Chicago has become a thriving hub for life sciences innovation. Through our elected officials’ foresight and planning and fueled by world-class universities, tech incubators and a growing ecosystem of venture-backed startups, Chicago is an epicenter of biotech and digital health.
And essential to the innovation and breakthroughs emerging from the Chicago life sciences industry is artificial intelligence, a powerful tool whose promise we’re only beginning to comprehend.
AI is transforming the pace and precision of life sciences research in Chicago (and everywhere else). Machine learning is helping startups model new innovations to enhance clinical trials, power personalized medicine tailored to each patient’s biology and achieve predictive diagnostics with unthinkable accuracy.
It goes without saying that protecting the development of AI and minimizing obstacles to its continued use is essential for a hub such as Chicago.
Lawmakers in Springfield are considering a bill, HB3506, to regulate companies that are utilizing AI, proposing technical reporting and compliance obligations that would prove costly and burdensome. As well intentioned as the policy may be, it would as written have a chilling effect on AI innovation by entangling early-stage life sciences startups in red tape before their innovations ever reach a patient or become commercially viable.
Before finalizing any bill, Illinois policymakers should thoughtfully engage the community of talented life sciences entrepreneurs here in Chicago to better understand how AI functions in the life sciences. Regulation of this emerging industry is warranted but must be narrowed to address bad actors without handcuffing innovation. Proposed regulations that couple burdensome reporting requirements with overreaching policies risk imposing unsustainable costs on small startups — draining limited resources and possibly forcing promising startups to close before they can get off the ground.
Illinois is poised to be a major contender in the next wave of medical innovation, so instead of fast-tracking legislation around a complex and nuanced issue such as artificial intelligence, legislators should take a measured and forward-looking approach.
Chicago’s life sciences and tech ecosystems are thriving, and we’ve only scratched the surface on the promise of AI to transform health care. Let’s make sure Chicago is at the center of that transformation, supported by smart policy that fosters innovation at every turn.
— Geoffrey Morgan, founding partner, Croke Fairchild Duarte & Beres, Chicago