AI IRL Podcast Episode 21: Using AI to Slash Drug Development Costs
The pharmaceutical industry is a lot like Texas. Everything is bigger there.
Development costs are in the billions of dollars. Drug trials can last as long as a decade because companies can’t find enough patients and it takes forever to codify data.
This industry is ripe for the kind of breakthroughs that AI and machine learning can deliver.
“Eighty-four percent of marketing organizations are implementing or expanding AI and machine learning. Over 75% of enterprises report increases to customer satisfaction by 10% or more due to the use of AI.”
Mishra sees opportunities for leveraging AI in conjunction with different disciplines such as lean methodologies across industries and disciplines to help people improve the way they work.
He believes that if AI by itself provides X% of contribution to the bottom line, you can double or triple that if you combine it with other methodologies to extend AI’s benefits.
AI and Drug Development
Testing new drugs is slow, expensive, and for the most part a manual process.
Mishra believes that artificial intelligence has the potential to facilitate every stage of the clinical trials process from matching eligible patients with studies to monitoring the results, the adherence, and the data collection.
Every year there are 10,000-12,000 clinical trials, but only three to four percent of cancer patients end up enrolling.
AI can help you better understand whose needs your drug company can service. Who are the right patients you want to pursue? It can help target those patients through marketing programs or speaking to them about the trial. AI can help manage the data produced by those trials to better inform the conclusions and make the treatment more effective.
AI can help target the right customers in your marketing programs or on your website through something like a chatbot. It can also help target specific messages to appropriate audiences.
”We realize at Emcure that our own clinical trials business needs a makeover, and we’re looking at artificial intelligence to help us on that journey.”
One challenging aspect of clinical trials is the collection and analysis of patient data in order for Emcure to make more agile decisions about changing the treatment process during a trial.
Typically, clinical trials lasts for about 12 months. Using AI to look through past data can slash that time in half, which obviously also cuts costs.
Mishra sees AI helping in even more areas of business like server security and employee behavior monitoring.
AI is already big and it’s about to get a whole lot bigger.
Even bigger than Texas.
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