There is an undeniable truth that Artificial Intelligence, which we will refer to simply as AI, is the next frontier for the healthcare industry. Several sources have already pegged the market to be worth $36.1 billion by 2025. For those of you who like simple language; the way AI works is by having it developed through machine learning, natural language processing, and deep learning. This process is controlled by programmers, who in a lot of cases are independent contractors. Regulatory frameworks will soon be created to govern this new boom, with consulting and online training courses becoming the next cash cows milking this industry for profits.
Alas, this is where things get interesting. Because, you see, wherever you have a new process put in place, the government loves to step in and match it up with a regulatory regime. And with that comes the need for specialist that are able to interpret and deliver guidance for compliance. Name one new industry that hasn’t followed this principle? Let me help you, there isn’t one. Stephen Hawking recently raised concerns to the UN, citing that “I am concerned about the rise of AI and how to regulate it.” Regulating AI is one of the most hotly contested debates that’s breaking the internet with lawyers, technologists weighing a machine future and mulling over AI law. And unless you’re living under a rock, you would know by now that what “breaks the internet”, also makes money — a whole lot of money; picture $900M-by-Kylie-Jenner-in-3-years-kind-of-money. Regulatory consulting for the AI Healthcare market is going to be the next Big Bang.
But how do we make AI accountable? How do we regulate non-human behaviour? The UK government has already inquired into AI and its economic, social and ethical implications. AI development has three key developments in computer power, data, and finally algorithms. These algorithms are uniquely written pieces of code, of which the writers will need guidance and compliance. Think of The Matrix, where Neo straps in and learns all of the known martial arts styles by implementing a new code or software into his computerized brain. Similarly, AI, will have various healthcare softwares that will be continuously updated and implemented into the machines. As such, governments around the world will need to do their parts in determining both the short and long-term risks associated with AI systems to ensure they have beneficial social, and economic impacts. In essence, regulation would need to ascertain that the AI’s goals are aligned with the framework.
There is a caveat to all of this, of course — and that is the fact that it (most likely) will not be received all too well, at least initially, by society. Fortunately, or unfortunately, our society operates by advancement, and the future is intelligent automation. Have a look all around you — it is slowly becoming the ‘new normal’. We now have everyday conversations in our daily lives with Alexa and Google Home. If you’re a marketer, and you’re a good one, you will have established automated rules and principles for the various bidding styles of your advertising software (Google Ads etc.). Facebook, the world’s premiere social platform, has the most advanced A.I. algorithms of all through its LookaLike Audience feature; it targets ads to people matching the social criteria through interactions to that of your business page.
We now live in a world where you either embrace technological innovation, or you’re left in the dust:
The framework will need to acknowledge and address the coming cognitive abilities of A.I. and robotics. “A popular, up and coming field Cognitive Robotics is about a better understanding of human cognition. Working in conjunction with cognitive scientists and psychologists, AI researchers are working on autonomous systems that have human intelligence and reasoning skills. Through algorithms and autonomy models, scientists are developing AI systems that can perform tasks which are beyond the reach of humans. Case in point – the Mars Exploration Rover that gathers data and sends it back to NASA is an autonomous system.” as mentioned in Analytics India Magazine. Now imagine a world where we don’t have a regulatory and legal framework to hold software companies, and individual contractors accountable for their actions. Simply put, the risk would be too high. A.I. at its finest will be a Deep Learning “DL” algorithm that continues to advance its knowledge from more data and adapts. Eventually, it will no longer be the same algorithm, opening the floodgates for loopholes into the rules and regulations already established. “The regulatory cycle is not set up to address the machine learning environment,” says Elad Benjamin, Co-founder & CEO at Zebra Medical Vision.
There is no better example of the extraordinary impact of A.I. than that of the transformation in the financial services. At the end of 2017, 52% of banks reported making substantial investments in AI and 66% said they planned to do so by the end of 2020. The stakes are enormous — one study found that banks that invest in AI could see their revenue increase by 34% by 2022, while another suggests that AI could cut costs and increase productivity across the industry to the tune of $1 trillion by 2030.
The message is loud and clear, A.I. is here to stay, and it will be critical to remain aware of the changing regulatory environment. It is without a doubt that the regulatory regime across all industries will be drastically changing, much in the same way we saw of the industrial revolution. The future is coming, and no consulting company will be better equipped to help navigate you through the upcoming legislative revolution than dicentra. With over sixteen years in service, dicentra prides itself in being adaptive to change and continuously adding to its roster of consulting services – jumping on hot trends and new innovations in order to stay ahead of the competition.
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dicentra provides sought-after guidance on product and marketing compliance, quality assurance and safety standards, research and development, new ingredient assessments and overall regulatory strategies for food and health-related products sold in North American marketplaces. We can also assist you with your classification determinations for delivery systems or combination drug-device products.