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Generative AI to contribute $13 B annually to Australia’s healthcare sector by 2030: Report

20 July 2023 | News

Australia to take the lead in the efficient delivery of healthcare services with Generative AI

Image credit: shutterstock

Image credit: shutterstock

A new report says that Australia’s healthcare sector could unlock billions of dollars in value by 2030 if it accelerates the responsible adoption of generative artificial intelligence (GAI).

The report, Australia’s Generative AI Opportunity, is a collaboration between Microsoft and the Tech Council of Australia. It shows that GAI could contribute between $45 billion and $115 billion a year to Australia’s economy by 2030 through two major channels: improving existing industries and enabling the creation of new products and services.

Healthcare has been identified as one of the four key sectors of the Australian economy poised to benefit from GAI. The report demonstrates that the technology could contribute between $5 billion and $13 billion annually to the sector by 2030.

The key driver of value for GAI in the healthcare sector will be its ability to allow more one-on-one patient care by reducing time spent on administrative tasks. It can also enable more personalised care by being embedded in wearable devices, and support the transition towards more proactive models of care by allowing earlier diagnosis at scale.

According to the report, GAI can automate 25 per cent and augment 5 per cent of nursing tasks, allowing nurses to spend more time one on one with patients. It also estimates that 30 per cent of new drugs could be discovered using the technology by 2025. In addition, 93 per cent of Australians are interested in using digital self-service for pre-visit tasks, which will help make healthcare more personalised and effective.

However, the report notes that maintaining patient confidentiality and safety with robust protocols will be crucial to realising these benefits.

 

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