Pharmaceutical companies have been at the forefront of artificial intelligence for quite some time. Researchers have been using advanced AI models to understand disease mechanisms even before the recent surge in interest.
On Wednesday, researchers Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) Google Deep Mind We have developed a new artificial intelligence (AI) model, AlphaFold 3.
AlphaFold 3 can predict the structure and interactions of biomolecules. This includes proteins, DNA, RNA, and small molecules that can act as drugs.
According to a new report from the McKinsey Global Institute, AI technology $60 billion per year—$110 billion The ability to speed up the process of compound identification, development, and approval increases economic value for the pharmaceutical industry.
The report states that foundational models are built on linguistic, imaging, omics, patient information, and other types of data to combine these data to explain and address disease processes and effective treatments. , adds that the impact of generated AI on medicines is expected to be significant.
Improving the speed of drug discovery, approval, and marketing will help companies solve the problem of asset lifecycle compression, where the time needed to capture value for a new drug decreases.
According to McKinsey research, this period has decreased from 11.7 years to 9.8 years over the past 20 years.
Despite rapid discovery, the average cost of discovering and developing new drugs is increasing.
Generative AI using augmented fundamental models can help accelerate pharmaceutical research, cutting drug discovery timelines by nearly half. AI technology could have a potential economic value of $15 billion to $28 billion depending on research and discovery.
The report notes that it takes an average of 10 years and approximately $1.4 billion to bring a new drug to market, 80% of which is related to clinical development.
Generative AI addresses pain points by increasing efficiency throughout the clinical development process, unlocking $13 billion to $25 billion in economic value.
According to the report, generative AI tools can deepen relationships between healthcare providers, pharmacists, payers, and patients and fine-tune campaign strategies in real-time.
Pharmaceutical professionals and patients will have access to vast amounts of data to make faster and smarter decisions, creating a potential $18 billion to $30 billion opportunity.
In 2023, who has released a comprehensive publication highlighting important regulatory considerations for harnessing the potential of AI in healthcare.
During April, Bayer AG (OTC:BAYRY) and Google Cloud announce a partnership to develop AI solutions to support radiologists.
Key players shaping the market include industry giants such as: Nvidia Inc. (NASDAQ:NVDA)Intel Corporation (NASDAQ:INTC), International Business Machines Corporation (NYSE:IBM)Google, General Electric Company (NYSE:GE), microsoft (NASDAQ:MSFT)Medtronic (NYSE:MDT), Micron Technology Co., Ltd. (NASDAQ:MU), Amazon Web Services, and siemens healthneers.
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This article From hype to reality, AI is reshaping the pharmaceutical industry from drug discovery to marketing – Rising Stars originally appeared on Benzinga.com
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