Atradius Pharmaceuticals Sector Experts share their insights and opinions on how AI will impact the industry.
Artificial Intelligence (AI), Big Data and machine learning are already commonly used by businesses, especially for improving productivity for automated tasks in manufacturing and for extracting patterns amongst large volumes of data.
Although initially slow to gain momentum, research indicates that AI in the global healthcare sector is also now accelerating. AI investment in the industry was around USD 15 billion in 2022 and is expected to reach more than USD 187 billion by 2030.
But are such growth predictions consistent across markets or regions? We asked our Pharmaceuticals Experts from Asia-Pacific, Europe and the Americas for their insights into usage and opportunities presented by AI and Big Date in their regions.
Among the feedback they shared Judy Ji, Atradius Pharmaceuticals Expert for the Asia-Pacific, noted the growth of new opportunities that AI presents in her region. She points out that both external investors and new players can springboard off AI into a market they have traditionally not worked in before.
However, the growth of AI also poses risks to the industry. For example, our Sector Expert for Europe, Rubén del Río Hernández, asks whether smaller pharma businesses are equipped to compete with large tech firms.
Our Sector Expert for the Americas, Patrick Scardina, agrees with this existential question. He cautions pharma companies can ill afford to be left behind and suggests many will seek to invest or partner with technology firms in order to survive.
In addition to competition and collaboration, the sector experts also explored issues such as the regulatory hurdles concerning AI in the industry and further risks and opportunities presented by the increased use of AI in the pharmaceuticals industry.