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February 12, 2024 | 4-minute read (788 words)
Artificial intelligence (AI) has evolved as the driving force behind the success of many industries. For the life sciences sector, it has become the catalyst for revolutionizing growth. It has dramatically transformed how pharma companies approach research, diagnosis, and treatment, making each more personalized and authentic.
With the integration of AI in life sciences, pharma companies can now simplify their complex biopharma manufacturing process, revamp old business models, and improve their existing approaches to clinical trial data flow, self-healing supply chain applications, cognitive molecule research, etc.
This article analyzes AI’s self-sustained growth and myriad benefits in life sciences, exploring how this state-of-the-art technology is moving beyond possible boundaries.
According to the Precedence Research report, the international AI in life sciences market is projected to drive growth at a CAGR of 19.90% from 2023 to 2032. Additionally, it is expected to reach about US$9.17 billion by 2032.
This revving use of AI in life sciences for diagnostic imaging and research has contributed to enhanced accuracy and faster disease identification. Its quick adoption has opened doors for continuous innovation, managing long-standing challenges, and ushering in a new era of breakthroughs and advancements. And this is just the beginning!
Drug discovery is a significant part of medical care. It enables us to discover new medications and treatments to improve or alleviate diverse illnesses and diseases.
Traditional methods require years of research and analysis. However, AI has played a pivotal role in expediting this process. It examines vast datasets and determines potential drug candidates instantly. This acceleration has saved time and money and allowed swift delivery of medications to patients.
Key example
Pharma companies like Insilico Medicine use AI algorithms to develop new drug discovery pipelines.
Recruiting suitable patients for clinical trials is a complex process. Monitoring their responses and the potential side effects of any treatment is also time-consuming and expensive. However, AI streamlines this with its enhanced algorithms.
By performing real-time data analysis, it quickly determines suitable candidates and optimizes trial designs. Furthermore, it brings innovation to market sooner and spurs the development of new treatments. Thus, it saves time and money.
Key example
One of the world’s largest pharmaceutical companies, Pfizer, has been utilizing AI to identify patients for clinical trials.
Drug repurposing includes determining new uses for existing drugs initially developed for diverse medical conditions.
AI-driven algorithms have made disease risk management processes more efficient and accelerated. They instantly examine several drugs’ chemical structures and properties, comparing them with information related to diseases and biological pathways. This process aids in swiftly determining the most effective healthcare solution for patients diagnosed with various medical conditions.
Key example
BenevolentAI, a London-based firm, is using AI to find new uses for existing drugs. It has identified many candidates for drug repurposing for Parkinson’s disease and COVID-19.
In the biotechnology industry, maintaining stringent quality control is quite essential.
However, inefficient inventory management, an absence of transparency, and fragmented distribution networks pose a significant threat to the operation of pharmaceutical supply chains. These shortages can lead to delayed shipments, raised costs, and drug shortages.
AI can help during these challenging times. Using predictive analysis, it anticipates demand and stems shortages. Thus, it ensures the timely delivery of vital resources to lower production delays and promote operational efficiency.
Key example
Pharma firms like Novartis have leveraged AI potential to enhance their supply chains. This will help ensure products are available whenever they are required.
The power of AI is not just limited to financial goal tracking, research, and laboratories. It also extends to patient care. AI chatbots and virtual assistants have become the epitome of personalized patient care.
Powered by AI, they offer information, support for chronic disease management, and medication reminders tailored to your health concerns. Furthermore, these virtual technologies have improved the overall business performance of pharma companies by enhancing customer engagement and satisfaction, minimizing costs, and increasing productivity.
Key example
AI chatbots and virtual assistants like Healthily, Ada Health, and more have helped patients and healthcare professionals detect diseases accurately and streamline their reporting globally.
The future of the life sciences industry is intrinsically linked to AI’s transformative power. As this synergy evolves, the prospect of enhanced patient outcomes, affordable treatments, and groundbreaking discoveries becomes increasingly tangible.
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Bhavya Agarwal is an ardent content writer who loves exploring the world of artistic expressions to create stories that are riveting. She has crafted fictive and engaging experiences for several renowned brands and helped them achieve their vision and mission. Besides storytelling, she can be found traveling the world, reading novels and watching anime to broaden her horizon of multiculturalism and studying different literary works.
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