Artificial intelligence - A Success Contributor for the Pharmaceutical Industry
The pharmaceutical industry is mostly a research dependent and data-dependent industry where artificial intelligence has become a one-size-fits-all solution that can be implemented in every process of the pharmaceutical industry. Most of the pharmaceutical industries these days are rapidly adopting artificial intelligence to efficiently automate their processes that can be useful in making data-driven decisions. With the help of automated algorithms in machine learning, pharmaceutical industries are using this technology to solve the set of tasks.
The main aim of implementing this AI in the pharma industry is that it should find all the hidden patterns and collect insights from huge data sets that any human can find as laborious to do. The major domains that AI can be useful in our clinical trials, sales analytics, and marketing. Implementing ML could reduce the time spent on examining data, saving money and letting researchers focus on other issues. The potential application of AI in the pharmaceutical industry is limitless and it permits researchers to effectively collect and analyze data. The more data AI analyses the more it will enhance and this results in better accumulation of information.
The major areas in which AI can be implemented for saving time and money are in the R&D
and marketing.
AI in Marketing:
As pharma is a sales-driven industry, AI is a very useful tool for strategies and decisions
regarding the market. The sale of a drug is mainly dependent on print, direct and digital
marketing activities.AI implementation in marketing enables companies to find out more
profitable marketing methods, sneak peek of customer journey and identification of
marketing messages. AI also analyses data from past campaigns that help companies to invest in more accurate marketing strategies. The non-acceptance of AI by healthcare professionals and limitations in decision making can hamper market growth. AI services and applications provide enhanced growth in the pharma market to gain a competitive advantage.
AI in the R&D Process:
The most powerful application of AI in clinical trials and implementation of AI reduces the number of clinical trials by 70%. As efficient and effectual R&D is crucial for the success of any pharmaceutical industry, AI implementation is very helpful. The process of drug development is very expensive and time taking with high risks and fewer success rates; AI provides an ultimate solution for this problem with digital transformation and controls skyrocketing R&D costs. Amplion, BioSymetrics, Causaly, etc are the start-up artificial intelligence companies that implement this technology in their R&D process.
Other applications of AI in the Pharmaceutical industry are:
- Enhancing manufacturing process
- Designing and discovery of new drugs
- Clinical data processing
- Detect medicines for rare diseases
- Finding patients for clinical trials
- Predicting patient response and treatment results
- Development of predictive biomarkers
- Drug dosage, repurposing, and adherence
The market of AI in the biopharma industry is anticipated to increase from the US $198.3 million in 2018 to the US $ 3.88 billion in 2025. AI service providers are now providing their services to pharmaceutical sectors to make critical business-level decisions by gathering insights from public and private customer's data. Thus AI with ML would certainly boost up medical diagnosis and help in understanding new diseases with high speed and accuracy.