{"id":21705,"date":"2024-12-12T11:13:48","date_gmt":"2024-12-12T11:13:48","guid":{"rendered":"https:\/\/makingpharmaindustry.it\/?p=21705"},"modified":"2024-12-12T11:13:48","modified_gmt":"2024-12-12T11:13:48","slug":"gen-ai-in-the-pharma-industry","status":"publish","type":"post","link":"https:\/\/makingpharmaindustry.it\/en\/business-en-2\/market\/gen-ai-in-the-pharma-industry\/","title":{"rendered":"Gen-AI in the pharma industry"},"content":{"rendered":"<p>The application of generative artificial intelligence (Gen-AI) in the pharma and medical products industry could generate <strong>an economic value of between $60 billion and $110 billion per year<\/strong>. This is revealed in a study by McKinsey &amp; Company entitled &#8220;<a href=\"https:\/\/www.mckinsey.com\/industries\/life-sciences\/our-insights\/generative-ai-in-the-pharmaceutical-industry-moving-from-hype-to-reality#\/download\/%2F~%2Fmedia%2Fmckinsey%2Findustries%2Flife%20sciences%2Four%20insights%2Fgenerative%20ai%20in%20the%20pharmaceutical%20industry%20moving%20from%20hype%20to%20reality%2Fgenerative-ai-in-the-pharmaceutical-industry-moving-from-hype-to-reality-vf.pdf%3FshouldIndex%3Dfalse\" target=\"_blank\" rel=\"noopener\">Generative AI in the Pharmaceutical Industry: Moving from Hype to Reality<\/a>&#8221; which explores the contribution of Gen-AI to different stages of technology transfer. Generative AI is the technology that can generate complex content such as text, images, molecular structures, and even operational strategies; the one, to be clear, that also underlies such now well-known products as ChatGPT, Copilot, Gemini, and Midjourney.<\/p>\n<p>The<strong>study analyzed 63 use cases<\/strong> of generative AI in the life sciences sector by calculating the potential economic impact on five industries: research and drug discovery, clinical trial efficiency, manufacturing operations, marketing and medical affairs.<\/p>\n<p><script src=\"https:\/\/code.highcharts.com\/highcharts.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/highcharts-more.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/highcharts-3d.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/stock.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/maps\/modules\/map.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/gantt.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/exporting.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/parallel-coordinates.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/accessibility.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/annotations-advanced.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/data.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/draggable-points.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/static-scale.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/broken-axis.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/heatmap.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/tilemap.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/timeline.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/treemap.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/treegraph.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/item-series.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/drilldown.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/histogram-bellcurve.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/bullet.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/funnel.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/funnel3d.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/pyramid3d.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/networkgraph.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/pareto.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/pattern-fill.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/price-indicator.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/sankey.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/arc-diagram.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/dependency-wheel.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/series-label.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/solid-gauge.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/sonification.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/stock-tools.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/streamgraph.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/sunburst.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/variable-pie.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/variwide.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/vector.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/venn.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/windbarb.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/wordcloud.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/xrange.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/no-data-to-display.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/drag-panes.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/debugger.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/dumbbell.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/lollipop.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/cylinder.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/organization.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/dotplot.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/marker-clusters.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/hollowcandlestick.js\"><\/script><script src=\"https:\/\/code.highcharts.com\/modules\/heikinashi.js\"><\/script><\/p>\n<div id=\"container\"><\/div>\n<p><script>\nHighcharts.chart('container', {\n    chart: {\n        type: 'column'\n    },\n    title: {\n        text: 'Generative AI is expected to generate an annual value between 60 and 110 billion dollars along the pharmaceutical industry value chain.'\n    },\n    xAxis: {\n        categories: [\n            'Commercial',\n            'Early Research and Discovery',\n            'Clinical Development',\n            'Enterprise',\n            'Operations',\n            'Medical Affairs'\n        ],\n        title: {\n            text: 'Stages of the Value Chain'\n        }\n    },\n    yAxis: {\n        title: {\n            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scientific publications and patents <strong>can be reduced by 30 percent.<\/strong> In addition, advanced in silico screening models improve <strong>the effectiveness of analysis by up to 2.5 times<\/strong>, allowing promising new candidates to be identified in weeks instead of months.<\/p>\n<p>Even the design of complex molecules, such as proteins and drug vectors, can be <strong>accelerated by more than 3 times<\/strong>, facilitating the development of new drugs and vaccines. By speeding therapies to market, generative AI can also help pharmaceutical companies address the problem of &#8220;product lifecycle compression&#8221;-that is, the increasingly short time available to exploit the economic value of a new drug (which, according to McKinsey, has shrunk by nearly 18 months in 20 years, from 11.7 years to 9.8 years).<\/p>\n<h2>Optimization of clinical trials<\/h2>\n<p>It takes an average of $1.4 billion (plus ten years of work) to bring a drug to market, and 80 percent of these costs are attributable to the clinical development phases.<\/p>\n<p><strong>With a potential of between $13 billion and $25 billion,<\/strong> AI can make clinical trials faster and cheaper by improving patient enrollment and automating data management. For example, it can act as a digital assistant to monitor and optimize trial performance,<strong>improving operational costs by 20 percent and accelerating patient enrollment by 10-20 percent.<\/strong><\/p>\n<p>In addition, intelligent automation in clinical data management allows <strong>reducing management costs by 30 percent<\/strong> and halving the time needed to close trial databases. Response to requests from regulatory authorities can also be speeded up, <strong>reducing follow-up requests<\/strong> by 50%, thus promoting faster drug approval.<\/p>\n<h2>More efficient operations<\/h2>\n<p>For operational applications, the study estimates a value <strong>between $4 billion and $7 billion<\/strong>: AI solutions can optimize production, reduce maintenance costs, and improve supply chain efficiency.<\/p>\n<p>AI-based virtual assistants can increase overall equipment effectiveness (OEE) by 10-15% and <strong>reduce the workload of maintenance technicians by up to 35%.<\/strong> In addition, real-time inventory optimization enables more effective forecasting of production needs, <strong>increasing forecast accuracy by 15%<\/strong> and reducing supply chain costs by 2-3%.<\/p>\n<h2>Faster and cheaper trading<\/h2>\n<p>Generative AI facilitates personalization of marketing materials and optimization of patient experiences, <strong>with an estimated value of $18-30 billion<\/strong>.<\/p>\n<p>These solutions make it possible to <strong>reduce content production costs by 30-50%<\/strong> and speed up the creative and production process of marketing materials by more than 20%. In addition, through more targeted and personalized care, the patient experience can be improved, <strong>reducing treatment abandonment rates by 5-10%.<\/strong>This approach enables stronger patient relationships and better adherence to treatments.<\/p>\n<h2>Medical affairs<\/h2>\n<p>With an impact of<strong>between $3 billion and $5 billion<\/strong>, AI can speed up the generation of medical records and improve engagement with health professionals.<\/p>\n<p>For example, automated document generation can <strong>reduce medical writing costs by 20-30%<\/strong> (but it goes up to -70% once solutions are mature) and <strong>reduce the time required for medical-legal review by between 50 and 70%.<\/strong><\/p>\n<p>In addition, with the ability to quickly synthesize scientific literature, <strong>engagement with health care professionals can increase 2-3 times<\/strong>, providing them with personalized, high-quality information in a short time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Research by McKinsey estimates that generative intelligence could improve every stage of drug development, from research and clinical trials to the approval and commercial stages. The economic impact could reach $110 billion per year.<\/p>\n","protected":false},"author":4,"featured_media":21703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[796],"tags":[1027,668],"class_list":{"0":"post-21705","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market","8":"tag-ai-en","9":"tag-artificial-intelligence"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gen-AI in the pharma industry - MakingPharmaIndustry<\/title>\n<meta name=\"description\" content=\"Research by McKinsey estimates that generative intelligence could improve every stage of drug development, from research and clinical trials to the approval and commercial stages. 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