For the majority of 2020, the world watched as the healthcare industry scrambled to understand and prevent Covid-19. And when vaccines started rolling out nine months after the start of the pandemic, it was clear that new technology applications were the key to preventative healthcare and treatment options.
One major key to the advancement of healthcare technology over the past year has been artificial intelligence (AI). AI has not only helped create the Covid-19 vaccine but is helping doctors, too.
In today’s Market360, I want to talk about a new AI advancement in healthcare that just rolled out this month. So, let’s jump right in.
Telehealth has become crucial during the pandemic and will continue to be used even after the pandemic is over to make doctors’ visits even more convenient for patients. But not all doctors can use telehealth options to diagnose patients, when a diagnosis often requires the doctor to touch the patient in order to diagnose what the problem is.
Well, this issue has been solved in an important corner of the dermatological world with the help of AI technology. AI scientists invented an algorithm that can identify and screen for early-stage melanoma, a type of skin cancer that is responsible for 70% of skin cancer deaths all over the world.
The former process of screening for melanoma usually involved the doctor visually inspecting any suspicious areas and then perform a biopsy to test for skin cancer. However, it was also ineffective due to the sometimes-high level of lesions that had to be tested to be sure the patient would be melanoma free.
The early detection of melanoma with the new AI tool can avoid the hassle and danger of these steps with diagnosis on site.
The AI algorithm was created with the help of patients submitting over 20,000 photos of suspicious lesions from their personal devices and doctors cataloguing the images as safe or not safe. The team found that the doctors could identify suspicious lesions over 90% of the time. This information was programmed into an AI algorithm and can now be used at home with your own smartphone camera.
My Play in the Healthcare Technology Sector
The reality is AI is changing the game, which is why I have loaded up on AI-related stocks in Growth Investor. Let me give you an example of a stock I recommended in the healthcare sector …
Veeva Systems (NYSE:VEEV) is a leading provider of cloud software solutions for the life sciences industry. The company’s solutions help pharmaceutical and life sciences companies use cloud-based architectures and mobile applications for their businesses.
Veeva uses AI technology in a variety of ways, from processing and storing data to making tools easier and safer to use. Veeva uses their patented machine learning program to extract drug safety data from their extensive database of sources into an easy to comprehend format.
Their cloud-based software model improves scalability while also aiming to reduce the time and effort of manual entry. This helps save time and energy for the healthcare organizations who utilize their services as well as a fallback to verify drug safety.
VEEV isn’t my only Growth Investor stock using AI technology to take their company to the next level. If you’re interested in the other AI-related stocks I recommend, I encourage you to sign up for Growth Investor today.
Once you do, I’ll give you three free reports, 3 Stocks Powering the $150 Trillion AI Boom, 3 Plays for the $12 Billion Battery Opportunity and The One AI Company Set to Corner the Booming Cybersecurity Industry. Read them here now.
The Editor (Louis Navellier) hereby discloses that as of the date of this email, the Editor (Louis Navellier), directly or indirectly, owns the following securities that are the subject of the commentary, analysis, opinions, advice, or recommendations in, or which are otherwise mentioned in, the essay set forth below:
Veeva Systems (VEEV)
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