Drug development is a complex, time-consuming, and expensive process. The average cost to develop a new drug has increased from US$1.3 million in 2013 to US$2.3 billion in 2022. This cost increase poses a significant challenge for life sciences enterprises, especially considering that the Food and Drug Administration approves only about 12% of drugs entering clinical trials. The current scenario is not ideal, and life sciences enterprises must prioritize making their drug development processes sustainable in the long term.
As the industry faces rising development costs and shrinking research and development returns, gen AI-led digital transformation has become a top priority.
Gen AI is revolutionizing the life sciences value chain with use cases in drug development, clinical development, manufacturing, and sales and marketing. In this viewpoint, we share insights and our perspective on gen AI’s impact on the life sciences industry.
Scope
Industry: pharmaceutical
Geography: global
Contents
In this report, we:
Examine current gen Al adoption in the life sciences industry
Analyze key gen AI use cases and their potential benefits
Evaluate gen Al’s impact on enterprises and technology and service providers
Assess best practices and challenges for successful gen AI implementation
