Artificial intelligence (AI) continues to play a significant role in addressing many of the core challenges currently faced by the pharmaceutical industry.
The coming years will be more about practical uses of AI, as businesses ensure they get their money’s worth by using AI to address specific use cases, not least of which will be seen in the pharma industry.
Though it is a highly regulated industry and has historically been slow to adopt new technologies and modernise, pharma companies using AI are leading the charge despite such hurdles and changing the industry landscape.
With many benefits already being enjoyed, the use of AI in the pharma industry, as well as in the healthcare space overall, is expected to continue to increase in the next five years.
The applications of AI in healthcare and pharma are many, with the potential to transform key aspects of the industry and drive innovation.
Industry investment: pharmaceuticals companies using AI
GlobalData forecasts that the market for AI platforms for the entire healthcare industry will reach $4.3bn by 2024, up from $1.5bn in 2019.
This will be driven pharma companies using AI, as well as healthcare providers and payers, with the forecast to reach $2.9bn by 2024.
Leading pharma AI companies have invested time, money and resources in developing their bespoke artificial intelligence solutions. Each solution is designed to disrupt the pharmaceutical industry while simultaneously addressing current difficulties.
Discover the leading artificial intelligence companies in the pharmaceutical industry
Using its experience in the sector, Pharmaceutical Technology has listed some of the leading companies providing products and services related to AI.
The information provided in the download document is drafted for pharmaceutical executives and technology leaders involved in AI pharma solutions.
The download contains detailed information on suppliers and their product offerings, alongside contact details to aid purchase or hiring decisions.
Amongst the leading AI in pharma suppliers are Atomwise, BenevolentAI, Cyclica, Exscientia, Recursion, Iktos, Auransa, and InveniAI.
Examples of artificial intelligence used in pharma
When utilising the wide range of practical applications available, pharma companies using AI have the potential to transform key aspects of the industry while simultaneously driving innovation.
Among these uses are data management, drug discovery, and clinical trial design.
Such a range allows for both industry growth, as well as important clinical advances in real, practical terms.
GlobalData experts have estimated, with detailed and data-led forecasts, that the market for AI platforms for the entire healthcare industry will reach $4.3bn by 2024, an increase from $1.5bn in 2019.
Such growth will be mainly driven by major, leading pharma companies using AI in a range of applications. Ultimately, the pharma AI industry is forecast to reach $2.9bn by 2024.
Real-world applications of AI in pharma
With many examples of pharmaceutical companies using AI, we can observe real-world applications of the technology. From drug discovery to mental health innovation, real-world applications are having a sizeable impact on both health and company values.
Areas impacted include improved decision-making, reduced manual groundwork, and the improvement of pharma and healthcare systems across several areas in the healthcare sector.
Pharma companies using AI are assisting in the research phase of drug development by analysing existing materials, publications, data and insights.
Using AI in the analysis of vast amounts of clinical data and returning actionable insights, reducing time spent on sales research.
Optimisation of clinical trials
Assessing clinical trial data, optimisation of patient matching and the design of clinical trials.