As artificial intelligence technology gets even more advanced, its deployment into the field of healthcare caused trade organizations to develop standards for its use. More than 50 organizations took part in developing the first-ever industry-led standard for AI within the healthcare sector as a way to diagnose and monitor patients better.
Per a HITInfrastructure article, “organizations consist of major tech companies and healthcare industry leaders such as Amazon, AT&T, AMA, Fitbit, and Google, which were called on by the Consumer Technology Association (CTA). This standard will set a pathway for implementing medical and healthcare solutions build on AI.”
“Standards are designed to serve the public through the removal of any misunderstandings between manufacturers and purchasers, boosting interchangeability and improvement of products, and assisting the purchaser in selecting and obtaining the appropriate product for their particular need, according to a CTA document,” the article noted.
All in all, the standards can help methodize the use of AI, which can help improve healthcare operations—thus, this should translate to disruptive ETF options and health care ETF options.
“This standard creates a firm base for the growing use of AI in our healthcare-technology that will better diagnose diseases, monitor patients’ recoveries, and help us all live healthier lives,” Gary Shapiro, president and CEO of CTA said in the announcement. “This is the first major step-covering some of the biggest players in the digital health world- to help create a more efficient healthcare system and offer value-based healthcare to Americans.”
The MSCI ACWHI Health Care index hopes to parry the effects of the coronavirus outbreak and resume its upward trajectory.
Healthcare ETF Options to Look At
One ETF to consider is the ARK Innovation ETF (NYSEArca: ARKK). ARKK is an actively-managed fund that invests in domestic and foreign equity securities of companies that are relevant to the fund’s investment theme of disruptive innovation.
Another fund to consider is the Robo Global Healthcare Technology and Innovation ETF (HTEC). HTEC seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the ROBO Global Healthcare Technology and Innovation Index.
The fund will normally invest at least 80 percent of its total assets in securities of the index or in depositary receipts representing securities of the index. The index is designed to measure the performance of companies that have a portion of their business and revenue derived from the field of healthcare technology, and the potential to grow within this space through innovation and market adoption of such companies, products and services.
For more market trends, visit ETF Trends.