Artificial Intelligence (AI) is a great tool that can be used in multiple sectors. One such sector in which it can prove to be of great use is the pharmaceuticals.
Today, Pharmaceutical experts are searching for different ways through which Artificial Intelligence and machine learning can be applied into healthcare and biotech industry. Some Pharma companies have started using AI technologies in their manufacturing processes for research and development and other discoveries. According to a study, 62% of the healthcare companies are on their way to invest in AI in the near future.
What role does AI currently play in the Pharma Sector?
Artificial Intelligence has a great potential to foster development and simultaneously increase innovation and productivity as well as deliver better outcomes. According to experts, the use of AI technologies help in making better decisions, improves efficiency in research and trials, optimize innovation, drug discoveries and help in making new equipment for consumers and physicians. Some of the top Pharma companies like Pfizer, AstraZeneca, GSK, Roche, Bristol- Myers, etc have started collaborating with AI companies and have even acquired some AI technologies.
Drug discovery is another important component which needs improvisation. AI can be helpful in reducing the research and development costs. Apart from the reduction in costs, AI helps a lot in other processes too. It can help in demand forecasting and by that data the problems of over and under demand can be tackled. It can also improve quality control and reduce the wastage of materials. Cancer diagnosis and treatment can be done faster using AI.
Future of AI in the Pharma Industry
According to a report, by the year 2025 almost 50% of the global healthcare companies plan on adopting AI technologies. Over the years, more and more investments would be made in discovering new drugs for chronic diseases. Enhancing patient health and reducing the costs is the main aim of healthcare organisations. In short, AI will improve in each and every field in which we lack behind today.
Drug discovery and manufacturing will get a huge boost and as AI tools become more accessible over the years, they will be a part of the natural process. With new data and massive experience AI will lead the pharma industry to a whole new level.