Revolutionizing the Life Sciences Industry with AI and Machine Learning
Machine learning and artificial intelligence (AI) are having a dramatic impact on the life sciences industry. Many major life sciences companies have either partnered with an AI startup or acquired one. Similarly, several life sciences professionals have experimented with implementing AI technologies in the workplace at one time or another, bringing in AI-experienced hires to do so. These efforts are components of a company’s AI strategy, which 98% of healthcare organizations either have in place or are planning to implement. So, what else is there to know about all the excitement with AI and machine learning in the life sciences?
DRUG DISCOVERY
Perhaps the best answer has to do with AI-powered drug discovery. The time to develop a new drug can run anywhere from 10-15 years, and the costs of gaining final approval from regulators can be staggering. By one estimate, pharmaceutical and biotech companies in the U.S. spend $75 billion annually on R&D to develop new drugs. The primary appeal of AI is a way to dramatically shorten the development cycle and also reduce the cost of getting approval.
And here is where AI and machine learning technologies really excel, because they are very good at making sense of incomprehensible amounts of data. Not only can they detect trends in a sea of data, but they can also predict the outcomes of trials with stunning accuracy. In the drug discovery process, this denotes capabilities such as running target identification and molecular simulations, making discovery faster and more economical. One estimate asserts that using AI and machine learning to improve the early stages of drug development could lead to 50 new treatments and more than $50 billion in opportunity over the next decade.
PERSONALIZED MEDICINE
Another key area of opportunity for machine learning and AI technology in the life sciences industry involves greater drug personalization. It’s not just that AI-powered machines can find potential drug solutions faster and cheaper – they can also find solutions that are completely personalized and customized to a specific user. Machine learning really enhances the overall R&D process by being able to predict drug performance. Think about all the warnings on medications or treatments: depending on unique genetic code and physical condition, medication will likely impact you differently than it does someone else. And that’s where AI can make a huge difference – by personalizing medicine based on your unique identity at the molecular level, it can improve the overall treatment process.
MEDICAL DIAGNOSIS
And, of course, AI and machine learning can play a very important role in patient diagnostics. UK researchers at Oxford, for example, have used AI systems to diagnose heart disease and lung cancer faster than human practitioners can. Other organizations with similar results have found use for AI in diagnosing respiratory infections and skin problems. One of the keys here is the ability of machine learning algorithms to study images and learn what a “healthy” person looks like and what a “sick” person looks like. Over time, the algorithm learns how to detect early warning signals of potential sickness just by studying images of a heart or a pair of lungs.
THE FUTURE OF HEALTHCARE
Just about any data-rich process within the life sciences industry can be made better through the use of machine learning and AI technologies. AI systems can collect, analyze, and integrate text and data from just about any source, and they are also becoming more proficient at analyzing unstructured data that humans struggle with. Thanks to AI and machine learning, the life sciences industry will continue to see an accelerated pace of innovation in 2023 and beyond. By 2026, it is estimated that AI applications can cut US healthcare annual costs by upwards of $150 billion. If AI continues this trajectory to becoming a fundamental part of the life sciences industry, we could see system-defining progress in medical treatment improvements and healthcare cost decreases within the next few years.
To learn more about how you can incorporate intelligent technologies such as AI and ML to transform your business, contact Crescense today!
This piece was originally published by Crescence in 2019 and has been updated to reflect the latest market innovations and considerations.
You can read the original post here.
Contributions by Aaron Messer