Without a doubt, 2022 was a rollercoaster ride for AI innovation and corporate use cases across several industries. Beyond marketing, customer satisfaction, and employee retention, AI has expanded. It is revolutionising drug discovery and development in the fields of medicine, biotechnology, and pharmacology, which is one area where it has achieved significant strides.
According to a PubMed publication, the average cost of researching and developing a medication is $1.3 billion, and it “takes anything from 12 to 15 years to hit the market.” Therefore, it is not unexpected that the use of AI-powered technology has increased significantly in the drug discovery sector. An example is an article published in Nature that reports an increase of roughly 40% annually in the integration of AI into the pipeline for drug discovery and development.
Tzvi Bessler and Morris Laster, Ph.D., healthcare investors, claim that “drug discovery companies are embracing AI in a variety of ways, including applying machine learning algorithms to find prospective drug candidates, forecast their efficacy and safety, and optimise their design. For instance, they evaluate enormous databases of biological and chemical data using AI to find trends and associations that could be important for drug discovery.
According to them, this aids the businesses in “identifying potential leads and speeding up the drug discovery process.”
