Google parent company (NASDAQ: GOOG) (NASDAQ: GOOGL) is no stranger to artificial intelligence (AI). The technology giant made it a focus years ago, using AI to improve everything from its searches to its offerings to potential advertisers. And just last week, Alphabet wowed investors with its latest AI updates at its annual developer conference.

But the company didn't stop there. In fact, Alphabet's announcement at another conference yesterday may signal a major step in a billion-dollar, high-growth part of the AI market. I'm talking about healthcare AI. Alphabet's Google Cloud announced two new solutions that could be game-changers for biotech and pharmaceutical companies. Here's what investors need to know.

Google Cloud said its Target and Lead Identification Suite and the Multiomics Suite now are both available worldwide. The first product helps scientists predict a protein's structure. This is the key to drug discovery. Once researchers understand a particular protein's structure, they can understand its role in disease. And that makes it easier to develop treatments targeting this protein.

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Source Fool.com