Current policies concerning artificial intelligence (AI) technology are falling behind the rapid growth of AI in healthcare due to the complexities of regulating such a dynamic domain. Similar to any pioneering technology, the application of AI in healthcare presents new ethical and legal dilemmas that extend beyond traditional bioethics, legislation, and governance. Currently, there are no definitive professional guidelines or standardised regulations governing AI in healthcare. This article examines the challenges that arise from the ethical considerations at the intersection of AI and healthcare research. The relevant ethical principles essential for ensuring the ethical use of AI in healthcare include justice, data stewardship, explainability of AI, accountability, and sustainability. We aim to discuss the ethical considerations that may arise at each stage of the AI development lifecycle based on the outlined principles, from early problem identification to post-deployment evaluation.