The Popularization of Artificial Intelligence (AI) and Machine Learning
In reports from PwC and Deloitte, researchers predict that this technological trend will continue until 2020. Life science companies will need to adopt these new technologies to maintain competitiveness in their respective markets.
|AI harnesses advanced computing power to analyze large amounts of data in a short period of time. By feeding this data to computers, scientists can train algorithms to solve new problems that have never been encountered before. Researchers are already using AI technology to improve cancer screening techniques, diagnosis and disease detection, as well as facilitate drug discovery and development. AI technologies have also been found in hospitals and clinics, which can be used to personalize treatment plans and predict patient outcomes.
|Over the past year, pharmaceutical and biotech companies have struck deals with tech giants to reap the benefits of artificial intelligence and machine learning. Earlier this year, Pfizer announced it would partner with an AI startup to accelerate the development of precision cancer drugs. More recently, Novartis has focused on integrating Microsoft's AI intelligence solutions into all operations as part of its "digital transformation."
In the PwC and Deloitte report, the researchers expect this technology trend to continue into 2020. Life sciences companies will need to adopt these new technologies to remain competitive in their respective markets.