International Business Machines Corp Incorporates Artificial Intelligence In Healthcare
In the wake of its latest acquisition IBM is set to revolutionize the healthcare sector
International Business Machines Corp. (NYSE:IBM) plans to revolutionize the healthcare sector; integrating it with an artificial intelligence system to create an efficient system.
The company’s decision to acquire Merge Healthcare Inc. (NASDAQ:MRGE) announced last week, will aid it to incorporate artificial intelligence into the healthcare sector. Merge Healthcare is a healthcare services company, which develop and sells software that assists doctors in the storage and subsequent access to medical images.
Merge’s crowning glory is its extensive image database comprising of 30 billion images, while include magnetic-resonance-imaging (MRI) scans, computerized tomography (CT) and X-rays. IBM aims to integrate this databank into its Watson software, which could be used to identify ailments such as heart disease and cancer. If successfully implemented, result in an effective patient diagnosis and treatment.
Through the $700 million deal, IBM will have access to a technology that it aims to use to identify not only tumors but other diseases- in turn giving the tech company access to a significant proportion of the global annual healthcare expenditure, which is currently valued at $7.2 trillion. It should be noted that IBM’s latest software goal was inspired by the object identification (in images) technology currently used by Google Inc. (NASDAQ:GOOGL) and Yahoo! Inc.’s (NASDAQ:YHOO) Flickr.
According to the tech company’s senior vice president of solutions portfolio and research, John Kelly the tumor identification methodology is based on pattern recognition.
Healthcare has become the strategic target of IBM’s Watson platform, an innovative cognition that aims to mirror the system by which a human brain processed data- Observation, Interpretation, Evaluation and Decision.
On that front, the company has already begun testing Watson in conjunction with researchers at various healthcare institutes, including the Memorial Sloan Kettering Cancer Center in New York and the Cleveland Clinic. Acquiring Merge gives IBM access to not only the former’s image archive, but the account fileS of approximately 7,500 hospitals.
With respect to this, the CEO of one of Merge’s competitor’s Carestream Health Inc., Kevin Hobert states that the seamless integration of date and clinical relationships is absolutely critical.
IBM hopes to usher in an age of computer-assisted healthcare service- not only it hopes to interpret the images available on Merge’s database, but medical records, images along with other data, leafing to correct diagnosis and subsequent treatment.
IBM also recently acquired two other companies, Phytel Inc. and Explorys Inc., which resulted in a collection of an aggregate 50 million electronic medical records.
Smaller healthcare companies have also begun to feel the presence of IBM’s arrival in the healthcare sector. Enlitic Inc., for example, a San Francisco-based startup, claims that Watson helped it identify malignant lung tumors in X-rays, with an accuracy of over 50% in a comparison to a panel of four radiologists.
If the plan gets successful, it will revolutionize the $3 billion healthcare market.
General Electric Company (NYSE:GE) reported earlier today to have publicized its expansion in to the Internet of Things arena. The industry giant will provide its services to enhance a viable infrastructure for the program.
It is important to note that although financial details of the development in providing Infrastructure as a Service (IaaS) are yet to be disclosed, but industry experts are seen to hold confidence in GE to dominate the segment.
GE’s principle trade as an industrialist specializes in an array of industry sectors and segments from manufacturing jet engines to providing infrastructure, as well as a financial services company.
We see this turning the company into a colossal data center equipped with information of diversified industry segments.
According to reports, GE plans to make use of its Predix platform to process vast amount of data. We hold the view that GE is likely to hold the most dominant position in the industry, as data generation and processing is its integral part, which will allow the IaaS product to be an efficient offering to market.
The Predix platform is reported to have generated $4 billion in revenues last year, indicating a great potential in the latest venture, leading to greater revenues in the future.
Reports suggest that currently the high tech industry segment is overtaken by Amazon.com, Inc.‘s (NASDAQ:AMZN) cloud computing solution, Amazon Web Services (AWS) with Microsoft Corporation’s (NASDAQ:MSFT) Azure treading along. It is important to note that Google Inc. (NASDAQ:GOOGL) and International Business Machines Corp. (NYSE:IBM) are making inroads as the future holds abundant potential.
GE stock closed up 0.12%, at $25.90 as of 7:54 PM EDT yesterday, where in the after-hours trading; it’s on a slump of 0.19% at $25.85.
Source: International Business Machines Corp Incorporates Artificial Intelligence In Healthcare
Via: Google Alerts for AI