Pharmaceutical companies face regulatory transparency and strict rules, but the reward is that they can bring drugs to market faster and potentially at less cost.
Pharmaceutical companies first started using artificial intelligence in clinical and development areas, but over the past two years the industry has expanded its use, said Sandy Donaldson, co-founder president and head of strategy at Impiricus, a health technology company that provides an AI-powered engagement platform.
Donaldson, who works with 30 major pharmaceutical companies, said that over the past two years, AI has been used across the pharmaceutical lifecycle in manufacturing, laboratory operations and supply chain management.
Government surveillance has also been strengthened. He said that despite the lack of a framework at the federal level, the need for transparency from the state level and the EU is increasing in the United States, and that transparency is becoming more stringent.
“What we're seeing is an increased focus on government control, explainability of decisions, traceability of audit trails, and increased regulation of these new areas of the pharmaceutical industry that are starting to implement AI,” Donaldson said.
The good news for pharmaceutical companies, patients, healthcare providers, and healthcare professionals is that AI has the potential to bring new drugs to market faster and lower costs.
For more information, listen to the conversation between Donaldson and Susan Morse, Executive Editor here. Healthcare Finance News.
Issue:
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AI helps shorten drug-to-market cycles
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AI improves the precision of drug development and brings medicines to patients faster.
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This means more orphan drugs could come to market
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There may be treatments for thousands of untreated chronic diseases
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Strict regulations make it difficult for pharmaceutical companies to embrace new technologies and new ways of working
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The “not invented here” syndrome has a “we already know the best way to do it” mentality.
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Pharmaceutical companies recognize they need to change their culture
Details about this episode:
Leading pharmaceutical payer and provider of AI implementation
How AI can shorten drug discovery timelines in the UAE
Deploying AI within pharmaceutical companies
AI and technology will drive $1 billion change in healthcare
AI drives increased venture capital investment in healthcare
Email the writer: [email protected]
