Businesses in seemingly every industry are experimenting with artificial intelligence. An estimated 80 percent of organizations worldwide have invested in the technology, according to recent research from Teradata. Pharmaceutical companies are among those most eager to embrace the innovation, as it has the potential to streamline the drug creation process, bolstering the affordability and availability of key medications. Of course, A.I. offers numerous organizational benefits, including revenue increases surpassing 50 percent and cost reductions reaching 47 percent.
Pharma embraces A.I.
Just how are pharmaceutical firms deploying the technology? Most uses center on the molecular discovery process that precedes the drug engineering stage, The Wall Street Journal reported. During this initial phase, scientists pinpoint compounds that might actively mitigate a particular medical condition and would therefore be useful ingredients in any drug designed to treat or manage that illness. A.I. technology speeds up this process, using deep learning to identify actionable medication additives. The pharmaceutical maker GlaxoSmithCline and the Lawrence Livermore National Laboratory are using A.I. to do just this in an effort to trim drug development times from a decade to one year. This kind of initiative has become common throughout the industry. Organizations of all sizes have rushed to partner with technology firms, their sights set on lower overhead costs and reduced turnaround times, according to the Drug Target Review.
"An estimated 80 percent of organizations worldwide have invested in A.I."
However, roadblocks lie in the way of progress – namely, lack of understanding among executive leadership, analysts for Teradata found. Unfortunately, many pharmaceutical firms do not have the internal talent required to manage in-house A.I. efforts. While external partnerships may fill that void for the time being, this workaround is likely to lose its luster soon as competition for A.I. services increases. With this in mind, organizations in the prescription drug industry should consider embracing innovative new roles such as chief artificial intelligence officer or simply recruiting more A.I.-savvy leaders.
YES Partners can help pharmaceutical businesses pursuing these options. Our executive search consultants can pinpoint forward-thinking leaders with the executive experience and technical know-how needed to oversee and expand leading-edge workflows.
To see some of the roles we have already successfully placed, click here.
Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries.