Over the last three years, the pandemic and AI/ML technology converged and thrust the life sciences industry into the public eye. So, where to go from here? ⬇️
Certainly, Covid-19 will go down in history as a defining moment for the life sciences industry. Rising up the rankings, Life sciences is now second only to technology as the most trusted industry sector (according to 2021 Edelman Trust Barometer).
A vital question now is: ❓
How to best leverage this collaboration of technology and life sciences to improve healthcare delivery and outcomes while enhancing the patient and provider experience?
Artificial Intelligence (AI) and Machine Learning (ML) are leading the way to breakthroughs across industries, and life sciences is no exception. AI uses algorithms to enable a machine to simulate human behavior and solve problems. ML is a subset of AI that allows a machine to automatically learn, make predictions, and provide insights from historical data.
Here are examples of how AI/ML is transforming the life sciences industry:
1️⃣ Disease Diagnosis and Identification: AI/ML models have proven effective in early cancer detection and identifying accurate disease states for proper treatment planning.
2️⃣ Clinical Trials: AI/ML predictive analytics are now utilized for augmenting patient enrollment, retention, and engagement through the duration of the clinical trial process.
3️⃣ Radiotherapy and Radiology: AI/ML will dramatically increase the accuracy and speed of reading x-rays and all types of imaging.
4️⃣ Drug Discovery and Development: ML plays an important role in early-stage drug discovery (new drug compounds), discovery technologies (next-generation sequencing), and precision medicine, which makes the identification of complex diseases and possible treatment modalities more efficient.
5️⃣ Personalized Medicine: AI/ML can effectively identify optimal treatment protocols while balancing patient risk at the patient level.
The proliferation of AI/ML technology will continue to transform clinical, operational, and administrative aspects of the life sciences industry for decades to come. With such powerful technology, however, comes responsibility as well.
In addition to tremendous clinical achievements, organizations must also develop and follow transparent, rigorous guidelines and processes to address public data privacy and health equity concerns.
Only then will the life sciences industry continue to earn the public’s trust.
We would like to hear how you are using AI/ML in the life science space 📝
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Learn more ➡️ https://www.ey.com/en_us/life-sciences/how-are-ai-and-machine-learning-altering-the-life-sciences-industry