VALUE CREATIONWe are all aware that we are living in a cost-of-living crisis dueto high inflation and interest rates. The same is true for the cost ofdoing business. Innovation’s ability to make things cheaper andmake more and better from less will prove to be a godsend overthe coming years and AI will play a central role in this.As an example, take healthcare, a sector that accounts foraround 20% of the US economy and is notoriously dogged byinefficiencies and high costs. Indeed, no other sector holds morepotential to change both lives and the economy in the 21st century.Yet over 90% of research and development (R&D) for drugs fails.Companies such as Moderna, focused on mRNA-based drugdiscovery, and Salt Lake City-based, Nvidia-backed Recursion,focused on machine learning driven drug discovery, are using AIto raise the productivity of R&D, lower the cost and speed up theprocess of drug discovery.20 - The rise of AI: Technology and Innovation ReportLong after discovery and approval, drug prices are inefficientlyexpensive across the system. Moreover, health outcomes varygreatly in quality between best and average practice. As thelargest health insurer and manager of health care in the US, UnitedHealth is using AI to lower drug and treatment prices and raisethe quality of outcomes. Robotic surgery, through companies likeIntuitive Surgical with 12 million procedures now under its belt, isimproving surgical outcomes today, but there is also the potential todrive down the cost and improve the quality of surgery via AI andvast datasets of physical robotic surgical experience.Healthcare is but one example. From retail, through companies suchas Shopify, which is developing AI to help small businesses mastere-commerce, through to automotive companies such as Tesla, leadingthe charge on autonomous driving and AI-driven robotics, to financethrough companies such as Upstart, which is raising the efficiency oflending, AI has the potential to or already is driving customer value.
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