Artificial intelligence has disrupted manyindustries over the years and given birth to endless opportunities for businessgrowth and transformation. But, the pharma industry is still yet to explorethese opportunities and the applications artificial intelligence has to offer.
From streamlining methods and processes tocreating improved drugs to combat fast-growing diseases, AI is not justimproving efficiency across the pharma value chain but also fosteringinnovation. The radical shift in innovation paradigm in the pharma industrybecause of AI is creating new business models that are powering more efficientand seamless clinical and healthcare processes.
Every aspect of the pharmaceutical industry from R&D to manufacturing and marketing can be revamped and made more efficient, cost-effective, and hassle-free using AI. Let’s take a look at some of the most notable applications of artificial intelligence in the pharmaceutical industry:
- R&D Process
The R&D and drug discovery process can be extremely costly and time-consuming. Pharma companies across the globe have started to leverage robust ML algorithms and high-performance AI tools to streamline their medicine discovery processes.
These powerfulAI-driven tools help pharma companies to deal with challenging aspects ofbiological networks by identifying subtle patterns in large datasets. By givingthem the ability to study the patterns of various diseases, AI enables pharmacompanies to make informed, data-driven decisions on drug development.
- Drug Development
With a 13.8%success rate at clinical trials, developing a drug is a tough call for pharmacompanies because of the hefty costs of the whole process of drug approval. AIgives pharma companies the power to design and identify new molecules, performtarget-based drug validation, enable data-driven drug development, and muchmore.
Adopting AI notonly improves the approval success rates of their drug but also streamlines thedevelopment process and cuts down operational costs resulting in cheaper rates.
- Manufacturing
UsingAI-powered algorithms and tools, pharma companies can ensure higherproductivity, improved efficiency, and faster production, especially forlife-saving drugs. Artificial intelligence can make every aspect of drugmanufacturing streamlined and efficient:
- Quality control
- Predictivemaintenance
- Waste reduction
- Design optimization
- Process automation
Conventional manufacturing techniques can slow down the drug manufacturing process and make the process prone to human error. A drug manufacturing process braced on AI boosts the ROI, eliminates human error, enables rapid manufacturing, and reduces prices. Another common implementation of AI in the pharma industry will be the modern pharma billing software that helps organizations to always stay ahead of the curve and minimize revenue leakages.
- Diagnosis
Most healthcare facilities now store sensitive patient records and medical data securely in a cloud or a centralized storage system within a robust AI software to store, monitor, and track electronic medical records. Several AI-powered tools made up of advanced ML algorithms allow doctors to process and analyze patient data.
These powerfultools can help doctors understand the impacts of a specific genetic trait on apatient’s health or the process of treatment through a drug. AI can also beused to give real-time insights on patient’s medical data and reports fordiagnosis and treatment purposes.
- Treatment for Rare Diseases
AI can not only fuel the efforts of pharma companies to prevent diseases like Alzheimer’s, ALS, Parkinson’s, etc., but also accelerate the process of exploring better treatments for them. Before the advent of AI, pharmaceutical companies were reluctant to funnel time and resources on finding treatments for rare diseases because of the low ROI and approval rate. Today, with the power of AI, various pharma companies like Healx and Verge Genomics are working tirelessly to enhance the medicine discovery process for rare diseases.
To sum up, Artificial Intelligence is an excellent resource for the pharmaceutical industry with a scope that is widening with every passing day. Pharma companies across the globe are incorporating AI in their operations from R&D to manufacturing and unlocking enhanced efficiency and unimaginable business growth and transformation.
