The McKinsey Global Institute estimates that Generative AI could add $60 to $110 billion in total economic value for pharmaceutical companies. Drug discovery is expected to unlock economic value of $13 to $25 billion with $18 to $30 billion in value attributed to commercial functions alone. Is your firm capitalizing on the use of generative AI in commercial analytics?
Drug Discovery
An accelerated drug discovery process will help cure more diseases faster and create additional resources that can be applied to currently underserved areas. On average, 10 years and around $1.4 billion is needed to bring one new drug to market of which 80% is associated with clinical development. McKinsey research showed that the time spent on drug development has decreased to 9.8 years from 11.7 years over the past twenty years. Will Generative AI in commercial analytics accelerate that timeline even further?
AI product Atomwise expedites the identification of potential compounds for various diseases by predicting drug candidates…40,000 novel potential chemical compounds within a mere six hours. Google DeepMind introduced AlphaFold 3 in May of 2024 that can predict the structure and interactions of biological molecules. This includes proteins, DNA, RNA and small molecules that could function as drugs.
Personalized Treatment
With a proper data architecture in place, generative AI in commercial analytics can build intelligence layers across almost unlimited amounts of information. It can recommend the optimal treatment strategies based on a patient’s characteristics and medical history and can maximize treatment efficacy while minimizing adverse effects. Such detailed personalized treatments improve patient outcomes.
In a test of pancreatic cancer detection technology (PANDA) scan analysis accuracy exceeded 92.9% for cancer-positive cases and 99.9% for non-cancer cases. Generative AI is multimodal. It can collect and interpret language, images, patient information and other types of data in one analysis.
Streamlined Healthcare Operations
Generative AI has already streamlined healthcare operations. It can transcribe and summarize patient consultations filling EHR fields and generating clinical documentation. It can optimize appointment scheduling, create personal appointment reminders, follow-up emails and compose patient feedback surveys.
These are just a few of the developments happening in the pharma industry with generative AI in commercial analytics. The future is bright for the firms that pursue the economic and research value that is generative AI.