S&P Global Ratings has released a report discussing the implementation of artificial intelligence (AI) in the pharmaceutical industry.
The report discusses the current role of AI in pharma, and how it may be implemented in the future.
This includes key areas such as:
- The discovery and development of novel therapies
- Clinical trials
- Optimising operational efficiency
- Improving manufacturing processes
According to S&P Global Ratings, AI also has the ability to cut clinical trial costs by up to 50%, while also expediting the drug development process.
In combination, this means that the technology could lead to significant advancements in the development of life-saving treatments.
Big pharma and AI
S&P Global Ratings has identified that a vast portion of the major players in the pharmaceutical industry are using the technology.
Companies like Pfizer, Merck, GSK, Novo Nordisk, AstraZeneca and Eli Lilly are all working with AI technology providers, with a strong focus on drug discovery and development, as well as disease models and biological targets.
The best is yet to come
The report also stresses that although AI is commonly being implemented within the pharmaceutical industry, the full benefits will take time to materialise.
S&P believes that to get the most out of the tech, companies must band together to share their knowledge in integration and scalability for AI specifically.
The industry will also need to navigate specific challenges, such as data management, ethical considerations and workforce upskilling to truly harness the full potential of AI.
