AI technology plays a vital role in the pharmaceutical industry, offering a profound understanding of disease mechanisms. Tools like Google DeepMind’s AlphaFold 3 predict the structure and interactions of biological molecules, leading to many advantages like faster disease detection and streamlining the drug discovery process.
According to a report by the McKinsey Global Institute, AI can potentially generate a yearly revenue of $60-$110 billion for the pharmaceutical sector. This is possible by improving compound identification, development, and approval, while also bringing down the time taken from lab to market significantly.
Firms willing to take the leap into AI need to invest in the necessary AI infrastructure and talent. The incorporation of the technology could bring about a transformation, ushering in a more innovative era of healthcare solutions and therapies.
AI’s advanced data processing capabilities facilitate a better understanding of disease mechanisms and potential treatments. In addition to this, the technology is also leading the way in personalized medicine, tailoring treatments according to individual genetic data.
AI could expedite drug discovery, approval, and marketing, mitigating the issue of the shrinking asset life cycle of new drugs.
AI propelling growth in pharmaceutical sector
The use of AI could streamline the process, effectively reducing the time spent on new drug development and launch.
AI could yield potential economic value ranging from $15-$28 billion in research and discovery. Additionally, it can contribute an approximate economic value of $43–$83 billion in the healthcare sector, from drug discovery to patient care.
With the anticipated growth and innovations, AI’s role in health care is likely to be a significant focus for regulatory assessments by 2023. However, the enlarged use of AI also necessitates close scrutiny to address any ethical, privacy, and accuracy concerns.
Many key entities are making significant contributions in the AI for healthcare sector. These include Nvidia Corp, Intel Corporation, Google, General Electric Co, Microsoft Corporation, Medtronic Plc, Micron Technology Inc, Amazon Web Services, and Siemens Healthineers.
All these organizations are pushing the boundaries with their innovations. For example, Nvidia Corp and Intel Corporation are making strides in machine learning and data processing capabilities, while General Electric Co and Microsoft Corporation are contributing significantly to cloud-based solutions for health data management.
