Amazon is entrenching deeper into healthcare with its launch of Amazon HealthLake, molding itself into a daunting threat to smaller AI firms.
| | | | Amazon is cozying up in all corners of the healthcare ecosystem—AI is its next frontier
Amazon Web Services (AWS) launched Amazon HealthLake—a new HIPAA-eligible platform that lets healthcare organizations seamlessly store, transform, and analyze data in the cloud.
The platform standardizes unstructured clinical data (like clinical notes or imaging info) by in a way that makes it easily accessible and unlocks meaningful insights—an otherwise complex and error-prone process. For example, Amazon HealthLake can match patients to clinical trials, analyze population health trends, improve clinical decision-making, and optimize hospital operations.
Healthcare organizations have been embracing the cloud and AI tools to optimize the value they get from the vast troves of data at their fingertips:
The AI in healthcare market is projected to reach $19.25 billion by 2026—that's up almost 2,000% from $0.95 billion in 2017. And this year's pandemic-induced digital health boom is driving the necessity of AI in healthcare further as the demand for telehealth and remote patient monitoring (RPM) continues to rise.
Pharma cos are leveraging AI tech for drug discovery and development. Most notably, Pfizer and Moderna have used AI to develop coronavirus vaccines with over 90% efficacy rates in under a year—a feat that would have taken years without AI.
Meanwhile, health systems are leaning on AI tools to ease physician burnout and improve health outcomes. For example, RWJ Barnabas deployed AI-powered EHR tool Wellsheet to sift through big data and assist providers in making efficient and clinically sound decisions. In another case, AdventHealth used AI to gain insights on COVID-19 patients, improve pandemic response, and reduce mortality rates. And startups offering AI-enabled solutions are growing fast, even amid the pandemic: Olive launched an AI-powered revenue cycle management (RCM) platform and reached unicorn status this week, and Nuance expanded its health system partnerships with Mayo Clinic and Providence Health.
This story appeared in a recent Digital Health Briefing, the subscriber-only daily newsletter from Insider Intelligence.
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Amazon already has links in different parts of the healthcare ecosystem—now that it's taking on healthcare AI, smaller players like Nuance and Notable Health should be worried. Amazon has inroads in everything from pharmacy to care delivery: Amazon Pharmacy was built upon its partnerships with payers like Blue Cross Blue Shield and Horizon Healthcare Services, Amazon Care was expanded to all Amazon employees in Washington state this September, and it launched its Amazon Halo wearable in August.
If Amazon does to healthcare data analytics what it did to prescription delivery, smaller healthcare AI companies may find it difficult to push back against the multitude of offerings and strong business backing of the e-commerce behemoth.
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