New Technology Trends that are being used in Drug Discovery and Development
Emerging technologies have touched and transformed almost all industries, and medicine is no exception to this. Talking about some of the latest trends in the pharmaceutical industry, a few names that come to our minds include AI and machine learning (ML), chatbots, big data, cloud computing, connected technologies, augmented reality (AR), etc. Adopting such advanced digital technologies in the pharmaceutical industry is crucial for improved patient care, cost-effectiveness, greater transparency, improved production, and drug discovery and development.
Further, the COVID-19 pandemic forced the pharmaceutical sector to accelerate the digital transformation timeline. According to a GlobalData survey, 35% of surveyed professionals from the pharmaceutical industry believe that the COVID-19 pandemic sped up digital transformation in the pharmaceutical industry by more than five years. Another survey found that AI (58%) followed by big data (46%) are expected to be the most disruptive technologies in the pharmaceutical industry within the next two years. Therefore, these technologies will also be the main investment targets for the pharmaceutical industry during the same timeframe.
Harnessing the power of artificial intelligence (A))
According to a new report by Grand View Research, Inc., on the use of AI, the healthcare market is predicted to touch the $31.3 billion mark by 2025. The vital facet of AI is that it can analyze vast amounts of data, which aids in outlier identification, biomarker discovery, and so on. Artificial intelligence (AI) and machine learning (ML) have been seen to accelerate the drug discovery and development process by addressing various challenges faced by the industry. For instance, AI has simplified and made the patient identification process less expensive, which remains crucial in drug discovery and development. Machine learning-based algorithms are being used to scan patients’ records and unstructured notes to find suitable patients based on phenotypes. Leading technology solution providers like Carvewing are helping pharmaceutical companies to proactively harness the power of AI and machine learning to address the gaps and speed-up drug discovery and development.
Big Data and machine learning (ML) are revolutionizing drug discovery
Big Data reduces clinical attrition through early decision making, thereby helping enterprises to prevent some of the challenges before they even occur. Usually, the drug discovery process starts only after the experts have understood the cause of the disease and the complicated mechanism. While it is easy to mention it here, undoubtedly, biological systems remain the most complex systems in the world as one has to get into details of various layers to understand the mechanics. Studying and analyzing biological systems generates vast amounts of data, which needs to be processed and analyzed to understand the cause of the problem and its solution. This is where Big Data comes into the picture. Big Data and advanced analytics derive hidden data patterns, identify associations and infer how the body’s cells read the genome. This further helps in discovering new drug targets and developing those drugs.
Augmented reality (AR) is benefiting pharmaceutical industry
Augmented reality is seen to offer real value to drug discovery and development processes in various ways. For example, medicinal experts commonly use 3D rendering applications to visualize the space occupied by a drug molecule in three dimensions. This interactive visualization helps them perform collaborative design, an unarguably important aspect of drug discovery. Furthermore, the molecular spins and walks come in handy at the time of drug design when biologists and chemists require exchanging ideas about interactions of molecules in drugs.
Cloud computing is a drug discovery game changer
Cloud computing has the potential to transform the pharmaceutical industry in several areas, enabling cost-effective and faster innovations. Today, when various organizations are leveraging cloud computing for their digital transformation, the pharmaceutical industry is adopting it for drug discovery and other processes. Conducting trials as part of the drug discovery and development process comes with challenges and requires communicating with several patients. And with the specializations coming into the picture, the medical industry is also working on discovering sophisticated drugs. To conduct clinical trials for these drugs, sourcing volunteers is not easy. However, leveraging cloud technology has made it simpler. In addition, it has made data collection from different sources across the world more accessible and faster, reducing the complexity and time required. Cloud computing has also enabled automating business processes, reducing redundancies, and enhancing performance. Cloud offers real-time monitoring, which provides actionable insights supporting better decision-making. Further, predictive analytics improves patient adherence, enhances the patient experience, and promotes targeted messaging. It is essential to understand that cloud is more than a storage solution – it should be considered a problem solver, with security and compliance aspects being a crucial part of the pharmaceutical industry.
The partnership is here to continue
Emerging technology and pharmaceutical industry partnerships will continue to gain traction in the years to come, streamlining various stages of the drug discovery and development processes. The collaborations can result in cost-effective and efficient solutions, reducing the patient burden and treatment expenditure. To know more about the ways how emerging technologies can accelerate your drug discovery and development, reach out to us today.
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