May 03, 2018:Artificial Intelligence (AI) will significantly transform or impact the life sciences space. This along with robotics and cognitive technologies is important to better outcomes, safety, and compliance and lower costs, stated Ram Yeleswarapu, president and CEO, TAKE Solutions Limited.
The use of AI will provide anticipated savings of nearly US$ 150 billion by the mid-2020s for the United States’ healthcare economy.
Right now for the pharma industry, as the cost of drug development soars, and the potential for success seems elusive, the industry is pinning its hopes on promising technological breakthroughs. AI is now being taken seriously among pharmaceutical companies who are eager to put it to work in the lab. But the reality is that majority of the spend thus far remains focused within traditional business functional areas of IT, marketing, finance, accounting which is leading to slower AI-fueled innovation within the clinical R&D space, he added.
With ever increasing spend across in AI, automation and cognitive technologies, the global healthcare industry has been receiving positive nudges from reformative and technological disruptions in medical devices, pharmaceuticals and biotech, in-vitro diagnostics, and medical imaging, stated the TAKE Solutions chief.
There is significant investment towards innovative technologies and partnerships that are poised to revolutionise clinical research operations globally. From efficient and intelligent trial recruitment to automated, there are dozens of technology-fueled solutions that exist for the market’s most pressing needs. These serve the industry’s objective to deliver safe, effective and affordable medicines with outcomes that benefit patients, Yeleswarapu told Pharmabiz in an email.
Even the traditional solutions within the clinical research and development space, cognitive technologies can help to revolutionise effectiveness and usefulness in a trial. Legacy data capture systems or the electronic data capture for clinical trial data, interactive response technology (IRT) for trial supply, clinical trial management system (CTMS) for trial oversight and eSafety for pharmacovigilance tracking can all yield a whole new level of insights and awareness when combined with AI-technologies, he said.
Advanced adverse event signal detection for clinical data managers would not only help reduce trial costs and timelines, but lead to more desirable clinical outcomes for patients.
While avenues are becoming available across numerous evolving technology areas, it is critical to ensure these tools are customised and implemented in the validated environment within life sciences to ensure compliance. This is where the collaboration of pharma companies and major technology partners is critical to allow for these tools to interface with major platforms, while ensuring data security, integrity and real-time visibility for analytics and insights, he noted.
Therefore an industry-wide transformation is on the horizon. Over the last few years, industry behemoths have been consolidating and merging down into fewer entities. But in this new age of advanced clinical research that the industry is embarking on, the importance of strategic partnerships between technology providers cannot be understated. Effective technology combinations that bring together industry-leading products will not only help drive the further adoption of such platforms across the industry. It will also ultimately help revolutionise the clinical research world, stated Yeleswarapu.
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