The number of partnerships between major pharmaceutical companies and AI technology providers for drug discovery surged significantly, rising from just 4 in 2015 to 27 in 2020—an impressive 575% increase over just six years.
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Boosting Drug Discovery with AI Technology
The demand for quicker drug discovery is a key driver behind the growth of AI in the life sciences market. Traditional drug discovery is a long and costly process, often taking years and costing billions of dollars. AI technology helps speed up this process by quickly identifying potential drug candidates and predicting their effectiveness and safety, allowing researchers to focus on the most promising options.
Many companies are teaming up with pharmaceutical and biotech firms to enhance drug discovery using AI, which is fueling growth in the life sciences sector. For example, in October 2022, BenevolentAI, a clinical-stage AI drug discovery company, expanded its partnership with AstraZeneca. The goal of the collaboration is to combine BenevolentAI’s AI-powered drug discovery platform with AstraZeneca’s expertise in disease research to find new therapeutic targets.
By leveraging AI, drug discovery can become more efficient and cost-effective, potentially speeding up the development of life-saving treatments. This has become especially crucial in light of global health crises, like the COVID-19 pandemic, where there is an urgent need for new therapies and vaccines.
AI is Revolutionizing Clinical Trials in Life Sciences
AI is driving significant changes in the life sciences industry, especially when it comes to next-generation clinical trials. By analyzing large amounts of data from various sources like electronic health records, genomics, wearable devices, and clinical trial data, AI helps identify key patient groups, predict how patients might respond to treatments, and optimize clinical trial designs. This use of AI in clinical trials is expected to grow as the number of trials increases, further boosting demand for AI tools in the life sciences sector.
AI-powered clinical trials can save pharmaceutical companies both time and money. AI algorithms help identify promising drug candidates early in the development process, preventing the waste of resources on treatments that are unlikely to succeed. Additionally, AI can optimize trial designs, speeding up patient recruitment and reducing trial costs. Overall, AI is helping to streamline drug development and increase the likelihood of success for new treatments.
Our Table of Content (TOC) covers key healthcare market segments, materials, technologies and trends—helping you navigate market shifts and make informed decisions: https://www.towardshealthcare.com/table-of-content/ai-in-life-science-market
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