Artificial intelligence is rapidly transforming the pharmaceutical industry, revolutionizing drug development, enhancing patient care, and driving innovation across the sector. Pharmaceutical firms are increasingly integrating AI into their operations, as evident from a surge in patent filings and strategic deals within the sector. Job postings in AI-related roles within the pharmaceutical industry have also seen notable growth, reflecting the industry’s demand for skilled professionals in this field. The impact of AI extends beyond the pharmaceutical sector, influencing various industries. GlobalData’s artificial intelligence market report provides comprehensive analysis of the market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the pharmaceutical industry regarding AI. It provides an overview of recent developments in AI-related deals, talent acquisition, and patent filings within the pharmaceutical industry.
Diverse applications of artificial intelligence in pharmaceutical industry
Pharma companies like ENTRINSIC, LLC, Curevac NV, and Seattle Children's Hospital are leveraging artificial intelligence technologies through their latest patents to innovate and improve their businesses. These patents cover a range of applications, from optimizing amino acid-based formulations for hydration beverages to reducing the immunostimulatory properties of in vitro transcribed RNA. Additionally, the use of AI algorithms for optimizing cannabis compositions for cancer treatment and exploiting microbial metabolic processes for water quality monitoring showcases the potential of these technologies in the healthcare industry. By acquiring these patents, the acquirer will benefit from cutting-edge AI technologies that can enhance drug development, therapy delivery, and environmental monitoring, ultimately leading to improved patient outcomes and operational efficiencies.
The industry experienced a 5% growth in the number of AI-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of AI-related patent applications in the pharmaceutical industry witnessed a rise of 5% compared with Q1 2023.
Strategic deal trends in artificial intelligence in pharmaceutical industry
Pharmaceutical companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in AI. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of AI in the pharmaceutical industry.
In Q1 2024, the number of AI-related deals in the pharmaceutical industry grew by 58% compared with Q1 2023. On a quarterly basis, there was 17% increase in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the pharmaceutical industry experienced a 25% growth compared with the previous quarter. On an annual basis, job postings also declined by 2%. Notably, computer and mathematical occupations, with a share of 21%, emerged as the top AI-related job roles within the pharmaceutical industry in Q1 2024, with new job postings rising by 9% quarter-on-quarter. Management occupations came in second with a share of 20% in Q1 2024, with new job postings rising by 4% over the previous quarter. The other prominent AI roles include life, physical, and social science occupations with a 10% share in Q1 2024, and architecture and engineering occupations with a 4% share of new job postings.
Johnson & Johnson, AstraZeneca, F. Hoffmann-La Roche, Sanofi, and Eurofins Scientific are among the top companies leading in AI hiring within the pharmaceutical industry.
Countries driving adoption of artificial intelligence in pharmaceutical industry
The US is the leading country in AI adoption within the pharmaceutical industry, boasting the highest number of AI-related patents, jobs, and deals. Meanwhile, the UK, China, South Korea and Australia also maintain significant positions in AI adoption within the pharmaceutical industry.
In conclusion, the integration of Artificial Intelligence is reshaping the landscape of the pharmaceutical industry, with its profound impact evident in drug development, patient care, and overall innovation. This transformative technology is poised to continue driving advancements and efficiencies in pharmaceutical research and development.
To further understand GlobalData's analysis on artificial intelligence in the pharmaceutical industry, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData patent analytics tracks patent filings and grants across companies and themes. Proprietary databases on deals and job analytics are used to respectively monitor global deal activity and uncover insights from daily job postings to identify trends, company activities, and industry dynamics across different sectors globally.
