The pharmaceutical industry, also known as Big Pharma, and the overall medical world have been growing in leaps and bounds over the last few decades. Pharmtech and medtech advances have helped to reduce certain medical conditions, treat new ailments, and provide medical care for hundreds of millions of people that otherwise wouldn't have gotten it. Such medical advances in treatments and technologies have been been a business boon worth trillions of dollars in the last couple of decades.
But there have been some major industry problems as well. These include rapidly rising health insurance costs, higher costs of treatment, exploding drug prices, increased opioid addiction, worrisome medical errors, and the rises in several concerning medical conditions. All of this is especially prescient in the age of the Coronavirus pandemic and other potential followup viruses after Covid-19 starts subsiding.
Luckily, artificial intelligence (AI) technology has had a growing impact on the pharma industry to help combat some of these issues. Artificial intelligence uses computer intelligence and machine learning to help combat problems in an automated, quicker, and more efficient way than humans or regular machines. This new AI tech can save time, money, pain, suffering, and the lives of countless people.
4 Top Uses For AI In The Pharma And Medical Industries
1. Prescription Drug Research
One of the most successful applications of artificial intelligence technology is in the development of new drugs and medications. AI tech can analyze massive amounts of research and data to determine what new potential solutions could work or the effectiveness of existing medical solutions.
2. Improved Patient Care
The ability to analyze patient medical history and updated data in real time can help to predict treatment outcomes and make immediate updates with new data. All of this ensures that potential treatments are created and customized quickly and with the most updated patient and industry information.
3. Breast Cancer Diagnosis
One example of AI being used in the medical and pharmaceutical industry is in breast cancer identification and treatment. Breast cancer cases have increased significantly over the last couple of decades. Luckily, AI has recently been shown to be even more effective than trained radiologists at diagnosing mammograms taken as being positive or negative for breast cancer. According to a recent BBC study, AI technology was superior at spotting breast cancer in patients and also had a 1.2% lower number of false positive diagnoses. This is very promising data indeed and a trend that will likely continue over time.
4. Prescription Drug Quality Assurance
Another example of utilizing artificial intelligence technology is in prescription drug quality assurance (QA). AI tech can help to spot prescription medication, label, and bottle defects before they are sent out to pharmacies, patients, or retailers. This process can save time, money, and lives by preventing mislabeling, medication errors, and other potential financial or health disasters.
Pros & Cons Of Artificial Intelligence In Big Pharma
Artificial intelligence technology is here to stay and there are plenty of positives and some negatives coming from that fact. Here are some advantages and disadvantages of using AI and machine learning tech in Big Pharma and in other medical fields.
Pros Of AI In The Pharma Industry
- Save money
- Better patient care
- Improved speed and efficiency
- Improved compliance
- Improved quality control. Visit this website to learn more
- Versatile technology with a wide range of applications
- Reduced risks of contamination
- Cost savings through less employees
- AI will continue to get better and more efficient over time
Cons Of AI In The Pharma Industry
- AI technology can be expensive to begin
- AI tech could have a steep learning curve for employees
- Ongoing in-house or outsourced tech support may be required
- AI is still relatively new and isn't completely error-free
- Sometimes human judgments could or should to be made
Artificial Intelligence Will Continue To Impact Big Pharma In A Positive Way
While there are pros and cons of utilizing AI technology in the pharmaceutical industry, the benefits vastly outweigh the risks. Big pharma, supplement industry, and the medical field will continue to invest in and innovate when it comes to artificial intelligence and machine learning. Hopefully artificial intelligence in pharmacology can help to minimize or prevent pandemics in the future as well.
