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Generative AI deployment could unlock potential value equal to 2.6 to 4.5 percent of annual revenues across the pharmaceutical and medical-product industries

 

Our analysis finds that generative AI could have a significant impact on the pharmaceutical and medical-product industries—from $60 billion to $110 billion annually. This big potential reflects the resource-intensive process of discovering new drug compounds. Pharma companies typically spend approximately 20 percent of revenues on R&D,and the development of a new drug takes an average of ten to 15 years. 

With this level of spending and timeline, improving the speed and quality of R&D can generate substantial value.
For example, lead identification—a step in the drug discovery process in which researchers identify a molecule that would best address the target for a potential new drug—can take several months even with “traditional” deep learning techniques.

Foundation models and generative AI can enable organizations to complete this step in a matter of weeks.

 

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