Business Insider recently published the biggest winners and losers coming out of the JP Morgan Healthcare Conference, which took place as an in-person event for the first time in three years.
Among the winners? AI tools, specifically those that speed up and improve the process of developing medicines. “Leaders in AI-based drug discovery say the field is primed to soon take off,” said the publication, as companies from small biopharmas to industry leaders like Takeda and Novartis shared how their work in the field might speed up and improve the product development process.
One big selling point for AI: cost reduction and potentially shorter timelines. With discovery, clinical trial, and regulatory review processes eating up ten years or more at a price tag in the billions, drug companies are eager to find ways to compress timelines without compromising safety.
By finding efficiencies, pharma companies have the potential to save tens of millions each year, bring treatments to market more quickly, and improve patient outcomes. One area that promises potentially radical efficiency gains? Artificial intelligence.
Given the positive reception at the J.P. Morgan event and the low success rate of drug discovery overall, is it any wonder the pharmaceutical industry’s spend on AI is expected to top $3 billion by 2025? But challenges remain, including how effective AI investments will ultimately be and how organizations can use the technology most effectively.
To understand some of the applications for AI in drug discovery, read our blog post.