In the biopharma space, there is a notable intensity of competition as various entities vie for recognition, resources and market share. Emerging companies gearing up to introduce their innovations are confronted with multiple challenges to establish their presence in an already dense market, with a pipeline of competitors striving to fill the same gaps.
Given the constraints of limited resources at emerging innovators, prudent decision-making is imperative for biotech firms to avoid squandering time on unproductive endeavours. The rapid emergence of increasingly targeted and sophisticated artificial intelligence (AI) tools is a significant development in this regard, and well-considered deployment of these tools can dramatically influence success in the biotech space.
The growing influence of AI
Artificial intelligence has found applications across diverse industries. For instance, a fast-food chain in the United States recently implemented a GPT-based chatbot at drive-through windows, replacing human workers. While AI appears to be reshaping numerous sectors, the biomedical field has, to date, shown a relatively slower uptake of these innovations.
The use of AI in the biotech sector bears the potential to revolutionise healthcare and contribute to societal welfare. At this stage, enterprises should centre their efforts on essentials, such as optimising the introduction process and ensuring that benefits extend to a larger patient base. Even though the positive outcomes of using AI widely in the field are highly desirable, their realisation is not guaranteed and demands proactive engagement and clear direction.
A prime opportunity for AI integration
Organisations grapple with the ongoing challenge of keeping pace with the ever-evolving biotech landscape, often necessitating external assistance. This challenge becomes particularly pronounced when novel molecules are developed to address a myriad of conditions, such as heart failure, COVID-19, COPD, HIV and others. This underscores the challenge posed by the rapid accumulation of high volumes of unstructured data, which makes it difficult for individuals within the biotech field, regardless of their roles, to consistently stay updated.
AI-powered solutions are now being harnessed to tackle this predicament. These solutions can analyse a diverse range of data, including peer-reviewed literature, abstracts, social media inputs and news articles, leveraging tagging and auto-summarisation techniques. This capability allows the systems to identify pivotal articles, alleviating the need for manual assessment. Consequently, AI systems offer readers succinct scientific summaries, enabling swift comprehension.
Intelligent monitoring of scientific literature through AI integration
At Inizio, the aforementioned approach has been termed ‘intelligent literature monitoring’. Collaboratively developed with Sorcero, a provider of AI-based medical analytics solutions, this system enhances decision-making efficiency. This innovation streamlines tasks that were previously dependent on human effort.
The laborious process of searching for and summarising pertinent articles is now automated. Inizio’s AI platform has been embraced by teams, leading to substantial workflow enhancement, with time spent on such activities reduced by up to 90% in some instances.
The synergy between Inizio’s platform and human expertise has yielded considerable results. The team incorporates a strategist who contextualises AI-generated insights vis-à-vis the organisation’s objectives. This empowers users to deploy aggregated data for various purposes, including guiding publication strategies, facilitating expert consultations and supporting internal research endeavours.
The Inizio solution translates to heightened efficiency, expediting the journey of medical advancements to the market and conserving resources for other ventures. Consequently, this approach adds not only conceptual value but also tangible benefits in terms of time and resource savings, contributing to enhanced productivity and success.
Seizing opportune advantages with deliberation
To succeed in the prevailing competitive landscape, biotech entities must exploit any market niches unoccupied by competitors while optimising their operational processes. AI-enabled systems and tools offer significant promise in this realm, provided they are thoughtfully designed and aligned with specific objectives and use cases.
This content was originally published here.
