How is AI set to impact the Life Sciences industry?
Artificial Intelligence is impacting companies across a variety of industries, and Life Sciences is no exception. With this in mind, we caught up with to Tom Way, European Head of Life Sciences at Real, to hear his thoughts on the topic. He identified some of the key areas that he believes will be impacted as a result of innovation and automation.
1. An increase in the speed of processes
According to Tom, one of the biggest things artificial intelligence will allow companies to do is develop drugs faster. Tom expands on this, “Early stage drug discovery is a very labour intensive arena, but thanks to automation, manufacturing and development processes will become much quicker. Companies will be able to save time and money, and can utilise their resources more effectively.”
By creating more efficient procedures, this should mean more resource can be given to other areas of the drug development lifecycle, such as research and development for example. This technology allows them to increase their success rate. With artificial intelligence automating so much of the life sciences industry, it’s likely that a lot of menial, lower-level tasks will become automated. AI will provide the technology to enhance current roles, and offer the tools to excel; it’s not likely that many jobs will be completely replaced by artificial intelligence.
2. An increase in accuracy
Thanks to automation, we’ll have access to more accurate data that can guide decision making and allow the industry to make more impactful and intelligent development decisions. Tom expands on this, “Machine learning models will be able to predict future behaviours across randomised clinical trials, allowing much more accurate, insightful decisions to be made. We can predict toxicity and combination of efficiency within combination therapies.”
3. More partnerships and M&A activity
AI isn’t just impacting manufacturing and development within Life Sciences, it’s affecting some companies overall business strategies. One of the biggest trends and areas of disruption within the industry is merger and acquisition activity. Tom explains, “Across 2017, almost every large pharmaceutical company announced a partnership with an AI start-up. Pharmaceutical companies are aware that AI is essential to help innovate the sector and create models that can change lives. And to do that, they need help from top tech talent on the market. Because AI developers aren’t rushing to join pharmaceutical and medical devices organisations.”
So, what challenges are still to be overcome?
The biggest issue that organisations across the industry are facing when it comes to AI is a lack of talent. There’s a huge opportunity for disruption within Life Sciences, but a lack of professionals with the AI knowledge and experience to really get the ball rolling on an in-house basis. This is the biggest reason that companies across Life Sciences are partnering with so many tech start-ups.
Tom explains, “For many skilled AI developers, they’re attracted by more glamorous, tech focussed industries, rather than global pharmaceutical companies who aren’t always the most technically advanced. So there’s a big problem here that companies are facing – if the industry is to advance, and companies are to fully maximise their processes and help to be part of an inspiring, life changing arena, they need the right people in place.”
At Real, we can offer you access to these hard-to-find, skilled professionals with niche skillsets. By partnering with us, you’ll be able to tap into our global talent pool of outstanding professionals. We want to contribute to a life changing industry and place inspiring, highly skilled professionals in companies that really make a difference.
AI is changing the industry, and allowing companies to really make a difference through innovative, life changing developments. Let your company be part of the change, and find the professionals who can make inspiring developments to your company. Get in touch with our dedicated team today, and by partnering with us, you can find the talent to enhance your organisation, today.