In the news: The importance of cybersecurity and responsible AI practices
In the ever-changing healthcare landscape, technology is reshaping the industry with key developments and challenges.
This month’s news roundup explores the transformative forces shaping the present and future of healthcare, including rising security risks in medical devices and the growing use of AI. These changes demand attention and underscore the importance of cybersecurity and responsible AI practices.
AI is emerging as a valuable ally in addressing the challenges that healthcare professionals grapple with daily. It has the potential to predict and mitigate patient aggression, enhance security protocols, streamline administrative tasks by seamlessly integrating with EHR, assist in accurate diagnoses, and even monitor the health of healthcare workers.
As a result, major players in the healthcare sector are increasingly investing in AI to bolster safety and well-being. However, it's vital to underscore the importance of responsible AI usage, with a strong emphasis on data privacy and ethical considerations as we advance in safeguarding the welfare of healthcare workers.
The healthcare industry is increasingly vulnerable to cyber threats due to weak cybersecurity, high-pressure environments, and a rise in ransomware attacks. Patient data, a prized target, faces constant risks exacerbated by the growing use of IoT devices.
To protect patient information, collaboration with cybersecurity experts, adoption of technologies like blockchain, and a strong focus on data security are vital. Ensuring secure device development from the beginning is crucial in this ongoing battle against cyber threats.
Trust is pivotal in AI's role as a medical device, impacting both patients and regulators. AI offers convenience and precision but lacks the human touch, making errors less forgivable. To build trust, regulators must establish clear, device-specific rules. Educating users on AI's advantages and correct usage is vital for healthcare, while transparency from manufacturers, including data sources and safety proof, is vital.
Medtech startups saw a glimmer of hope in the second quarter of 2023 as VC funding began to pick up, signaling a potential turnaround after a decline. Although it hasn't reached the highs of 2021, experts believe the worst may be over and expect funding to gradually rise. There's also buzz about increased merger and acquisition (M&A) activity among larger companies now that they've completed spinoff plans.
However, the U.S. IPO market for medtech remains largely closed, presenting challenges for investors. While M&A activity has recently increased, antitrust concerns could impact its growth, as seen in two significant deals involving Boston Scientific and CooperCompanies that were halted due to regulatory issues.