Panel discussion on AI IN PHARMA SUPPLY CHAIN

Over the past few years, Artificial Intelligence (AI) has been one of the most sought-after technologies of interest by an array of industries, and investment is underway to evaluate its applications. The innovation brought about by new developments in the areas of AI and machine learning is nothing short of spectacular. Solutions based on AI algorithms are finding applications in many areas. A recent study by Yale, surveying 200 chief executives, revealed that nearly half (48%) see healthcare as the primary sector to undergo major changes due to AI advancements (1). Across industries, 73 percent of U.S. companies have already adopted AI in at least some areas of their business, according to a 2023 Emerging Technology Survey (2) conducted by PwC — and generative AI (GenAI) is leading the way. In 2024, AI will start to fundamentally change how business gets done. It will impact how companies grow revenue, conduct everyday operations, engage customers and employees, build new business models, and more. The right AI choices will provide companies a significant edge (3).

The pharmaceutical industry is a recent beneficiary of the trend. The pharmaceutical industry is poised to reap substantial benefit from this technological evolution. In fact, with the increasing pace and complexity of drug discovery, coupled with rising costs and supply chain challenges, adoption of AI will become a critical imperative for successfully navigating the demanding landscape. The rapid adoption of AI is compelling, given its ability to transform vast amounts of information into actionable insights and its synergy with advancements in data-driven technologies. Furthermore, as the volume of data generated in the pharmaceutical industry continues to expand, the capacity of AI to effectively analyze and utilize this information for strategic decision-making becomes increasingly crucial.