40% of pharma execs budgeting for AI savings

According to a recent survey by Bain & Company, there is a growing shift in the pharmaceutical industry toward adopting generative artificial intelligence (AI) on an organization-wide level. The survey indicates that 40% of pharmaceutical executives are including expected savings from AI into their 2024 budget, with 60% setting specific targets for cost savings and productivity improvements.

Furthermore, the survey reveals that close to 60% of executives have moved past the experimental phase of using AI to building out actual use cases. Fifty-five percent of these executives also expect to develop multiple proof-of-concept or minimum viable product builds before the end of 2023.

Eric Berger, a partner in Bain & Company’s Healthcare & Life Sciences practice, notes that the next phase for leading pharmaceutical companies will involve scaling the use of AI for results. As companies transition from experimentation into pilots and eventual launches, they are considering how to effectively communicate their AI journeys to investors. Those that can demonstrate a structured, scalable enterprise-wide program as opposed to isolated initiatives will reap the rewards in the next phase of AI implementation.

While data science and machine learning are not new to the pharmaceutical industry, the emergence of generative AI presents a broader range of use cases across the value chain. This is evident in the growing interest in areas such as biomedical literature review, preclinical research, IT, and competitive intelligence. With more than 60% of surveyed executives stating that they have proof of concept in development, and approximately 10% having already rolled out tools, the early adopters of generative AI are already seeing tangible value.

As the interest in generative AI continues to grow, 75% of pharmaceutical companies have identified it as a priority for their C-suite and board. The successful implementation of AI at scale will require organizations to establish decision-making and funding models, cultivate strong internal leadership, and align cross-functional teams. Companies will also need to focus on recruiting qualified personnel, building strategic partnerships, and addressing ethical and regulatory considerations.

For any additional information or to arrange interviews, please contact Katie Ware at the following link [hyperlink to Katie Ware’s contact information]. If you’d like to learn more about Bain & Company, a global consultancy that helps ambitious change makers define the future, and how it complements its tailored expertise with a vibrant ecosystem of digital innovators, visit their official website.

SOURCE: Bain & Company

Image as requested: https://mma.prnewswire.com/media/818197/Bain_and_Company_Logo.jpg?p=original

Source link



Leave a Reply

Your email address will not be published. Required fields are marked *

Most Viewed

Featured Franchise Opportunity

Season 2 Consign

Business Services Franchises, Retail Franchises

$50ˌ000 - $100ˌ000

Clean Nature Group

Business Services Franchises, Cleaning Franchises, Low Cost Franchises, Manufacturing & Industrial Franchises

$100ˌ000 - $250ˌ000