For years, the pharmaceutical industry has relied on statistical methods to analyze medical data, studies and experiments. Not least because of this, Big Data and modern analytics as well as artificial intelligence have triggered a fundamental change within the pharmaceutical innovation paradigm.
The field of artificial intelligence is broad and offers a variety of significant opportunities to optimize business processes. The potential of the technologies for companies and the industry itself, is enormous. The potential applications range from the research and development of new drugs to the analysis and optimization of process and production workflows to the personalized marketing of products.
Artificial intelligence has the potential to realize unprecedented productivity gains and better outcomes across the value chain. It contributes to more efficient research and provides space for experts to focus on their core competencies. AI can also significantly reduce costs and failures by predicting success, as well as rapidly accelerate the development time of new drugs.
Even though the use of artificial intelligence offers enormous potential and numerous opportunities, it also carries risks that need to be taken into consideration. The main problem here is the existing data sets, data quality and lack of data standards and labels. Added to this is the challenge for companies to make processes as transparent as possible, which leads to enormous costs, especially in highly regulated industries.