AI Reinventing the Pharma Industry

AI Reinventing the Pharma Industry

Healthcare Tech Outlook | Wednesday, July 31, 2019

With solutions such as treatment protocol development, diagnosis processes, personalized medicine, and drug development, AI can prove to be the game-changer for the pharma industry in the future.

FREMONT, CA: The pharma industry is not amongst the first to adopt technological transformations. It continues to face challenges as a profession and how it adds to the overall healthcare will determine its success. Artificial intelligence (AI) can prove to be the game-changer for the industry in the future.

In the past 25 years, the pharma industry has been effective in addressing the increasing demand of prescriptions, even while dealing with a shortage of pharmacists, growing operating costs, demands of the Affordable Care Act, and lower reimbursements. The Pharma industry has also been successful in enabling technology automation to enhance workflow efficiency and reduce operating costs while promoting accuracy, safety, and efficiency in each pharmacy setting. Automated dispensing allows pharmacists more time to interact with an ever-increasing volume of patients while also increasing their health outcomes. Influenced by public policy, the pharma industry is placing more priority on driving value and improving the quality of healthcare with positive value-based results.

Here’s how AI fits into the scene for the above goal:

AI for Overall Patient Care

The primary goal of health-related AI apps is to diagnose relationships between patient outcomes and prevention or treatment techniques. AI solutions have been built and applied to practices such as treatment protocol development, diagnosis processes, personalized medicine, drug development, and patient monitoring and care, among others.

The Present State of AI in Healthcare

AI can prove to be a game-changer when it comes to presenting results and analyzing data that would support decision-making, saving manual effort, money, and time, and thereby saving lives. In 2011, IBM estimated that the healthcare domain had almost 161 billion GB of data, which must have increased considerably as of now. With such massive data sets at its helm, AI is well set to make the difference and improve the current trend of unsustainable spend.

Scope of AI in the Pharma Industry

Some organizations are already leveraging the early form of AI, which is called the pharmacy management system. It houses patient utilization and drug information, as well as potentially tracking drug-related problems via clinical decision support screening. The next generation in the pharma industry will see a technology-based information expert system to spot timely drug-related issues according to the data extracted from the pharma-based systems.

Check out: Top Pharma and life sciences Tech Companies

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