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This Week in Consulting

Wednesday,April 24th, 2019

AI in Life Sciences: The Formula for Pharma Success Across the Drug Lifecycle

THIS WEEK’S MUST READ

“AI has wider potential to cut the costs of the industry’s research and development (R&D) spend, which for the largest 10 pharmaceutical companies is $67 billion (equivalent to 40% of the sector’s total R&D bill).”

Artificial intelligence (AI) has the potential to transform the pharmaceutical industry. Each of the major pharma players is investing in the technology at some level, and there are a growing number of applications that address target and drug discovery, preclinical and clinical development, and post-approval activities. With AI comes the potential to improve drug approval rates, reduce development costs, get medications to patients faster and help patients comply with their treatments..

This Week’s Must Read  features an executive insights from L.E.K. reviews the opportunities that artificial intelligence can bring for pharma companies and four key factors that players should address when developing their AI strategy.

Read on to Find out More: “AI in Life Sciences: The Formula for Pharma Success Across the Drug Lifecycle“, Clay Heskett, Ben Faircloth and Stephen Roper, L.E.K. Consulting.

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THIS WEEK’S VIDEO:

The fourth industrial revolution is upon us: machines infused with intelligence. This transformation will transform how manufacturing works today, making it 30% faster and 25% cheaper because a machine will know when it makes a mistake and will correct itself.

INDUSTRY NEWS & INSIGHTS

THOUGHT LEADERSHIP

  • How to Get Pharma Leaders to Wrap Their Minds—and Their Arms—Around Advanced Analytics :The business of pharma is becoming more data-driven—from R&D to commercial—yet many pharma companies still struggle to garner leaders’ buy-in to build and operate the analytics programs that they need to fuel their success. They face tough challenges, including overcoming skepticism, proving the program’s value and scalability, finding the right talent and ensuring organizational collaboration.  | Shreyas Murthi, ZS Associates
  • Biopharma’s New Growth Machine: Three signs indicate biopharma is facing compressive disruption that could threaten traditional approaches. Biopharma companies that embrace New Science are driving exceptional growth and mitigating the disruptive forces of compression. Find out how leaders in New Science are using digital, data and genomics to reshape the biopharma landscape and patient care. | Stuart Henderson, Accenture
  • How can automation improve outpatient care while reducing costs? Healthcare often sees automation as a luxury—very few healthcare organisations are exploiting the benefits that automation has to offer. But as it has the potential to reduce staffing costs and improve quality and efficiency, more organisations should see it as a valuable opportunity during this time of financial challenges.  | Francesca MacVean and Gareth Fitzgerald, PA Consulting
  • Artificial Intelligence in Pharma: Set Your Expectations Appropriately -The question of the progress with applying artificial intelligence in pharma is not solely a digital transformation issue. It’s also a broader innovation issue. Innovation is the result of disciplined experimentation and in most use cases pharmaceutical manufacturers are experimenting with emerging technologies.  | Paul Schrimpf and Tony Fross, Prophet

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