AI and advanced analytics transforming pharma industry: FICCI-KPMG report
Pharmaceutical companies need to adopt technologies such as AI and advanced analytics, to not only improve efficiencies and reduce costs, but also to adapt a more patient centric business models, says a new FICCI-KPMG paper on artificial Intelligence and advanced analytics in pharmaceuticals. Globally, there is pressure to reduce costs and demonstrate greater value, swinging from treatment to prevention and personalised treatments, which is posing a challenge to the overall business model of the pharmaceutical companies. AI and advanced analytics can process large amount of complex, both structured and unstructured data at a rapid pace to generate actionable insights and thereby reduce costs, to improve time to market and gain competitive strength in the market place. While major global companies are investing heavily in this sector, it is only recently that pharmaceutical companies have started to demonstrate significant interest in AI application for various R&D (research a...