The Rise of AI In Life Sciences
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British market research company, finnCap has recently released a new report that shows the extent to which healthcare companies can all benefit from adopting artificial intelligence (AI). The report, ‘Rude Health’, demonstrates that life sciences companies that have employed AI technologies have become increasingly attractive investment options.
The healthcare sector has to deal with large amounts of data every day, and would be in a particularly strong position to benefit from integrating AI technological approaches. There are many applications for AI in life sciences, from drug innovations, clinical trials, and patient care, in addition to potential improvements in speed and efficiency of company operations.
Many trials are still unsuccessful because drugs fail to show efficacy and safety, and AI is seen as a way of improving the chances of success by screening for various factors that could affect outcomes.
It has been recently noted that AI could be beneficial in the case of the coronavirus. According to Forbes, Colleen Greene, the GM of Healthcare at DataRobot said “AI could predict the number of potential new cases by area and which types of populations will be at risk the most. This type of technology could be used to warn travellers so that vulnerable populations can wear proper medical masks while traveling.”
Looking at the global market for AI tools, the company estimates a current value of around $2 billion, growing to over $30 billion by 2025. This is likely to be driven in part by the increasing entry of large tech companies into the field, with companies like Google, Amazon, Microsoft and Apple having already announced various initiatives in this space.
The ‘Rude Health’ report outlines four key factors why they consider the AI in healthcare sector to be an attractive one for investment.
First, is the advances in computing power and decline in hardware cost, which will continue to increase the capability of AI and reduce the costs of its implementation.
Second, the continually increasing size of data sets generated in the healthcare field, which AI can allow for improved processing and management of data.
Third, is the number of cross-industry partnerships and collaborations in the healthcare sector which have grown and are expected to continue to do so. All of the main big pharma companies have either expressly collaborated with or acquired AI technologies to take advantage of the opportunities AI brings to the table.
Fourth, is the competitive advantage which AI offers in terms of processes and efficiency to the companies employing it, over the companies that are not yet implementing the technology.
The pharmaceutical industry has pointed out that many technologies have promised to drive productivity, but as yet failed to work on a large scale. Despite this, the report believes that AI will become a greater differentiator in the next 5 – 10 years.
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