
GSK Revenues in Million Pounds
34,071
17,056
10,033
6,982 8,200
Pharmaceuticals Vaccine Customer Healthcare Total Revenue Europe
Figure 4-5 GSK Revenues in Million Pounds
4.3.1 GlaxoSmithKline and its Artificial Innovations
GlaxoSmithKline has developed a unit for artificial intelligence in their company where they will use
and apply artificial intelligence for discovering drugs, pharmaceuticals, vaccines and consumer goods.
The unit with drug discovery section is named as “In-silico Drug Discovery Unit”.
GlaxoSmithKline also participated in another venture with Google to innovate and develop biomedical
drugs in form of devices that can be implanted in the nerves of the body through which modified
electrical signal passes for mitigating the changed or irregular pulses which happen in many diseases.
In the year 2017, GlaxoSmithKline announced its collaboration with Exscientia and Insilico Medicine.
The company made its first announcement with Exscisentia in the month of July and the collaboration
happened for ten different diseases to which the aim of the organizations is to find novel molecules that
target those diseases in the sector of therapeutics. The next announcement was made in August for the
collaboration with Insilico Medicine for the identification of novel molecules in biological targets and
pathways. The core of both companies is drug discovery through artificial intelligence.
The other venture of GlaxoSmithKline is that it is the founding member of Alliance for Artificial
25
Intelligence in Healthcare (AAIH), the mechanism of which is to develop and grow artificial
intelligence use for the enhancement of customer engagement and to design more effective,
comprehensive and ecological system of healthcare for both patients and physicians. GlaxoSmithKline
also takes initiative in providing training for machine learning models on datasets and apply federated
learning for the safeguarding of privacy.
4.3.2 Summary
The company, GlaxoSmithKline (GSK) has represented a wide range of artificial intelligence
applications and the approaches taken to enhance the experience of it very well. It is quite evident that
artificial intelligence has been and will be an integral part of the company, in addition to this the
company made several profits and introduced new projects, laboratories and foundations relating to
artificial intelligence that will ultimately help in the increase of profit margins.
4.4 DISCUSSION
This part of the present research paper will focus on the economic impact of Artificial Intelligence on
the healthcare sector. Moreover, the findings from this section will also be explained with key points
from previous literature along with methods and models. This section will also be explainings further
new developments presented in the research paper.
4.4.1 The common pattern of Artificial Intelligence application
1. The use of Artificial intelligence from technology to model:
According to the report by Forbes (2020), institutions all over the world are yet to be familiarized with
the true potential of Artificial intelligence, even though it is glamourized nowadays companies are yet
to know about the economies of scale present in it. The companies that make the decision of digital
transformation don’t know about the scaling of artificial intelligence that later creates issues.
According to a survey conducted by PwC (2020), there are 90% of organization that realizes and
appreciates the potential of artificial intelligence, the percentage of institutions that plan to organize and
develop artificial intelligence in their company only remain to 4%. From that report, it was also evident
that companies need to know about the primary aspects of artificial intelligence and then they should
scale it as it brings drastic changes in the organizations’ models and road maps with the introduction to
pieces of training in various aspects.
Another point well made in this is that the application of artificial intelligence stands out as the most
26
valuable asset to any company is because it flourishes in providing digital asses as data that can never
be reduced or deteriorated but can be reused for an endless number of times for nearly no cost at all,
this was also clarified in Schmarzo Economic Digital Asset Valuation Theorem, a digital asset can
instantaneously bring down the marginal cost while increasing the financial value creation of the asset.
Figure 4-6 Economies of scale representation (Source: McKinsey&Company, 2019)
This model of economies in scale was applied by all three companies mentioned in the case studies
representing that they identified the primary basics and potential of artificial intelligence and how it is
the most affordable technology that can be used in the healthcare business for a long period.
2. The Macroeconomic view:
In a report by Accenture Research (2019), they said that artificial intelligence is the future of every
possible industry worldwide. The report also mentions that certain companies have a macroeconomic
approach towards artificial intelligence, however, the remaining are yet sceptical about it.
Macroeconomics is a division of economics that studies the market and its operation on a large scale. It
also studies are on the topic of inflation, gross domestic product (GDP), economic growth rate, price
levels, and changes in unemployment (Investopedia, 2020). In the report, it was also mentioned that the
inclusion of artificial intelligence in the healthcare system through this approach, could lead the
healthcare sector to reach $461 billion by 2035 and this type of growth can be seen in every sector
related to healthcare if used properly.
27
Figure 4-7 Healthcare Gross Value Added in 2035 (US$ billion) (Source: Digital health, 2019)
The same approach of macroeconomics is used by the above mentioned three companies in the field of
pharmaceutical, biotechnology and consumer goods. Those companies can be seen using this approach
for the enhancement and development of their respective companies.
4.4.2 Other Key Highlights and findings
The economic impact of artificial intelligence is immersible. It has the potential to make informed and
better decisions for patients to providing predictions and diagnoses in assistance to doctors to aiding
healthcare providers with better operational and managerial solutions.
In a study on the European health system, it was mentioned that artificial intelligence can predict and
save 380,000 lives to 403,000 lives annually. The study mapped out eight different factors in which
artificial intelligence can make socio-economic impacts on the European healthcare sector and those
eight categories are:
A. Wearables: The AI-powered watches that can monitor fitness levels, blood-sugar levels, and
have biosensors is not only a watch but a lifesaver. These types of wearables are powered
through artificial intelligence software and have the potential to save a billion lives a year. For
instance, smartwatches have AI algorithms and electrocardiograms that can predict
cardiovascular problems and can save up to €36.9 billion in hospitalizations. These wearables
can significantly reduce patient hospitalization and can free up a doctor’s time as well as it has
the potential to save 300,000 lives and help save up to €50.6 billion in savings.
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B. Imaging: There are several artificial intelligence applications that can detect abnormalities,
such as cancer, faster than physicians as they are trained that way. This leads to saving lives
with enhanced and earlier diagnosis in the health outcomes along with saving cost and time
altogether. This type of application in the healthcare sector can save up to 40,000 lives with
digital pathology and can be more affordable as well. The overall economic impact of this
application can save 16-18 billion.
C. Labs: The AI-enabled labs can make a sustainable impact on the European healthcare market.
These AI-enables labs can perform qualitative analysis such as polymerase chain reactions
(PCR), a much faster process, in addition to this, these labs also have the capacity to perform a
genome mapping and can compare it with histories of variables present. These types of labs can
save lives, time and money and can reduce the workload from technicians. They can save up to
€834.4 billion in savings.
Figure 4-8 Sustainable clinical growth through AI innovations
D. Physiological monitoring: These AI-powered applications can help patients in a free

consultation as these applications provide 24/7 care to the patients and can even make the basic
diagnosis. These applications help patients for taking medications as prescribed up until the
doses are finished. These applications reduce the cost of repetitive hospitalizations due to
medicines adherence and can save 20,000 lives while reducing costs up to €46.5 billion.
E. Real-World Data (RWD): The artificial intelligence-based RWD can assist in cost reduction
in the research and development sector and can also assist in providing diagnosis and prevention
29
for diseases. RWD is used for clinical trials at present, however, the artificial intelligence-based
real-world data can also be used for the clinical trial stage of patient recruitment and can fill the
right patient essentials according to the criteria of the trial. The real-world data can also be
helpful in the prediction of drug effectiveness and has can become a vital part of
pharmacovigilance. The real-world data can save up to €14.8-38 billion in costs.
F. Virtual Health Assistance: The Ai applications in form of virtual health assistants can make
the biggest impact on reducing the workload from doctors, as these applications can be used to
reduce the administrative work tasks of doctors, can extract patients’ medical history that can
be less time consuming for doctors and physicians and can answer general questions by patients
in the form of Chatbots that are support doctors. These applications can help save €32-26.8
billion in costs and can free up to 1,500 hours.
G. Personalized Application: This application of have expanded the opportunity for patients to
get an increased awareness regarding their health conditions. These personalized apps work
along side of artificial intelligence and make better lifestyle changes and manages them. In the
sector of metabolism pathology areas these apps lead to huge cost reductions as well. With the
regular application of these app healthcare can save up to €1.6 billion.
H. Robotics: The use of robotics with artificial intelligence can reduce cost of the healthcare sector
and these reductions can then be used enhancing the financial resources. The robotics surgery
can save up to €12.9 billion in surgery.
4.5 STRENGTHS AND LIMITATIONS OF THIS RESEARCH PAPER:
According to the author’s knowledge, the present research paper is the first that shows the socio-
economic impact of artificial intelligence in the healthcare sector, with a specific focus on the UK
healthcare business sector and how it can benefit from artificial intelligence. This research paper
provided meaningful explanations for the role of artificial intelligence and highlighted its role in the
healthcare sector. This research paper was also one of the first articles that connected the application of
artificial intelligence in the healthcare sector with the elements of the macroeconomic approach and
economies of scale. There were many reviews of the literature on the healthcare sector or artificial
intelligence but not many on the present research topic, as the researcher was the first to mention
artificial intelligence as the new business model for the healthcare sector in the UK, along with the
approaches and theories to prove. Healthcare business can rise significantly if the scaling in AI is done
properly, basics are clear and if the company can further transform the economies of scale with the
30
macroeconomic approach, healthcare in the UK can become affordable and less time-consuming.
The limitation of the present research paper is the lack of primary data. Due to the COVID-19 pandemic
and time constriction, the interviews of managers in the healthcare industry could not be executed. Also,
the conduction of mass surveys related to the topic was not possible. The author is also aware of the
scepticism in people regarding digitalization or data collection and for that, the author has not provided
enough defence. So, for any future research, the author would like to make recommendations to perform
interviews, conduct mass surveys and provide solutions to the potential barrier in the use of artificial
intelligence and data collection.
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5 CHAPTER 5: SUMMARY AND CONCLUSION
To summarize the present research paper, introduction to artificial intelligence in the healthcare system
was provided. The author provided structured information starting from explaining in detail about
artificial intelligence, its applications in different sectors and then its inclusion in healthcare sector.
The author then provided information on the role and benefits of artificial intelligence in the healthcare
business sector and how it makes the healthcare market affordable and accessible. The author also
provided relevant information regarding the revenues that top pharmaceutical and biotechnological
companies made, to highlight the use of artificial intelligence and how they are using it along with the
profit margins.
The author also provided the foundation of applying artificial intelligence as the new business model
for the healthcare section in the UK. Furthermore, author also informed about the applications of
artificial intelligence, sectors of healthcare in which they are applied and few models and theories
relating to the topic which can be beneficial for better understanding of the research question.
In addition to this, literature review also provided a strong foundation and highlighted key aspects that
were important for the research. Along with this, the author provided case studies that best showed the
research topic. The analysis and findings also presented that, businesses with high revenue have
continued the use of artificial intelligence in their system. It also showed that companies which are
having economies of scale approach, makes the best use of artificial intelligence. Also, if the company
is having macroeconomic approach towards artificial intelligence, they tend to get the most profit out
of it. It also presents that future healthcare start-ups can gain profit through the application of artificial
intelligence in every possible sector relating to healthcare.
To conclude the research, the paper successfully answers the research question and utilized all essential
resources and information in order to direct the research. Artificial intelligence is the new business
model that healthcare sector in the UK should focus on.
32
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Student’s First name: Bhargav

Student’s Last name: Patel

KEYWORDS: - Artificial Intelligence, Healthcare sector

1.1 AIM AND MOTIVATION FOR RESEARCH

1.2 RESEARCH QUESTIONS:

1.3 LITERATURE GAP:

2 CHAPTER 2: REVIEW OF LITERATURE

2.2 What is Artificial Intelligence?

2.3 Artificial Intelligence: networks and tools

networks (ANNs) (Faggella, 2019; Intelligence, 2020).

These include a group of interrelated complex data processing components consisting of

Figure 2-1 Three dimensions of Machine learning (source: Intelligence, 2020)

2.4 Economic Impact of Artificial Intelligence

According to an estimation, by 2024, increasing production approximately to 30% in a few industries

2.5 Artificial intelligence in healthcare

Figure 2-3 Applications of Artificial Intelligence

Applications of Artificial intelligence technologies in the healthcare sector:

Central-line associated bloodstream infections (CLABSIs) are among the hospital-acquired

Assessment of Artificial Intelligence:

2.6 Economies of Scale

3 CHAPTER 3: RESEARCH METHODOLOGY

3.2 Research Aim:

3.3 Research Philosophies:

However, strategy decisions should be in connection with the philosophical outlook or

3.4 Design of Study:

3.5 Details of Case Study

3.6 Data Collection Process

3.7 Ethical Consideration

4 CHAPTER 4: CASE STUDY, FINDINGS AND DISCUSSION

4.1.1 Pfizer’s “BOLD MOVE” Growth Strategy:

5. Lead the conversations: This approach focuses on making transparent conversations.

4.1.2 Win the Digital race in Pharma:

Pfizer's Annual Revenue since 2016

38.7 38.8 40.8 41.2 41.9

2016 2017 2018 2019 2020 2021

revenue in $billion revenue by COVID vaccine

Figure 4-2 Pfizer's annual revenue

4.2 JOHNSON & JOHNSON

Figure 4-3 Three main components of J&J (Source: Johnson&Johnson, 2021)

4.2.1 Innovation in Johnson & Johnson

4.2.2 The Goal: Affordable and Accessible medicine

Johnson & Johnson Revenues

Toal sales Consumer

Figure 4-4 Johnson & Johnson revenues

The pharmaceutical section of the company focuses on immunology, oncology, neuroscience,

4.2.3 Future Endavoures of the J&J

4.3 GLAXOSMITHKLINE (GSK)

GSK Revenues in Million Pounds

Pharmaceuticals Vaccine Customer Healthcare Total Revenue Europe

Figure 4-5 GSK Revenues in Million Pounds

4.3.1 GlaxoSmithKline and its Artificial Innovations

4.4.1 The common pattern of Artificial Intelligence application

1. The use of Artificial intelligence from technology to model:

Figure 4-6 Economies of scale representation (Source: McKinsey&Company, 2019)

2. The Macroeconomic view:

4.4.2 Other Key Highlights and findings

Figure 4-8 Sustainable clinical growth through AI innovations

D. Physiological monitoring: These AI-powered applications can help patients in a free

4.5 STRENGTHS AND LIMITATIONS OF THIS RESEARCH PAPER:

5 CHAPTER 5: SUMMARY AND CONCLUSION

Alghamdi AH, Li L. Adapting design-based research as a research methodology in educational settings.

Lancaster G. Research Methods in Management: A Concise Introduction to Research in Management

PwC (2017). What doctor? What doctor? [online] Available at: