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Pharmaceutical companies need to adopt technologies such as AI and advanced analytics

Pharmaceutical companies need to adopt technologies such as AI and advanced analytics, to not only improve efficiencies and reduce costs, but also to adapt a more patient centric business models, says a new FICCI-KPMG paper on artificial Intelligence and advanced analytics in pharmaceuticals.

Globally, there is pressure to reduce costs and demonstrate greater value, swinging from treatment to prevention and personalised treatments, which is posing a challenge to the overall business model of the pharmaceutical companies. AI and advanced analytics can process large amount of complex, both structured and unstructured data at a rapid pace to generate actionable insights and thereby reduce costs, to improve time to market and gain competitive strength in the market place.

While major global companies are investing heavily in this sector, it is only recently that pharmaceutical companies have started to demonstrate significant interest in AI application for various R&D (research and development) and supply chain needs, observed the report.

AI in pharmaceutical industry can transform processes from the initial R&D level to the after-consumption stage from R&D, drug dosage and safety, manufacturing, supply chain and commercialisation and for regulatory approvals, said the knowledge paper, which estimates AI in drug dosage error reduction alone can save $16 billion by 2026.

Reference: BusinessToday.in

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