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The majority of the Life Science & Pharmaceutical industry are in agreement that Artificial Intelligence will redefine and dominate the sector all the way through from R&D to commercial.
According to the Oxford Dictionary… “Artificial intelligence (AI) is the ability of a computer, or a robot controlled by a computer to do tasks that are usually done by humans because they require human intelligence and discernment.”
Although relatively new to the industry there have been many emerging benefits from Artificial Intelligence (AI) with most of the activity being conducted within the exploratory phases. We are seeing early movers adopting new approaches, seeking a competitive edge, accelerating products to market, improving patient outcomes and driving cost efficiencies. There is an understanding of the value and power that Artificial Intelligence brings within the Life Sciences sector.
Life Science companies are now exploring how AI can be leveraged towards the exploration into research on New Products. Complex and sophisticated algorithms are providing improved data platforms that can lead to identification of new mechanisms of diseases, potential new line extensions and design for preclinical experiments.
The advancements of AI and Machine Learning has reduced the time it takes to develop, manufacture and launch new products to the market. This has therefore improved efficiency of the entire process and accelerated Drug Development time frames. The future for AI is looking bright as scientists are on board with integrating research data, clinical data, lab data in combination with new information sources like technology advances over the last 10 years. Improving ways to acquire information and data has allowed the industry to make faster decisions and improve processes.
One of the most encouraging improvements of the industry has been the ever improving advancements in diagnostics. AI and pattern recognition intertwined with complex algorithms & automated immunohistochemically measurement systems have improved pathologists ability to oversee the analysis and to explore more in depth cases.
The integration of AI represents an opportunity for Life Science companies to radically influence and transform their business operations at all levels, whether that is people, processes, or structures.
There are clearly many benefits from AI, more efficient clinical trials, producing drugs faster and transporting them to the market quicker, facilitating better patient diagnosis and unearthing insights from large swaths of data. AI is changing the industry and allowing companies to make a real difference through innovative and life changing developments. Though we can’t predict all future impacts AI will have on the Life Sciences, it’s clear that this technology is the next wave of innovation within the sector.