Having worked with a number of financial service clients over the past 5+ years it has been really interesting to see how the use of data has evolved; from being a source of information to react to in real time… to current trends where data is seen as a proactive tool to forecast, manage risk and reduce costs.
Using data and algorithms to predict an outcome and reduce both time and cost is now more commonly referred to as Artificial Intelligence – AI (for those like me, a member of Generation X, AI is no longer just the robot from short circuit!)
I’m increasingly seeing the adoption of AI and data science across the pharmaceutical sector and life sciences. It is an area that will really benefit from the use of AI due to its wide range of applications in areas like drug design and patient selection in clinical trials, experimental modelling, manufacturing improvements and also operational areas (including sales and marketing).
According to a study published by the Massachusetts Institute of Technology (MIT), only 13.8% of drugs successfully pass clinical trials and gain regulatory approval. A successful drug can cost between $161M and $2B, so the stakes are high. Pharma businesses are turning to AI to boost the success rates of new drugs while decreasing operational costs.
The challenge that I see is finding the right level of technical skills to seamlessly combine in-house coding, commercial AI software and to deliver meaningful customisations. With COVID-19 there have been a number of highly skilled AI and Data SMEs from the financial service sector that have been released due to the slowdown of projects. With years of data analysis and AI experience, how transferable is their skill set from Financial Services into Pharma? In our experience, this is a perfect fit.
Grovelands is currently having lots of really interesting conversations with our contacts in the life sciences to help them build data and AI teams with domain knowledge… but also to explore the experience from other sectors, including the financial services.
It would be great to speak to anyone that’s looking to grow their data or AI capabilities… or even if you just want to find out what other companies within life sciences are doing, then I would be happy to organise a virtual coffee! Feel free to send me an email.