The pharmaceutical industry faces strict regulations and transparency rules, but the result is that drugs can be brought to market more quickly and perhaps more cheaply.
The pharmaceutical industry first began using artificial intelligence in the clinical and developmental arena, but over the past two years, the industry has expanded its use, according to Sandy Donaldson, co-founding president and chief strategy officer of Imiricus, a health technology company that provides an AI-powered engagement platform.
Over the past two years, AI has been used throughout the pharmaceutical lifecycle, in manufacturing, laboratory operations and supply chain management, said Donaldson, who works with 30 of the largest pharmaceutical companies.
What has also increased is government surveillance. Despite the lack of a framework at the federal level, there is an increased need for transparency in the United States at the state level and from the EU, and the latter are becoming stricter, he said.
“We’re seeing an increased focus on government controls, explainability of decisions, traceability of audit trails and there will be increased regulation on these new areas of the pharmaceutical industry that are starting to adopt AI,” Donaldson said.
In good news for the pharmaceutical industry, patients, providers and the rest of the healthcare industry, AI is expected to reduce the time it takes to bring a new drug to market, which could also reduce its cost.
To learn more, listen to Donaldson’s conversation with Susan Morse, editor-in-chief of Health financing news.
Discussion points:
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AI will help reduce the drug-to-market cycle
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AI can bring greater precision to drug development, allowing drugs to be administered to patients more quickly.
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This means more orphan drugs could hit the market
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There may be medications to treat thousands of untreated chronic illnesses.
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Due to strict regulations, it is difficult for the pharmaceutical sector to adopt new technologies and new ways of working.
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The “not invented here” syndrome is based on the mentality that “we already know how to do it best”
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Pharmaceutical companies know they need to change their culture
Learn more about this episode:
Leading Pharmaceutical Payers and Suppliers in AI Adoption
How AI can reduce drug discovery times in the UAE
Implementation of AI within the pharmaceutical industry
AI and technology spark a billion-dollar shift in healthcare
AI is driving venture capital investment in healthcare
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