Unleashing the Power of Artificial Intelligence for sustainable AI Adoption and Blockchain in the He
Nicole Formica-Schiller is an internationally recognized AI expert, CEO & Founder of Pamanicor Health AG, author, speaker, and advisor to industry, politics, and academia.
She is a prominent figure in the digital world, regularly featured in the media, and holds key positions in various expert boards and advisory councils such as the “International Digital Science and Interdisciplinary Advisory Board” of Paris Lodron, and the University Salzburg, Austria.
Moreover, she is an OECD AI expert in the OECD Network of Experts on AI and sits on the Board of Trustees for the German Israeli Health Forum for Artificial Intelligence (GIHF-AI) supported by the German Federal Ministry of Health.
Additionally, she is a Board Member and Spokesperson for Bavaria at Germany’s AI industry association and led the Steering Committee for the “EU AI Regulation – EU AI Act”.
She has been selected by Forbes for her innovative ideas in AI and Blockchain and is known for translating complex digital trends into practical use cases.
Nicole is a published author including „The AI Footprint – Measuring Environmental Impacts of AI EU Regulation of Artificial Intelligence“, “A Blueprint for Building National Compute Capacity for AI“, “European Health Data Space: Transforming Health Data Access and Sharing”, “AI as Push for Innovation in Life Sciences and Healthcare” amongst others.
Recently, she released the book: “Artificial Intelligence and Blockchain in Healthcare” (published in German) as a digital wake-up call.
The passionate advocate for diversity and inclusion in digital career paths has been appointed as a role model inspiring young women to pursue digital career paths.
With a background in law and economics, she has worked for top-tier companies globally before establishing Pamanicor Health, one of the first boutique advisory firms applying the promise of transformative technologies such as AI and Blockchain with Life Sciences and Health Innovation, Private Equity and Policy.
In May, we had the chance to exchange ideas regarding the new reforms and regulations in the digital health industry.
The Benefits of AI and Blockchain in Healthcare for Improved Patient Outcomes and Sustainability
“To me the integration of AI and blockchain technology in healthcare offers numerous benefits, ranging from improved diagnostics and personalized treatment to secure data exchange and enhanced research collaboration”
Nicole suggests that by leveraging these technologies, healthcare systems can drive better patient outcomes, optimize resource utilization and contribute to sustainability efforts in the healthcare industry.
Most interesting for the future of healthcare, by utilizing machine learning techniques, AI can identify patterns and predict health risks or disease progression and can also analyze patient-specific data and provide tailored treatment plans based on individual characteristics, including genetic factors, medical history, and lifestyle.
Blockchain provides a decentralized and tamper-resistant platform for securely storing and sharing sensitive patient data while enabling the seamless exchange of health information across different healthcare providers and systems, improving care coordination.
Assessing and Measuring the Impact of Blockchain and AI on Sustainability
“Sustainability initiatives in AI and Blockchain can have significant economic impacts. Such as streamlininge supply chains, traceability, and transactions, reducing administrative costs and eliminating intermediaries”
Nicole points out, in particular when advising governments, she always raises attention to the fact that any government – responding to AI transforming its economy and promising new opportunities by launching its own national AI strategies to capitalize on these transformations – needs a targeted plan for its national AI strategy.
This includes sufficient computing capacity and having enough high-quality data which gets often forgotten.
AI-powered analytics can identify inefficiencies, optimize processes, and automate tasks, resulting in increased productivity and reduced resource waste.
Also, blockchain’s transparency and data integrity can enhance supply chain efficiency, reduce fraud, and minimize disruptions.
Hence, it is crucial for companies to comprehend that they can attract investors, foster job creation, and contribute to economic progress by creating pioneering carbon credit systems based on blockchain technology or developing AI-driven energy management solutions.
Promoting Sustainability and healthcare using AI
“For me sustainable AI in the healthcare industry involves leveraging AI technologies in a responsible and ethical manner to promote sustainable goals”
Nicole explains the process of encompassing various elements, including energy efficiency, resource optimization, precision medicine, streamlined healthcare operations, disease surveillance, and robust data governance.
She emphasizes that any AI integration and innovation should be approached in a way that takes into account the social, economic, and environmental impacts with the goal of achieving long-term advantages while mitigating adverse outcomes.
For her, this is essential for the betterment of our entire society and to create and establish a sustainable digital future that future generations will observe with pride.
Data Protection Laws Towards Sustainable Regulation in Europe and the US, and the Impact of EU’s Proposal for AI Regulation
“With no doubt Data Protection and Privacy alongside Digital Ethics will become increasingly important factors for companies, private individuals, and governments on a national and global scale”
She asserts that reinforcing individual privacy rights, advocating for data purpose limitation, enforcing specific regulations on cross-border data transfers, highlighting corporate accountability and transparency, harmonizing data protection laws, fostering collaboration and knowledge sharing can enable Europe and the United States to address data protection regulations in a more sustainable manner.
These efforts can lead to enhanced data privacy, reduced environmental impact, and more responsible data handling practices.
When it comes to the current approaches on the European level for the regulation of AI it is crucial to bear in mind that any upcoming regulation has to be flexible and future-oriented, allowing AI innovation in Europe.
“If the EU fails to set innovation friendly standards for a human-centered AI based on European and democratic values, these will be decided elsewhere”
The Power of Diversity in promoting inclusion and inspiring women in digital career paths for disruptive technologies and AI
“Diversity plays a huge role in AI; We often hear that AI is biased”
While it is crucial not to unquestioningly rely on AI, it is equally important to scrutinize various aspects such as the data used, data sources, and AI model training methods.
It is vital to foster diverse teams that handle this information, programming, and related tasks.
This approach helps to mitigate bias within the system, leading to increased equity and a more accurate portrayal of the real-world environment.
Maximizing the potential of AI at Pamanicor Health
“The digital future is now”
The world, as described by Nicole, is transforming through Disruptive Technologies, Artificial Intelligence, Big Data, and health innovation is changing.
“What implications does this have is a frequent question our clients ask us”
Therefore, beyond their advisory services where they guide clients in their digital transformation and innovation strategies with pragmatic and innovative solutions, Pamanicor Health offers two additional key services.
The first offering is a unique learning and training exchange format that is accompanied by tailored programs.
This service assists their clients in gaining a deeper understanding of achieving the optimal equilibrium between the conventional and the emerging digital realm, encompassing AI and beyond.
“This highly requested program is also suitable for those without any prior technical or medical knowledge and has a focus on digital inclusion for a sustainable digital future”
The second format focuses on Private Equity and Venture Capital where there’s a more systematic approach and execution track record that builds confidence, reduces risk and provides easy access to insights and experts anchored in portfolio value creation.