Artificial Intelligence: Opportunities and Challenges

Abstract

Artificial intelligence (AI) is impacting local communities and global society. AI tools such as ChatGPT and OpenAI among others, are likely to transform the way we live, work, and interact with each other. It will impact various economic sectors in the United States, across the Asia Pacific region, and elsewhere. From medicine to pharmaceutical products, entertainment, corporate banking, retailing, and commerce. In the field of pharmaceutical and medicine, AI could usher in a future of innovation in diagnosis and could reshape the field of patient treatment care. AI could help medical providers identify medical markers quicker and better. Nurses, doctors, and hospital administrators can improve the medical care chain. It could cut costs, improve outcomes, and make for a more productive and efficient healthcare delivery system. An AI tool such as IBM Watson can provide diagnosis and data analysis faster. AI machine learning algorithms can process large amounts of data quicker and make more accurate and targeted treatment possible, thus reducing medical costs along the medical value-added chain. Moreover, AI could also improve medical revenue generating systems for hospitals through the organization of medical records. It could process medical test results faster, and allows doctors and healthcare providers to have more autonomy and better workflow, and improve patient-doctor interactions and allow for nurses and doctors to spend more time with patients. Moreover, during medical surgery, physicians can rely on multidimensional imagery to guide and improve surgical procedures. Also with AI, charts and documents can be reviewed faster and in real time to deliver better treatments. Hospitals using electronic medical records could benefit significantly by using AI tools. Drug manufacturers can also benefit from data analytics so that they can bring drugs to market faster. The development of the COVID-19 vaccine by Johnson & Johnson was brought to market faster with the help of AI analytics. The National Science Foundation is cooperating with Cornell University School of Chemical and Biomolecular Engineering to advance research on how to modify the polymer nanoparticles to make it possible to target cells in patients and bring about specific treatments with the help of nanomedicine solutions. Overall innovations in the healthcare delivery system and the pharmaceutical industries are very promising and will grow immensely with AI tools. Beyond medicine, AI can help optimize supply chains across various sectors from engineering to manufacturing and services. This will result in cost saving