|Artificial intelligence harnesses advanced computing power to analyze large volumes of data in a short period of time. By feeding computers this data, scientists have the ability to train algorithms to solve new problems they’ve never encountered before. Researchers have used AI technologies to improve cancer screening technologies, diagnostics and disease detection, as well as to fuel drug discovery and development. AI technologies are also found at hospitals and clinics, where they are used to develop personalized treatment plans and predict patient outcomes.|
|Over the past year, pharma and biotech companies have made pacts with tech giants to reap the rewards of AI and machine learning. Earlier this year, Pfizer announced it will collaborate with an AI startup company to accelerate the development of precision cancer drugs. More recently, Novartis committed to integrating Microsoft’s AI intelligence solutions across all operations as part of its “digital transformation.”|
In reports by PwC and Deloitte, researchers expect that this technology trend will surge forward into 2020. Life sciences companies will need to adopt these new technologies in order to stay competitive in their respective markets.