Can Artificial Intelligence (AI) be trusted to assist Life Sciences in the discovery of new medicine and help reverse disease? At the eyeforpharma conference in Barcelona, Life Sciences superstar Paul Simms outlined 5 steps for making health care more agile by integrating AI into its processes to maintain compliance and expect healthier patient outcomes. “Pharma has relied on research and development, but it hasn’t paid off,” said Paul who hosted the event. Paul suggested the industry alter strategy to embrace a new digital AI-platform where all aspects of clinical research, drug development, and market access can be operated from the cloud. His prognosis for Life Sciences is to harness the power of reversing disease with cognitive automation.
Here are his 5 insights:
- Become a platform company to stay relevant. The advances in cognitive automation and AI are bringing new ways to think about research. Unlike the past, you no longer have to be big pharma to do quantifiable research. New medicines and health specific interventions are now supported by incremental advances in AI-technology to assist both the industry and patients take better care of each other. Life Sciences must harness these digital platforms to reinvent research, drug development, and market access to rapidly innovate excellence.
- Amazon is among the fastest growing health care companies. Amazon, Google, and Apple are all getting into the healthcare wearables and biotechnology inventions realm. Only Amazon has the perfect playground for transforming Life Sciences because it has a huge buyer’s club and a zero-profit advantage to disrupt the industry. Life Sciences have to come up with better ways to accelerate your unique advantages.
- Finding new pioneers to partner with. Life Sciences require a better partnership strategy to identify new organizations that will take your offerings to a completely new level. If your company only invests in other pharma companies to plug short-term revenue gaps then you are not helping your mission because your leadership is likely to be distracted by the megamergers. Life Sciences should instead partner with a variety of new companies to package digital technology with medicines, devices, and patient services to truly help the patient.
- Prevention is better than the cure. The Life Sciences industry must proactively deliver a subscription model for increasing ROI. For example, there are numerous ways to predict disease before the symptoms appear, through genetic profiling, early detection, and ongoing measurement of body signals. Focusing on preventative care will bring larger portion of the current 7.6 billion humans into Life Sciences customer base and provide far greater value because transforming human health will also be saving billions from system costs. To get there we have to augment our mindset from reactive, insurance-based health care to a more proactive, subscription-based model just as with our gym membership and healthy eating. A better way forward for our industry is to move away from sick-care and towards healthier living.
- Patient-created medicines will bring a new era of personalized medicine. New wave of AI and cognitive automation technology gives you more time to predict new patient tailored treatments. In the not too distant future, it will be possible for patients to design and develop their own medicine by uploading their personal data and simulate treatments using a digital twin.
Eyeforpharma emphasizes new level of care with automation in Life Sciences
At the eyeforpharma conference, the focus was on Life Sciences companies immersing themselves in the newest forms of AI to remake Life Sciences. The new destination is a place where each patient is treated for their characteristics and where data insight provides prevention against disease. Life Sciences has always been empathy-driven, trust-focused, and value-based industry; now it’s fueled by AI and data insights to accelerate drug discovery, faster commercial processes, and compliance to deliver even more personable choices for patient care.