Two days ago, Pharma Bro Martin Shkreli launched “Dr. Gupta,” an AI chatbot that provides medical advice and answers health-related questions. While the chatbot’s accuracy and privacy concerns have been raised, the potential impact on doctors’ finances is also worth considering.
Shkrelli who is no stranger to controversy was just released from Prison early in May 2022, having been sentenced in 2018 to seven years in prison and up to $7.4 million in fines. In the civil case he was fined a further $64.6 million to be repaid to victims. Back in 2015, Shkreli and his former company, Turing Pharmaceuticals (now Vyera), gained notoriety for acquiring the rights to the life-saving drug Daraprim used to treat toxoplasmosis. Shkreli and his associates then significantly raised the medication’s price from $17.50 per pill to a whopping $750 per pill.
Notwithstanding his past criminal records, Shkrelli’s new venture could potentially be a gamechanger for healthcare. As a part time GP/Family medicine physician, who often works remotely, a good chunk of my time is spent responding to enquiries from anxious patients, doling out copious amounts of advice with extra helpings of reassurance. In some other cases, a simple innocuous consultation with an unworried patient may ring the alarm bells and highlight ‘red flags’ for something serious or urgent like cancer or heart attack.
Having used generative AI quite a bit in the past few months, I have wondered if AI could do a lot of what I do, if not all of it. I think the answer is YES…and NO. Don’t worry. I will explain
Yes, AI could pass all the medical licensing exams in flying colours and be able to provide high quality advice in seconds, drawing from a vast amount of medical literature. However, there is the little matter of liability or ‘skin in the game’ as popularised by one of my favourite thinkers, Nassim Nicholas Tale
Yes, Artificial Intelligence (AI) has made significant strides in the healthcare industry, from aiding in diagnosis to providing personalized treatment plans. And with the recent launch of “Dr. Gupta,” the potential impact on healthcare seems to be massive and growing.
However, while AI chatbots like Dr. Gupta have the ability to synthesize vast amounts of medical information and provide advice in seconds, the issue of liability or “skin in the game” must be considered. In the case of human doctors, they are required to put their license on the line and face consequences for any advice they provide. This is not the case for AI chatbots like Dr. Gupta.
One of my favourite thinkers, the brilliant Nassim Nicholas Taleb provides great clarity of thought around this concept. Taleb argues that those who have no “skin in the game” are often more likely to take risks, which can have disastrous consequences. In the case of medical advice, the consequences of bad advice could be life-threatening.
One should never do anything without skin in the game. If you give advice, you need to be exposed to losses from it.
Nassim Nicholas Taleb
Moreover, AI chatbots like Dr. Gupta do not have the ability to form the same level of patient-doctor relationship that human doctors can. This relationship is built on trust, empathy, and understanding, which is difficult to replicate with a machine.
While AI chatbots can provide a quick and convenient source of medical advice, it is important to recognize the limitations and potential risks associated with relying solely on AI for medical advice. The use of AI in medicine should be seen as a supplement to human doctors, not a replacement. Ultimately, the responsibility of providing accurate and reliable medical advice should lie with licensed medical professionals who have “skin in the game” and are accountable for their actions.
In conclusion, while AI-powered chatbots like Dr. Gupta have the potential to revolutionize healthcare by providing quick and accurate medical advice, there are still important considerations to be made. The lack of liability or “skin in the game” for these AI-powered platforms raises significant concerns for patients and healthcare professionals alike.
As we continue to see advances in technology, it is crucial for doctors to remain vigilant in their roles as patient advocates and to stay informed about the potential impact on their finances. By signing up for the MoneyWise Doctor newsletter, healthcare professionals can stay up-to-date on the latest developments in personal finance and receive actionable tips to help navigate the unique financial challenges they face.
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6 Comments
Lovely piece. Thanks a lot
Thanks for your comment!
Very informative. Well done!
Thank you!
Undoubtedly, AI is poised to dominate the future landscape of medicine, from analyzing radiological images to providing rapid medical counsel, thereby reducing the reliance on physicians. Such advancements will inevitably have a profound impact on doctors’ financial circumstances.
Fortunately, AI’s ascendance does not entail the complete displacement of doctors; instead, there will persist a consistent demand for a select cadre of highly skilled physician’s adept in leveraging AI, albeit in diminished numbers compared to Pre AI era.
It is paramount for doctors to familiarize themselves with AI’s mechanisms and principles; after all, “a stitch in time saves nine.”
Excellent insights! I agree. AI will not replace doctors but doctors who use AI may replace doctors who don’t!