Imagine a world where life-saving medications are brought to market faster, cheaper, and with greater accuracy. This is the promise of artificial intelligence (AI) in the pharmaceutical industry. Over the past two years, pharma has expanded its use of AI across the entire life cycle, from manufacturing to lab operations and supply chain management.
## The Rise of AI in Pharma
According to Sandy Donaldson, cofounder, president, and chief of strategy of Impiricus, a health technology company that provides an AI-powered engagement platform, pharma first started using AI in the clinical and development space. However, with the industry embracing this technology, government oversight has increased, particularly at the state level and from the EU. “What we’re seeing is an increased focus on government controls, explainability of decisions, traceability of audit trails, and there’s going to be increased regulation on these new areas within pharma that are starting to embrace AI,” Donaldson said.
## The Benefits of AI in Pharma
But what does this mean for patients, providers, and the healthcare industry as a whole? The good news is that AI should decrease the amount of time it takes to bring a new drug to market, which may also lower its cost. This means that more orphan drugs may come into the market, and there may be more drugs for the thousands of chronic diseases that go untreated. AI can also bring better accuracy in drug development, which is a game-changer for the industry.
## Overcoming the Challenges of AI Adoption
Despite the potential benefits, pharma companies face significant challenges in embracing new technologies and ways of working. The “Not Invented Here” syndrome is a mindset that “we already know how to do it best,” and it’s hard to change this culture. However, pharma companies know they need to change their culture and adapt to the changing landscape. With AI, they can shrink UAE’s drug discovery timelines and bring hope to patients who have been waiting for life-saving medications.
For more information, listen to Donaldson’s conversation with Susan Morse, executive editor of Healthcare Finance News. By embracing AI, pharma can bring better outcomes, lower costs, and more hope to patients. The future of pharma is bright, and AI is leading the way.
