In
today’s data-driven age, companies never fail to grab a single
market opportunity to make the business processes better, smarter and
more efficient. Data science acts as the fuel behind this rising
tide. Thanks to Artificial Intelligence and Machine Learning,
companies can now touch the peak of efficiency in data analysis that
leaves a great impact on their entire businesses.
The
way industries are adopting AI and machine learning, it will
eventually drive remarkable growth in the coming years. Research says
the AI
market will reach $89.8 Billion in
Annual Worldwide Revenue by 2025.
The
pharmaceutical industry is not an exception in this scenario. The
impact of Artificial Intelligence in the pharmaceutical industry is
undeniable. Many pharma companies throughout the world have already
started leveraging AI in their business. Various factors are
responsible for the advancement of this cutting-edge technology in
the pharmaceutical industry and it has a promising future ahead.
Today’s post will discuss everything about this.
But
before diving into the discussion on the application, impact and
future of AI in Pharma, let’s talk about the current scenario in
this industry where not all companies are using AI and machine
learning.
Current Scenario In Pharmaceutical Industry
In
a broad sense, Artificial Intelligence is involved with computer
systems performing tasks that usually need human intelligence. It can
be amazingly useful in managing data and presenting results that
promote better decision making and help saving human effort, cost and
time. However, many companies using traditional methods to run their
healthcare business are yet to adopt this technology. But what they
are not understanding is without using Artificial Intelligence, a
pharma industry can be affected in various ways:
-
Medical information collection and processing can be slowed down
-
Unavailability of data and medical records
-
Costly and time-consuming drug discovery and R&D process
Therefore
application AI with machine learning is highly necessary for making
all the healthcare-related processes seamless, cost-effective,
efficient and hassle-free.
Let’s
have a look at the major applications of AI and machine learning in
the pharmaceutical industry.
Read
more about Artificial
Intelligence In The Pharmaceutical Industry
