In today’s fast-paced technological landscape, Generative AI has emerged as a captivating topic, gathering attention worldwide and driving discussions across industries. Artificial Intelligence (AI) is leading innovation and reshaping various sectors.
While Generative AI’s roots stretch back years, recent advancements have propelled it into the spotlight, offering opportunities for enhanced customer and employee experiences. Strategic investments in GenAI have driven significant growth and innovation within organizations, including in more regulated sectors like BioPharma. For businesses considering GenAI implementation and investment, here are five key considerations:
1. Leverage a Competitive Advantage
Generative AI presents opportunities in highly regulated spaces like pharmaceuticals, where accuracy is essential. The stakes are high in the drug development and approval process. Clinical trials lead to submissions to governing bodies like the FDA and EMA, organizations that uphold strict and exact standards.
To maximize the potential of this technology and stay ahead of the curve, firms should assess value, establish robust data platforms and foster strategic partnerships. By identifying use cases with a high probability of success and collaborating with expert partners, companies can tap into a competitive advantage while ensuring compliance within industry standards.
2. Understand the Productivity Impact
Rather than feeling bogged down with administrative tasks and overwhelming data sets, Generative AI can drastically increase short-term and long-term productivity across teams. Oftentimes, mundane tasks create low morale, lack of motivation and burnout. Freeing employees from such tasks will foster growth, leading them to feel empowered and valued in an organization. This technology can help remove inefficiencies – while allowing employees to focus on higher-value decision making tasks.
3. Prioritize Innovation
AI and other innovative technologies help target and expedite a wide range of opportunities in drug development, revealing previously overlooked therapies. By determining what innovative technologies are needed to identify and then streamline the clinical trial process, teams can accelerate access to life changing therapies while aligning with responsible AI principles of security, fairness, transparency and reliability.
4. Evaluate ROI
With rising costs in pharmaceutical development, evaluating the ROI potential of your technology partners is a must. GenAI applications can save thousands of hours in writing and review time. Investments like Yseop Copilot for medical and regulatory writing highlight the commitment to leveraging AI for expedited drug introductions and reduced time-to-market. Eli Lilly‘s adoption of Yseop’s AI-driven content automation solutions revolutionized their regulatory process, reducing patient narrative composition time from 4 hours to just 4 seconds, exemplifying efficient AI utilization in pharmaceuticals.
“The potential cost savings achieved through deploying AI in drug discovery are just as impressive as the faster timelines. A Wellcome report estimates that AI-driven research and development could slash costs by 25% to 50%, enabling biopharmaceutical companies to conceivably redirect those funds toward additional research that leads to a more robust drug discovery pipeline.” Source
