Where you can find artificial intelligence (AI) in life sciences
Lucas Allen
Artificial intelligence and machine learning are rapidly changing how we research and develop new things. They have the power to make research and development (R&D) faster and cheaper. Some companies believe that using AI can reduce R&D costs by as much as 70%. AI is also helping create new medicines faster. For example, Insilico Medicine used AI to discover and design a drug, saving about two to four years of work.
In the field of medicine, AI is helping find new uses for existing treatments. The Institute of Cancer Research in London used AI to find two treatments that might work for a rare childhood brain cancer. These examples show how AI is changing the way we do research and development, offering more efficient processes and the chance for exciting medical discoveries.
AI is being used in many ways to make things better. In medical writing, AI helps by analyzing lots of information from different sources to create a first draft of a document. Human writers then check this draft, saving up to 80% of their work. AI is also helping with clinical trials, from planning them to picking the right patients and analyzing data. It can even make it possible to do trials from far away. One study found that using AI to find trial sites increased the number of patients in cancer trials by 20.6% compared to the old way. AI-powered virtual assistants can now give personalized health information and help people take care of their health.
AI is also helping predict and prevent diseases. A unique chatbot made by MyMeds&Me and OpenDiaglog can talk seriously with patients about any bad reactions they might have to medicines. These examples show how AI is making big changes in health care, from writing documents and running trials to helping patients and keeping us healthy. And as AI gets even better, we can expect even more changes in health care.
However, there are some things to watch out for:
Data privacy and ethics
Companies face concerns related to safeguarding data privacy, addressing ethical considerations, and navigating complex regulatory challenges.
Workforce evolution
Traditional tech roles such as data scientists are evolving alongside the workforce, creating a need for new skill sets to analyze vast data sets and build learning models.
Intellectual property
Ownership of data becomes a concern when third parties are involved in developing and maintaining AI platforms, raising questions about intellectual property rights.
Cybersecurity vulnerabilities
As reliance on technology increases, companies become more vulnerable to cyber threats—meaning they need better security measures.
Algorithmic bias
Ensuring fairness in algorithmic decision-making is crucial to prevent bias in what AI generates.
Ultimately, the life sciences industry is being driven by rapid change and innovation. While AI is exciting, we must consider the issues it raises and be responsible when we use it. Marsh McLennan Agency can help your company stay one step ahead. We employ a team of experienced professionals who deeply understand the life sciences industry's unique risks. Learn more about our life sciences insurance practice or reach out to a colleague today to see how we can help your organization.
