Nearly 50% of global healthcare companies will implement AI strategies by 2025 and some experts believe it is crucial for how businesses operate down the line.
The pharmaceutical industry stands to gain nearly $100B annually across the US healthcare system, thanks to the implementation of AI and machine learning, as estimated by the McKinsey Global Institute. These technologies have been proven to enhance decision-making, optimize innovation, improve research and clinical trial efficiency, and introduce beneficial tools for physicians, consumers, insurers, and regulators.
Major players in the pharmaceutical sector, including Roche, Pfizer, Merck, AstraZeneca, GSK, Sanofi, AbbVie, Bristol-Myers Squibb, and Johnson & Johnson, have already embraced AI technologies through collaborations and acquisitions.
Notable Instances
Massachusetts Institute of Technology (MIT) partnered with Novartis and Pfizer to revolutionize drug design and manufacturing through the Machine Learning (ML) for Pharmaceutical Discovery and Synthesis consortium. The consortium fosters cooperation between MIT’s machine learning researchers and drug discovery experts, aiming to address significant challenges in the field.
Other partnerships include GSK’s collaboration with Cloud Pharmaceuticals to expedite the discovery of novel drug candidates and the collaboration between GSK and Vir Biotechnology to enhance COVID-19 drug discovery using CRISPR and AI. Additionally, Roche joined forces with Owkin, a machine learning platform for medical research, to accelerate drug discovery, development, and clinical trials.
Notably, Abbott has introduced an artificial intelligence-powered coronary imaging platform. The platform can accurately detect the severity of calcium-based blockages and measure vessel diameter during coronary stenting procedures, thus enhancing decision-making precision.
Strategic Planning
It is quite evident that major pharmaceutical companies are proactively integrating AI into their business strategies and product portfolios. This strategic move has resulted in substantial cost reductions, with projected annual savings reaching up to $100B. It is, therefore, unsurprising that 72% of companies recognize AI as a critical component of their future business operations.
Based on research, there are several key areas in the pharmaceutical industry that have undergone significant transformation due to AI implementation and are poised to further develop in the years ahead:
- Accelerated Disease Identification and Diagnosis
The integration of AI and Machine Learning in the pharmaceutical sector has facilitated rapid disease identification and diagnosis by analyzing vast amounts of data. Though closely related to healthcare, these powerful tools have accelerated the diagnostic process, ultimately contributing to saving lives. Additionally, their ability to detect new diseases paves the way for the development of novel treatments. - Digital Therapeutics (DTx) and AI Advancements
Digital therapeutics (DTx), a relatively new and specialized segment of the pharmaceutical industry, has experienced rapid growth, driven directly by AI advancements. AI plays a crucial role in enabling organizations to gain deeper insights into individual patients, facilitating personalized and highly effective treatments. These technology-focused solutions not only alleviate the burden on healthcare and pharmaceutical companies but also gather extensive data that can fuel advancements in drug development and testing. - Revolutionzing Drug Development
AI has ushered in a remarkable transformation in the pharmaceutical industry, most notably in the realm of drug development. This technology has revolutionized various aspects, such as quality control and process automation, leading to heightened productivity, efficiency, and faster production of life-saving medications. Pharmaceutical organizations also reap the rewards of reduced costs for drug market launches, with potential savings of up to 15%, significantly impacting the average cost of $1.3 billion required for bringing a drug to market. - Transformative Potential of Predictive Analytics
In the data-rich pharmaceutical industry, predictive analytics emerges as a game-changer, offering companies access to intelligent insights that fuel advancements in research, manufacturing, distribution, and sales. By harnessing technologies like ML, predictive analytics enables forecasting in critical areas, such as drug effectiveness and the health of clinical trial sites. This proactive approach not only helps mitigate risks but also empowers companies to make well-informed decisions regarding drug development and distribution. - Revolutionizing Clinical Trials
AI’s increasing integration into clinical trials is revolutionizing the way these trials are conducted. Utilizing advanced predictive analytics and genetic information analysis, AI aids in identifying suitable patients who meet trial criteria and determines the optimal sample size. This transformative approach is a departure from the traditional lengthy process, which historically yielded a mere 10% success rate at an average cost of $1B, proving less than satisfactory. Looking ahead, AI is expected to shorten trial durations and enable technology-based patient check-ins, streamlining the entire clinical trial process. - AI-Driven Information Management in Pharma
Amidst AI’s significant contributions in enhancing various workflows within the pharmaceutical industry, it also addresses a critical challenge – information overload. As diseases are identified faster, drugs are developed, trialed, and regulatory changes occur, the volume of generated data increases exponentially.
This influx necessitates efficient collection, processing, sharing, understanding, and timely action on the information. Here’s where AI’s potential comes to the fore – computers equipped with AI can swiftly process and analyze vast amounts of data, surpassing human capabilities. By harnessing AI’s power, experts can augment their insights and analysis, resulting in enhanced decision-making.
The integration of AI in information management enables pharmaceutical companies to stay updated with the latest data. Moreover, AI streamlines the process of surfacing and delivering vital insights, providing decision-makers with more time to focus on utilizing data to drive business strategies. In this manner, AI empowers the industry to effectively manage information overload, leveraging technology to navigate the wealth of data and derive actionable insights for impactful business outcomes.
Embracing AI in the Pharmaceutical Industry
With AI’s potential becoming more evident, the industry is on track to witness a profound shift in how drugs are developed, tested, and brought to market. The adoption of these innovative technologies will pave the way for a new era of medical advancements and improved patient outcomes, solidifying AI’s position as a driving force behind the pharmaceutical industry’s future growth and success.
