THANK YOU FOR SUBSCRIBING
Pharma Tech Outlook | Tuesday, October 31, 2023
The pharmaceutical industry needs help with digital health technology adoption, and implementing AI and machine learning strategies, making it difficult for them to achieve widespread digital transformation.
Fremont, CA: Drug discovery and development opportunities depend on companies integrating advanced health tech into everyday strategies. The pharma industry needs to catch up in digital maturity, with early movers patchworked due to a lack of strategy and digital-focused leadership.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
AI & Machine Learning in Drug Development
Medicine development takes a long time and costs a lot of money; Taconic Biosciences estimates that it will take 12+ years and $2.8 billion to get medicine to market.
AI and machine learning can aid the drug development process at every stage. Compared to businesses employing the technology in other areas of healthcare, those using AI to simplify the drug-making process were able to raise some of the most considerable sums, totaling over $2 billion in Q3 2020.
AI in Drug Discovery (Phase I)
Insider Intelligence's AI in Drug Discovery report suggests AI could reduce drug discovery costs by up to 70%, reducing the process from literature analysis to target testing.
AI in Preclinical Development (Phase 2)
AI can aid in preclinical drug discovery by enabling smooth trials and faster drug interactions with animal models, enhancing the efficiency of drug discovery.
AI in Clinical Trials (Phase 3)
Researchers test drugs with human participants in a four-phase process, typically the most protracted and expensive stage in drug development. AI can aid in participant monitoring and retention by personalizing the trial experience.
Pharma Investments in AI
Big tech firms dominate pharma investments, offering AI and cloud solutions as valuable partners for drugmakers' diverse AI needs.
For instance, Moderna utilizes Amazon's AWS cloud platform to hasten the development of its drugs. Moderna should also be commended for its achievement in producing a cancer vaccine while relying on AWS, even if the business has lately made news as a leading contender to produce a coronavirus vaccine.
Moderna is just one of several pharmaceutical firms that are profiting from Big Tech's rising interest in the field of digital health. Insider Intelligence anticipates Big Tech will keep establishing pharma partnerships using their AI muscle.
More in News