Artificial intelligence has disrupted many industries over the years and given birth to endless opportunities for business growth and transformation. But, the pharma industry is still yet to explore these opportunities and the applications artificial intelligence has to offer.
From streamlining methods and processes to creating improved drugs to combat fast-growing diseases, AI is not just improving efficiency across the pharma value chain but also fostering innovation. The radical shift in innovation paradigm in the pharma industry because of AI is creating new business models that are powering more efficient and 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 powerful AI-driven tools help pharma companies to deal with challenging aspects of biological networks by identifying subtle patterns in large datasets. By giving them the ability to study the patterns of various diseases, AI enables pharma companies 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 pharma companies because of the hefty costs of the whole process of drug approval. AI gives pharma companies the power to design and identify new molecules, perform target-based drug validation, enable data-driven drug development, and much more.
Adopting AI not only improves the approval success rates of their drug but also streamlines the development process and cuts down operational costs resulting in cheaper rates.
Using AI-powered algorithms and tools, pharma companies can ensure higher productivity, improved efficiency, and faster production, especially for life-saving drugs. Artificial intelligence can make every aspect of drug manufacturing streamlined and efficient:
- Quality control
- Predictive maintenance
- 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.
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 powerful tools can help doctors understand the impacts of a specific genetic trait on a patient’s health or the process of treatment through a drug. AI can also be used to give real-time insights on patient’s medical data and reports for diagnosis 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.