POSTED BY
Nicole Sopkovich
Artificial Intelligence (AI) has been on the rise, especially in Healthcare, Medical Devices and Pharma.
It is interesting to see a significant increase in AI activity over the past few years, as more pharmaceutical companies are utilising AI as part of their digital transformation strategy. This can be due to several things including:
reducing waste and carbon emissions from the production process or resolving problems within pharma's supply chains, such as disruptions in manufacturing due to COVID’s impact…
...It is apparent that COVID-19 has been one of the primary causes for the rapid innovation and investment in AI within this industry.
AI in Pharma:
Global Data predict that AI will be a significant disruptor within pharma over the next two years.
We do see some great work from leading AI adopters in Pharma (according to Global Data Plc):
AstraZeneca (UK) – very active in the AI space and has collaborated with AI vendors for different applications. For example: In January 2021, they successfully selected the first AI-generated compound from the partnership with BenevolentAI
GSK (UK) - known to be one of the most active pharma companies in the AI space as it set up its first in-house lab in 2016. GSK has been using AI and ML for many years to enhance its ability to interpret and understand genetics and genomics data.
AI in Medical Devices:
There has also been notable work from leading AI adopters in Medical Devices:
3M (US) - 3M collaborated with M*Modal, a healthcare technology provider of AI, to launch a new platform to improve health systems.
GE Healthcare (US) - one of the biggest medical device companies entered a 10-year partnership with NVIDIA to use its most advanced AI platform to improve patient care.
AI in Healthcare:
The Healthcare Industry can be slow when it comes to adopting new technologies, including AI…
However, it is predicted that AI will be a key factor for healthcare innovation through various applications that can include:
- management of chronic diseases
- improvement of clinical trials
- improvement of medical imaging
- integrating the Internet of Things (IoT)
It is also projected that revenue for AI platforms across healthcare will reach $4.3bn by 2024.
Revenue for AI platforms in Healthcare, Pharma, and Medical devices are projected to increase by 2024 (as shown in the image below)
[Source: Global Data Plc]
