Recently, Accenture released its Technology Vision 2023 for Biopharma report, which explores how the latest trends are guiding innovation in the biopharma industry. The report discusses the importance of industry leaders increasingly leaning on AI advancements, particularly Generative AI (GenAI.)
The biopharma industry is at an inflection point. As the interconnectivity between technology and science grows, Accenture’s new report explores how AI and innovation is creating new possibilities for scientists, patients, healthcare professionals and business leaders. Below, we highlighted some key trends from the report for life sciences firms to look out for going into 2024.
A growing investment in AI-powered drug discovery startups
According to Accenture’s report: 93% of biopharma executives describe the speed of innovation the industry is experiencing due to advancements in science tech as either accelerated or unprecedented.
This potential has made private and public biopharma players take notice. In the past five years, total investment in AI-mediated drug discovery has experienced a CAGR of 8%, peaking in 2021, primarily due to large IPOs, and then declining in 2022. Nevertheless, 2022 closed with a total of $2.5 billion investment in AI-mediated drug discovery (page 8).
GenAI is prompting reinvention across the Biopharma value chain
GenAI helps alleviate a current pain point in the industry – speed. GenAI technologies help bring high quality products to market quicker and more efficiently. According to the report, an average of nearly 40% of biopharma work hours will be impacted by GenAI (page 3). With that, approximately 98% of biopharma executives agree that advancements like GPT-4 GenAI are paving the way for a new era of enterprise intelligence (Page 16).
Yseop was featured in this report for its long-term agreement with Eli Lilly. This collaboration demonstrates the value of GenAI. Each day Lilly uses Yseop’s GenAI technology, the company moves a step closer to advancing life-saving medicines.
The business impact in one year:
Eliminated 10,000 hours of writing and reviewing time
Completed 2,300 patient narratives using Yseop and a new, streamlined process
Accelerated medical review by 200%
Produced machine-written draft patient narratives in less than a minute
Reduced third party organization spending on patient narratives by 53% compared to the previous year
Decreased chance of data entry errors
Increased compliance with regulatory expectations
Introduction to a new dimension of human-AI collaboration
Implementing GenAI in the workplace is disrupting the biopharma industry. According to the report, biopharma executives anticipate benefits from increased use of AI foundation models such as faster decision-making (70%), enhanced customer experiences (63%), better internal and external communications (60%), and accelerated innovation (55%) (page 20).
While implementing AI in the workplace serves as a “copilot” for employees, responsible use of AI is critical. The following figure details steps to take when ensuring an ethical framework.
It’s essential for organizations to establish a successful plan of action when implementing GenAI into the workplace to see its benefits. Overall, GenAI can help boost the potential of top talent at an organization, while improving productivity across the board.
About Yseop’s GenAI
Hosted in a fully secure environment, Yseop leverages a variety of data-to-text (symbolic AI) and text-to-text (pre-trained open source LLM) techniques for the most cohesive and intelligent content automation process available. Yseop Copilot solves data security concerns, while enabling automation for non-clinical and clinical documents.
To learn more about how we can help your organization, please contact email@example.com.