Is AI the healthcare cost deflator the world is waiting for?
In this podcast we welcome Harry Glorikian, an author, innovator, and podcast host in life sciences. In Harry’s book, The Future You, he alludes to artificial intelligence, or AI, as having the ability to unlock the language of life. In this podcast we discuss the impact that technology is having on the economics of healthcare, what the future hospital and doctor’s office of the future are likely to look like, and more!
Technology and the economics of healthcare
Technology overall has a deflationary effect. More and more is being added to the watch and the phone. If you look at where we’re going with devices, the ability to monitor is being very much improved. If you catch something early and get ahead of it, you will not be chronically ill.
Modern medicine is good at treating cancers caught early on, and not as good at treating those caught later. The price is over $900 at the moment. But that price will go down as the volume goes up.
Illumina just announced a new machine that can do a whole genome at $200. That’s going to impact the cost of the cancer test.
If everyone in the US got that test, imagine what it would do to the dynamics of managing that disease.
It’s AI that is helping decipher all that information. Roughly 18% of GDP is healthcare. If we can cut costs by 20-30%, the impact on society could be huge. Plus, if people were healthier for longer, they would be much more economically productive.
The building block = sequencing
Harry doesn’t know any area of biological where sequencing is not a fundamental building block. It gives us insight into diseases and different healthcare states. It wasn’t that long ago when someone would say, “Why would you sequence anything?” Now, says Harry, he’ll sequence everything that he can!
Anything to do with animals
For almost everything we are looking at, genomics is a base to make fundamental decisions going forward.
The foundation of change for future advances
To quote Harry, “I think the biggest impediment to change is people, and a lack of fundamental understanding of the impact of some of these things.”
Harry thinks that if we do this right, there will be a much larger preventative segment within healthcare where you can see a problem rising up much earlier and intervene.
He thinks we will understand diseases much more thoroughly and have treatments that hit a particular subtype much better, which has been happening over time for some diseases such as breast cancer.
Imaging is going to become much more accurate, making diagnosis much more effective.
And with these inspiring thoughts, we’ll invite you to listen to the rest of the podcast. Enjoy!
About Harry Glorikian
Harry Glorikian is an influential global business expert with more than 3 decades of experience building successful ventures in North America, Europe, Asia, and the rest of the world.
Harry is well known for his achievements in life sciences, healthcare, diagnostics, healthcare IT, and the convergence of these areas. He is a sought-after speaker, frequently quoted in the media, and regularly asked to assess, influence, and be part of innovative concepts and trends.
He holds 4 US patents in telecommunications and has others pending.
Previously he co-founded and held the position of managing director and head of consulting services for Scientia Advisors, a company that became the go-to provider of strategic advice and implementation services for next-generation healthcare and life science innovators and Global 25 market leaders. Scientia Advisors was acquired by Precision for Medicine in November of 2012.
Among his other professional roles, Mr. Glorikian served as a senior manager for global business development at PE Applied Biosystems, founded X-Cell Laboratories, managed global sales at Signet Laboratories, and held various roles at BioGenex Laboratories.
Mr. Glorikian holds an MBA from Boston University and a bachelor’s degree from San Francisco State University. Harry has addressed the National Institutes of Health, Molecular Medicine Tri-Conference, World Theranostics Congress, and other audiences, worldwide. He has authored numerous articles for industry publications, appeared on CBS Evening News and been quoted regularly by Dow Jones, The Boston Globe, BioWorld Today, Los Angeles Times, London Independent, Medical Device Daily, Science Magazine, Genetic Engineering News and many other media outlets.
He is also the author of three books:
Harry is the host of The Harry Glorikian Show podcast series, which covers all about AI, life sciences, tech, and data in healthcare.
The information contained in this website and podcast are purely informational and not considered investment recommendations. Tim Dougherty’s participation in Biotech Insights is separate and apart from his role as an investment advisor representative. Nothing contained herein may be construed as a recommendation or endorsement of any of the companies discussed. Tim Dougherty has no financial affiliation with any of the companies mentioned in this communication. Tim Dougherty makes no representation that the information conveyed in this material is accurate and is under no obligation to update this information as changes occur.