Is the industry ready for an AI revolution?
We hooked into AI’s potential impact on the life-sciences industry a couple of years ago. We were early enthusiasts, but by no means the first to grasp the importance of the technology on everything from drug innovation to commercial strategies. We even created a monthly department back in January 2019 to track cool applications and the technology companies involved in this burgeoning space. This month is no exception. Companies such as London-based Benevolent AI are reporting that data released from a large-scale randomized clinical trial further validated its AI-derived hypothesis for baricitinib as a potential treatment for COVID-19. And while recent attention has been on AI’s application related to the pandemic, the technology has far-reaching appeal. For example, recent research indicates that sending a “selfie" to the doctor could be a cheap and simple way of detecting heart disease. According to the authors of the study in the European Heart Journal, this is the first-proven application to use a deep learning computer algorithm to detect coronary artery disease by analyzing four photographs of a person’s face.
Throughout this issue you will find many examples of how AI is becoming mainstream and big business. According to some reports, more than 50% of executives expect broad-scale AI adoption by 2025. Further, revenue generated through AI-based solutions in the industry is projected to rise at a CAGR of 21.94% and reach $2.199 billion by 2022, according to Frost & Sullivan. Meanwhile a report by Global Market Insights forecasts that the U.S. healthcare AI market will exceed $10 billion by 2024. With total investment exceeding $7.2 billion across 300-plus deals between 2013 and 2018, the pharmaceutical industry continues to lead the healthcare sector in terms of attracting AI-related venture funding.
Companies from IQVIA — check out what Lucas Glass and AJ Plosazy have to say about AI With a Healthcare IQ in this month’s Executive Perspective — to Showcases from AiCure, Aktana, Covance, Microsoft, Ogilvy Health, and Saama Technologies. These companies are digging in deep to unleash the potential of AI and its cousin, machine learning. Thought leaders from these companies provide insightful commentary on topics ranging from leveraging AI for clinical trials, understanding patient behavior and symptoms better, creating omnichannel engagement, driving pharmacovigilance operations, enhancing drug discovery, innovating in new ways, driving marketing, and leveraging the technology to move from the lab to the market.
Be sure to read Salesforce of the Future and Site Unseen? Virtual and Hybrid Trials the Way of the Future as they explore other ways AI is being used.
I think it’s fair to say the AI revoution is not the wave of the future, but rather an established harbinger of more good things to come.
Taren Grom, Editor
The pandemic is changing the way sales reps engage with physicians: think empathy and digital. This change will continue far beyond the pandemic, experts predict.
Decentralized or virtual trials create more opportunities to reach patients but will require site staff to adapt to change.
Despite the hit pharma has taken in 2020, prescription drug sales are still on track to post a 3.7% increase in sales to $904 billion. Oncology and orphan drugs continue to perform well.
Coming in Nov/Dec Year in Preview 2021
Dozens of industry thought leaders provide their insights on the market factors in the coming year.
Supply Chain Management
The forum for the industry executive
Volume 20 • Number 9
Publisher Lisa Banket
Editor Taren Grom
Creative Director Marah Walsh
Director of Sales
National Account Manager
Webcast Network Producer
by PharmaLinx LLC, Titusville, NJ
Printed in the U.S.A.
Volume Twenty, Number Nine
PharmaVoice (ISSN: 1932961X) is published monthly except joint issues in July/Aug. and Nov./Dec., by PharmaLinx LLC, P.O. Box 327, Titusville, NJ 08560. Periodicals postage paid at Titusville, NJ 08560 and additional mailing offices.
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