Artificial Intelligence or AI is a technology that has been making its presence felt in various industries. One industry that has benefited more than most from the implementation of AI is the pharmaceutical industry.
A major area where AI can assist pharma companies is in drug development. It’s no secret that the cost to develop a drug is high.
To fully develop a drug and have it FDA approved, it can cost up to $2 billion according to Digital Authority Partners.
Unfortunately, this high cost doesn’t even take into account the cost of failures or delays which happen often!
With pharma AI, the cost of clinical trials and the time it takes to complete all of the phases involved can significantly be reduced.
Not only is AI making a difference in the clinical development of drugs, but the technology is also beneficial to commercial operations such as marketing.
The CEO of ThoughtSphere, Sudeep Pattnaik said, “AI-powered analytics is perfect for pharma marketing departments because it can undertake large volumes of interconnected and complex judgmental decisions by sifting through a multiple of seemingly unrelated datasets, and done with a high degree of accuracy.”
As technology continues to develop, advance, and remain relied on for the most important tasks within a pharma company, it’s important to be familiar with AI.
Below we have created an infographic covering how AI benefits the pharma industry and also why you need to implement this technology for success in pharma!
If you have any questions or comments, please feel free to leave them in the section below! Also, if you’d like to learn more about our Microsoft-based Artificial intelligence technology, you can contact us here for free!