Why should the pharmaceutical industry embrace Artificial Intelligence?

080518_bi4all_043 Why should the pharmaceutical industry embrace Artificial Intelligence?
José Oliveira, CEO, BI4ALL

Artificial intelligence gives space to a new era in the pharmaceutical industry, enabling the discovery of new medicines and more individualized treatments according to the profile and clinical history of each patient. Unlike traditional business models, technology-based on Artificial Intelligence (AI) allows the business to be more disruptive and innovative, managing to derive fundamental knowledge from the countless data that the industry currently has at its fingertips.

These are, undoubtedly, important advantages for the industry and which revolutionize the way how it works and achieves results that have a positive impact on society.

Specific and efficient monitoring and control allow the industry to achieve better results and create significant opportunities that transform the entire business. Also, automating and integrating multiple data sources in a single location brings higher efficiency and intelligence when making decisions and leveraging the business.

Managing patient information, monitoring results, creating individual treatments tailored to each profile or predicting the result of a particular test, are some of the benefits that Artificial Intelligence offers to your business.

Besides bringing prompt diagnostic results to patients, the use of technological solutions combined with Artificial Intelligence reduces the costs of health services, providing more optimized results throughout the value chain. In this case, for instance, the genetic test becomes increasingly cheaper and help researchers to determine the reasons for a particular disease to develop tailored and more effective treatments.

Ten years ago, the pharmaceutical industry had a 10,1% return on investment, last year it was only 1,8%, according to the latest Deloitte report.

Undoubtedly, the advances in the field of Artificial Intelligence allow the development of drugs to become faster since it manages to reduce the research and development costs. From the initial research to the approval of a specific medicine, it is a lengthy, complex and expensive process. Besides that, many projects fail. In the case of medicine development, AI can accelerate the process by providing scientists with powerful insights from structured and unstructured data that will accelerate the achievement of goals.

Also, at the management level, by having AI-based technological solutions in your organization, you will able to have more effective and competitive business models that enable to identify new opportunities, optimize the new drugs development, reduce costs and make smarter decisions.

By automating several business processes and being able to accurately track the production line of products, the organization saves time and money, apart from minimizing the margin of error. This brings a significant increase in productivity, as well as an increase in results across the value chain, which will naturally translate into better organization performance. Another aspect to consider is the possibility of monitoring the medicine’s transport conditions in real-time.

In a sector as important as the pharmaceutical industry, Artificial Intelligence brings numerous benefits to the field, ranging from clinical trials to the research and development of new drugs and a new way to better serve the population and partners.

From the prevention of certain diseases and the suggestion of preventive measures to the search for new uses for existing medicines, there are several areas in which Artificial Intelligence acquires a primary role in improving and optimizing existing practices, making business models more efficient and intelligent. Therefore, it is expected that the pharmaceutical industry will increasingly look to Artificial Intelligence as a way to make the industry grow.

Are you ready for this new technological Era that will bring you higher benefits along the entire value chain?