• THE STATE OF AI
ENGLAND
Generative AI
“In the foreseeable future it will not be possible to commission health evidence of the health economic benefit.” Stuart Hendry, HecoAnalytics Ltd tech products without clear
in MedTech
Stuart Hendry CEO HecoAnalytics Ltd
A t HecoAnalytics we advise on the application of Artificial Intelligence (AI) to MedTech as well as deploying AI to deliver health economic solutions for our clients. AI in MedTech encompasses the integration of advanced computational technologies into medical and healthcare practices. AI encompasses a range of techniques, notably machine learning, natural language processing and computer vision, which enable systems to interpret complex medical data. These technologies are revolutionising MedTech by improving diagnostic accuracy, personalising patient care, and optimising treatment plans. For example, AI algorithms can analyse medical images, such as X-rays and MRIs, with exceptional speed and precision, assisting radiologists in detecting anomalies that might be missed by the human eye. Whilst AI has been in the public consciousness for some time, renewed interest has surged in generative AI, particularly with publicly accessible platforms such as ChatGPT and Google’s Bard, which excel in producing human-like text. Unlike traditional AI systems that are designed for analysis or prediction, generative AI models focus on creation, employing advanced algorithms like neural networks to understand and replicate complex
patterns and styles inherent in the data they are trained on. In medical imaging, generative AI models like Generative Adversarial Networks (GANs) are used to enhance image quality, generate synthetic medical images for training purposes and create detailed 3D models from 2D scans, aiding in accurate diagnosis and treatment planning. Furthermore, generative AI has significant potential in personalised medicine, tailoring treatments and drug dosages to individual patient profiles by analysing vast datasets of medical records and genetic information. Whilst there is general awareness of the existence of AI and its application
to healthcare, another growing trend in healthcare over the last decade of significance is the move to value-based care. There is never enough money to satisfy society’s healthcare needs, and this problem is growing rapidly. In summary, in the foreseeable future it will not be possible to commission health tech products without clear evidence of the health economic benefit that the new product affords. Interestingly, such analyses of health economics such as cost-effectiveness have commonality with the mathematical approaches of AI. At HecoAnalytics we are harnessing cutting-edge AI to allow evaluation of new MedTech technologies to make this
Stuart has significant knowledge of the Medical Device and LifeScience industries and focuses on digital health, ML and AI-based projects, with 30 years’ global work experience in the USA, Europe, Japan, China and Australasia. He has held CEO positions in private and public companies and has been a partner in leading Lifesciences/MedTech consultancy practices as well as Entrepreneur in Residence and Business Mentor at Cambridge University. His corporate experience was gained working with Pfizer Inc. before entering into senior management in small and medium- sized companies. Stuart has undertaken numerous consulting projects in strategy and business development/planning, due diligence, and expert reports for large public companies as well as SMEs. Stuart has a BSc and PhD in Biotechnology, is a Fellow of the Royal Society of Chemistry (FRSC), Chartered Scientist (CSci), Chartered Chemist, (CChem), Fellow of the Royal Society of Biology (FRSB), Chartered Biologist (CBiol) and Member of the Institute of directors (MIoD).
+44 7780 607 159 stuart@hecoanalytics.com irglobal.com/advisor/stuart-hendry
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