Pharmaceutical companies are starting to pick up cues from Silicon Valley.
A number of senior executives from Lilly, Roche, Johnson & Johnson and Novartis spoke about the emerging trend of incorporating technology and data science into how they approach healthcare this week at the UBS Global Healthcare conference in New York.
Novartis executive James Bradner, president of the Novartis Institutes for BioMedical Research, said the company is using technology to conduct better research. Through the adoption and integration of new digital technologies into its business, Novartis hopes to increase efficiency and productivity with its research and development.
For example, it’s using artificial intelligence to analyze images of cells and to see how potential drugs interact with their protein targets.
Besides Novartis, other pharma companies are using artificial intelligence to analyze past data and make predictions to potentially expedite the discovery of new drugs. For example, XtalPi Inc, which offers digital drug development solutions, partnered with Pfizer in May in a strategic research collaboration to develop AI software to identify new drugs.
The healthcare artificial intelligence market is projected to grow exponentially in the coming decade, according to market research data firm Global Markets Insight. At least 18 pharmaceutical companies and more than 75 startups have been working on integrating machine learning into the drug discovery process. Adapting AI-based analysis can reduce costs, shorten the time it takes to come up with and test a new drug, and lead to potentially more effective drugs.
Novartis’ Bradner believes data science can accelerate the rate of new discoveries and innovation in the field. Algorithms about consumers behaviors, characteristics and preferences can better help drug companies analyze priorities in research and development, he said.
Incorporating AI into clinical trial management and monitoring can offer insights for protocol design based on past treatment patterns and access ideal candidates for a certain trial. Additionally, the technology can instantly gather real-time and real-world patient data and feedback and provide support or adjustments when necessary.
Other pharma executives including Sandi Peterson, group worldwide chairman at Johnson and Johnson, also spoke to this trend at the UBS conference. J&J has rebuilt its technology infrastructure, Peterson said, and has pursued strategic partnerships with tech providers and has invested in developing AI machine learning capabilities.
Becoming a more tech-forward pharma company will help J&J to attract a younger consumer.
“It’s how consumers want to engage with brands today,” Peterson said.
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