Economic Impact of AI-driven Precision Medicine (Studying the Economic Implications of AI-powered Precision Medicine Approaches, Including How Personalized Treatments can Influence Healthcare Spending, Patient Outcomes, and Overall System Efficiency)

Sulagna Dhal; Anshul Khairari; Priyabrata Thatoi; Anto LXRA Selvarathinam; Sushree Swapnil Rout

doi:10.36948/ijfmr.2024.v06i05.27789

Economic Impact of AI-driven Precision Medicine (Studying the Economic Implications of AI-powered Precision Medicine Approaches, Including How Personalized Treatments can Influence Healthcare Spending, Patient Outcomes, and Overall System Efficiency)

Author(s)	Sulagna Dhal, Anshul Khairari, Priyabrata Thatoi, Anto LXRA Selvarathinam, Sushree Swapnil Rout
Country	United States
Abstract	AI in precision medicine is considering a major turning point in health care toward personalized treatments per each one's profile, hence playing an important role in patient outcomes while affecting the bottom line in healthcare. This paper examines the economic implications of AI- driven precision medicine, including how the use of AI tools-such as machine learning and predictive analytics-will add to developing treatments tailored to a particular patient's genetics, medical history, and current health data. The study presented underlined economies that could be obtained by avoiding superfluous treatments, reduction in hospital readmission rates, and adverse drug reactions by analyzing the tendencies in healthcare spending. Further, AI enhances the overall efficiency of the health system through speeding up drug development, smoothing clinical processes, and raising the quality of decision-making on patient care. Notwithstanding the brilliant prospects, general acceptance of AI in healthcare systems might be prospective due to high implementation costs, data privacy concerns, and regulatory hurdles. Done differently, AI-driven precision medicine can significantly enhance patient care while lowering long-term healthcare costs. But complete global realization of this dream requires resolution of ethical, financial, and operational challenges.
Keywords	AI-driven precision medicine, personalized treatment, healthcare economics, AI in healthcare, healthcare expenditure, improvement of patient outcomes, efficiency in the systems, economic consequences of
Field	Computer > Artificial Intelligence / Simulation / Virtual Reality
Published In	Volume 6, Issue 5, September-October 2024
Published On	2024-09-22
Cite This	Economic Impact of AI-driven Precision Medicine (Studying the Economic Implications of AI-powered Precision Medicine Approaches, Including How Personalized Treatments can Influence Healthcare Spending, Patient Outcomes, and Overall System Efficiency) - Sulagna Dhal, Anshul Khairari, Priyabrata Thatoi, Anto LXRA Selvarathinam, Sushree Swapnil Rout - IJFMR Volume 6, Issue 5, September-October 2024. DOI 10.36948/ijfmr.2024.v06i05.27789
DOI	https://doi.org/10.36948/ijfmr.2024.v06i05.27789
Short DOI	https://doi.org/g4qmhj

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Economic Impact of AI-driven Precision Medicine (Studying the Economic Implications of AI-powered Precision Medicine Approaches, Including How Personalized Treatments can Influence Healthcare Spending, Patient Outcomes, and Overall System Efficiency)

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