How Can Artificial Intelligence Impact the Life Sciences Industry?
Today, technologies like artificial intelligence (AI) have impacted the daily lives of people in many ways. For example, Alexa can give the news headlines or thermostats knowing more about the whereabouts and travel plans. Therefore, it is clear that AI will immensely change the world in many ways, which might not anticipate. In recent years, the life science industry is also implementing AI in their businesses to benefit from it.
Many AI-based devices have already proved their advantages in the life science and healthcare sector. The image analytics are utilized in the pharma researcher for describing the features of the cell lines as they want to understand the disease mechanisms and efficiency of the drug candidate. Furthermore, text analytics is used for identifying adverse events in advance. Several organizations are also using innovative techniques to find ways that will help them repurpose drugs. Although some complicated and niche applications are further behind in innovation, the tools’ competency is increasing rapidly.
Such a wide range of capability and rapid transformation might make it difficult to estimate when and where to implement AI, but its potential is clear. For example, scientists can use artificial intelligence to navigate complicated and massive amounts of data in life science. They can evaluate the full range of chemical compounds for discovering the next life-changing drugs. AI can also be used for matching the accurate patient for clinical trials as it can recognize the patients who require extra support to remain engaged throughout the execution of the trail.
However, AI is a term that can be interpreted differently, and it depends upon the perspective. Most of the time, terms like machine learning, deep learning, and AI are used interchangeably and mostly to create marketing hype. Therefore, such inconsistent utilization of the term develops communication challenges among the people who want to understand and benefit from artificial intelligence.
Top 6 Trends in Life Sciences Industry:
The life sciences sector consists of companies engaged in biotechnology, environmental, pharmaceuticals, life systems technologies, biomedical devices, nutraceuticals, biomedical technologies, and cosmeceuticals. It generally refers to the organizations that are devoting themselves to research and development, commercialization, and technology transfer in these areas.
Like any other field, life sciences will have a significant impact on all of these industries, and this will encourage companies to change the methods of developing and commercializing their products. Thus, companies will be embracing new ways to enhance operational efficiency — but revolutionizing the pharmaceutical supply chain or using artificial intelligence. However, one thing that is essential to bring change is to develop partnerships that are innovative, relationship-driven, and creating value for patients.
Companies must remain updated on the latest changes in the industry trends as well in order to succeed.
Here are the top six trends that will revolutionize the life sciences industry.
1. Regulatory Automation
To keep abreast of the new tech developments, life sciences companies will have to automate drug evaluation to avoid delays and discrepancies.
2. Automating Content Management
Paper was the primary source for documenting medical and life science aspects due to auditing and regulatory requirements. But the trend now is to use automated content management systems as it’s more secure.
3. Standardization
After they started to modernize their applications last year to adopt new technologies and boost patient engagement, life sciences businesses are expected to move forward this year to standardize their business model.
4. Compliance management technology
As they are spreading their business into new markets with new target audiences across the globe, life sciences companies are expected shortly to turn, more and more, to machines for unifying information management ─ a procedure that will result in additional automating for their processes of global compliance.
5. Internet of Things (IoT) technologies
To ride the innovation wave, life sciences businesses will concentrate more efforts on integrating their systems with the latest Internet of Things (IoT) technologies, such as wearable medical devices and remote patient monitoring systems.
6. Augmented Reality
The near future will witness a considerable increase in life sciences companies’ utilization of augmented reality technology to boost the knowledge transfer processes vitally required to master patient care.
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