What is AI and what does it mean for business in Wales and U.K?
We live in an era of constant change and development – for business as well as our every day life. Wales is making waves in the newest of these technologies, Artificial Intelligence (AI) and its application to key industries such as life sciences, health care, transport and education.
As AI develops further, it shows promise of supporting potentially transformative advances in a range of areas, and the social and economic opportunities that follow are significant. Ensuring the best possible environment for the safe and rapid deployment of AI technologies will be essential for enhancing the UK’s economic growth, wellbeing, and security, and for unlocking the value of ‘big data’. 1
Enterprises that want to make a positive impact on the planet while ensuring long-term financial stability need the right combination of strategic partnerships and AI-infused technology to put their business sustainability goals into action.
Health Care is a prime example of an industry in which the applied power of AI and machine learning can make seismic changes. The technologies are being applied to improve diagnostics and surgical techniques and allow greater time and cost efficiency which will affect all of us.
Life Sciences Hub Wales intends to address the challenge of healthy ageing with innovation in service delivery and technology adoption, such as remote monitoring, health maintenance, and the development and deployment of assistive technologies.2
There are many opportunities for forming partnerships with industry to deliver higher value health and social care, rapid improvement and innovation. Well-managed and strongly governed access to high quality, multi-layered data (such as through the National Data Resource and existing data repositories) will attract industry and lead to partnership opportunities to develop new products and businesses in Wales.2
Machine learning offers great promise for the interpretation of vast amounts of combined data which can be applied to diagnostics, medical imaging analysis, patient medical records, logistics and genetics. AI systems can rapidly interpret radiology images. While this will not replace clinicians, it will free them up to focus on more complex cases. This technology could go far in addressing the current shortages of radiologists, complementing initiatives such as the National Imaging Academy Wales.2
Currently the Welsh Life Sciences industry employs more than 12,000 people, in over 260 companies, with an approximate turnover of £2.6bn.3
With world-leading academic expertise and a central Life Sciences Hub, Wales demonstrates a strong competitive advantage in Medtech, Diagnostics, Wound Healing, Regenerative Medicine and Cell Therapy and is already creating a world-leading Regenerative Medicine ecosystem, which includes academics, the NHS, Government and centres of excellence.4
75% of the life sciences market is export focussed. Welsh companies are supplying their products and services to markets all around the World from Spain and Ireland, to Canada, Brazil, Qatar and Singapore.4
“The Welsh life sciences sector is evolving at a record pace. Across the country, pioneering companies, research organisations and academic institutions are acting with a level of dynamism and agility that would be the envy of many nations across the globe.” Life Science Hub Wales2
The site at Parc Felindre invites a new participation in technology for the future in AI or Life Sciences Wales for your business.
References
1The Royal Society royalsociety.org
2Life Sciences Hub Wales https://lshubwales.com/digital-artificial-intelligence-ai-robotics
3Trade and Invest Wales https://tradeandinvest.wales/
4Get Reskilled https://www.getreskilled.com/life-science-wales/
