Is AI the Next Wave of Innovation for the Life Sciences Industry?
Lifesciences is no strangers to rapid disruption. Although there is a high level of innovation in the industry, biopharma companies face a challenging environment due to increased competition and R&D cycle times.
Technologies, especially Artificial Intelligence (AI), could provide a lifeline to biopharma research and development and help companies reverse this trend. Here is how AI-enabled transformation is helping biopharma companies.
Life sciences companies are discovering how AI can be leveraged to identify new indications for existing products or research new candidates. Using sophisticated AI algorithms to mine real-world structured and unstructured data to unleash insights can lead to identifying new mechanisms of disease, potential line extension, and design for preclinical experiments.
Ai can also help fill knowledge gaps in how candidates act on proteins to aid the design of new drugs. Data can be extracted in real-time from the commercial, scientific, and regulatory environment, enabling researchers to find competitive white space, avoid blind spots in research, and discover disease similarities.
Across the life sciences industry, product development timelines is several years from discovery to launch. Advancements in AI can significantly reduce the time it takes to develop, manufacture, and launch new patient therapies to support the goal of mitigating overall product development timelines.
Researchers are integrating research data, lab data, and clinical data, combined with new information sources across the drug development spectrum, developing a holistic picture of the drug development candidate. Enhancing ways to acquire and mine data in real-time allows researchers to use AI to make improved decisions faster, accelerating the product development and scale-up overall process.
AI represents a big opportunity for life sciences companies to radically transform business at all levels, including organization structures, processes, and people. However, an overall vision is needed to shape what firms want to accomplish. For this, companies need to think big, start small, and scale fast.
How is Analytics Benefitting in the Life Sciences Industry?:
The transformation in the healthcare industry is evident because of medical science development, and the study of biology results in a positive change in public health. Analytics in the Healthcare and Life Sciences is regarded to be a vital part of health care management. Analytics consists of a comprehensive implementation of data for the fact-based analysis of the predictive model for healthcare. Analytics in Healthcare and the Life Sciences may also be treated as data history, which can be used for studies and analysis of future health science trends.
Numerous robust tools have evolved over the years, which helps understand the trends that are helpful for the doctors and healthcare professionals’ decision-making process. The core of the evidence-based health care depends upon the analytic tools, which aids in an extensive study of the past cases and helps in better decision making.
Life sciences and health care analytics are clinical data analysis procedures that offer predictive tools for better patient care. Massive databases are developed on the basis of the past reports on a range of patients, which is instrumental in predicting the future trends of treatment for the healthcare professionals and pharmaceutical companies. Furthermore, a few challenges have to be focused upon to be certain that it brings efficacy to the life science industry.
One of the most substantial challenges being faced by Life Science Analytics is with the factors of accuracy. The life science industry basically deals with customized health care. If there is an error in the analysis, the entire chain of medication and treatment can be disrupted. Data integration and real-time checking of information is crucial for the life science industry. However, successful integration is a complex process, and it involves a considerable cost for the companies and the health care sector.
Traditionally speaking, the life science industry has produced a massive amount of data. But still, Life Science Analytics was never considered an essential component of the life science industry in the past. With an organized approach in data management, it was seen that life science data has the potential to take the health care ecosystem to a better place where treatment can be done based on evidence and probabilities being supported by data.
