Big Pharma and the overall medical industry have been growing in rapidly over the last few decades. Pharmtech and medtech advances have helped to nearly cure certain medical conditions and provide improved medical care for hundreds of millions of people that otherwise wouldn't have gotten it. Such advances in treatments and technologies have been been a business boon worth trillions of dollars in the last decade.
But there have been some major industry hiccups as well. These include rapidly rising health insurance costs, higher costs of treatment, exploding drug prices, growing opioid addictions, medical errors, and the rise in certain medical conditions. And of course we can't forget innovations and failures of the most recent global health crisis as well.
Luckily, artificial intelligence (AI) and machine learning (ML) technology have had a growing impact on the pharma industry to help combat some of these growing problems.
Examples Of AI & Machine Learning Tech In Pharma And Medical Industries
Breast Cancer Diagnoses
One example of AI being used in the medical and pharmaceutical industry is in breast cancer identification and treatment. Breast cancer cases have increased significantly over the last couple of decades. Luckily, AI has recently been shown to be even more effective than trained radiologists at diagnosing mammograms taken as being positive or negative for breast cancer. According to a recent study, AI technology was superior at spotting breast cancer in patients and also had a 2% lower number of false positive diagnoses. This is very promising data indeed and a trend that will likely continue over time for patients.
Prescription Drugs Quality Control
Another example of utilizing artificial intelligence technology is in prescription drug quality control (QC). AI tech can help to spot prescription medication, label, and bottle defects before they are sent out to pharmacies, patients, or retailers. This process can save time, money, and lives by preventing mislabeling, medication errors, and other potential disasters.
Positives And Negatives Of Artificial Intelligence & Machine Learning In Big Pharma
Artificial intelligence and machine learning medical technology is here to stay and there are plenty of positives and some negatives coming from that fact. Here are some positives and negatives of using AI and machine learning tech in Big Pharma and in other medical fields.
Advantages Of AI & ML In The Pharma Industry
- Improved speed and efficiency
- Improved compliance
- Improved quality control. Visit this Industrial Vision Systems to learn more about this big benefit for big pharma
- Versatile technology with a wide range of applications
- Reduced risks of contamination
- Cost savings through less employees
- AI will continue to get better and more efficient over time
Disadvantages Of AI & ML In The Pharma Industry
- AI technology can be expensive to get started
- It can have a steep learning curve for employee training
- You'll need ongoing in-house or outsourced support
- It's not a perfect process yet depending on your needs
- Occasionally a human decision making technique will still need to be made or could potentially be more effective.
Artificial Intelligence & Machine Learning Will Continue To Impact Big Pharma & The Overall Medical Industry
While there advantages and disadvantages of utilizing AI & ML technology in the pharmaceutical industry, the benefits vastly outweigh the risks. Big pharma and the medical field will continue to invest in and innovate when it comes to artificial intelligence and machine learning. There will be some growing pains, but overall this new tech can help improve overall medical care for hundreds of millions or billions of people around the world.
