Pharmaceutical Giants Betting Big on the Use of AI in Drug Discovery, Sales Planning and Pitch, and Patient Safety Data Monitoring
Merck is betting high on AI with yet another agreement with a company known as Iktos in which it will use the generative virtual design modeling technology to fast track the drug discovery and design of new molecules.
Faster new molecule entity identification is one of the key challenges in the pharmaceutical industry because the failure rate during the clinical testing is high. So, a faster process is needed to expand the new molecule library during the research and development process.
The AI technology is well established in the image processing and translation processes and is recently being applied to the chemistry part of the R&D process.
According to Merck, such kind of strategic technology collaborations can augment the drug discovery research and can fast track the process. Further, AI is also steadily becoming an important pillar in the biopharmaceutical R&D for a faster discovery and access to novel treatment options.
Earlier last year, Merck entered into an annual agreement with a Canadian R&D company Cyclica to use AI to find new drug targets while also predicting side effects!
In other developments, Novo Nordisk has signed an agreement with a UK-based biotech firm e-Therapeutics for the use of AI to find new therapies for type-2 diabetes.
Bayer also signed an agreement with Genpact to use AI in patient safety data monitoring.
Novartis is also using AI which helps in suggesting which doctors to visit and which subject should be taken up during the meeting to its medical representatives and sales officers. These virtual assistants can help in bettering sales, meetings, and planning and also makes sure that the physician’s topic of interest is discussed during the detailing calls and visits.
It is expected that in the longer run, AI will help pharmaceutical and medical device companies to save costs and fast track the drug approval process during the R&D stages. AI will also revolutionize the commercial sales, marketing, and promotional activities with more efficient and improved outcomes.
– Vivek Sharma,