Bill Studebaker, president of ROBO Global, says healthcare is undergoing a radical transformation due to the latest advancements in robotics, machine learning, and personalized medicine.
Here's what he told FS Insider in a recent podcast interview (see AI Set to Massively Disrupt US Healthcare, Says ROBO Global’s Bill Studebaker for audio).
AI Stands to Completely Change the Scene
Artificial intelligence and machine learning are about to completely change how we think about healthcare, Studebaker said.
With wearable devices, AI is able to monitor health vitals in real-time with the same expertise of a doctor following you wherever you go.
As our devices become more interactive and increasingly conversational, health and wellness will see a huge leap in the level of personalization and attention.
For example, smart watches already tell people when they've been sitting too long to stand up and take a breather. Not too long from now, our watches and wearable devices will be our very own personal coaches with conversational AIs helping us to acheive our fitness and nutrition goals.
Data Revolution in the Works
We’re barely at the beginning of this revolution, Studebaker stated. The driving input is going to be data, he added, which will fuel machine learning and produce very powerful results.
Coupled with more precise care and robotic-driven treatment options, Studebaker noted, we’re going to see better patient outcomes, longer lifespans, and lower costs.
The key is that early diagnoses will be increasingly easier to make, he added. Also, gene editing and gene therapy promise to further improve outcomes and increase average lifespans.
Smart devices and personalized monitoring are going to be a part of the new sensory system that feeds the revolution in healthcare, Studebaker noted. With richer data and broader, more detailed datasets, we’re going to see the rate of change explode.
“Ninety percent of healthcare strategy officers think that new technologies are going to transform the industry in the next 5 years, yet only have 13 percent feel that their organizations are prepared,” Studebaker said. “The rate of change is accelerating dramatically. We no longer live in a world of linear change. Everything about our lives in the next 5 and 10 years is going to change dramatically. Everyone needs to have an exponential (change) mindset.”
Listen to this full interview with ROBO Global's Bill Studebaker by clicking here. For more information about Financial Sense® Wealth Management and our current investment strategies, click here. For a free trial to our FS Insider podcast, click here.