Can Ai Make Small Biotech Companies More Competitive?
As the healthcare industry becomes increasingly consolidated, smaller drug makers are leveraging artificial intelligence (AI) algorithms to more effectively develop their products. Smaller healthcare stakeholders use data-driven insights to better understand consumer preferences. In fact, machine learning based programs allow drug makers to analyze healthcare trends to better market their products. AI based insights promote further innovation and growth in the healthcare space.
Large healthcare stakeholders have previously implemented AI algorithms in drug discovery and development. Biopharmaceutical companies have particularly utilized machine learning in drug trials to better manage patient outcomes and drug synthesis innovation. Through partnerships with specialized machine learning firms, large drug manufacturers analyze new compounds and incorporate patient trial data to inform drug development.
Notably, Eli Lilly contracted Atomwise with $1M per AI-based drug pipeline discovery. Pfizer has invested in machine learning algorithms that, when given a large set of potential cures, better equips medical researchers to adapt to the evolving medical landscape.
Large scale implementation of machine learning algorithms in medical development may threaten smaller players ability to maintain specialization. Yet despite larger medical industry players employing AI strategies in molecular development, smaller healthcare stakeholders particularly benefit from AI applications in managing consumer feedback and predicting demand for their products.
Smaller firms often lack the resources to compete with larger firms along pricing margins and marketing campaigns. AI algorithms combat these effects by expediting drug development, maintaining smaller firms’ comparative advantage in highly specialized sub-sectors.
StarFish Medical, a British Colombia manufacturer of medical imaging technologies, particularly leverages AI to detect problematic product failure and allow engineers to correct these failures. Artificial intelligence algorithms promote specialized expertise by allowing drug manufacturers to expedite bug detection and final stage development.
Premier Dental Products utilizes AI algorithms to identify profitable dental technology development by analyzing data concerning the scope of present dental procedures. Statistical insights gained from AI processes facilitate the continued growth of smaller medical industry firms by allowing these companies to better understand the competitive environment around them.
Artificial Intelligence innovations increase product development efficiency and effectiveness in the healthcare industry. Machine learning stands to improve patient outcomes, and permits medical companies to better understand healthcare challenges. AI is currently expediting medical development and marketing procedures, and further artificial intelligence evolution will stimulate further healthcare evolution.
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Written by Aaron Rennert, Edited by James Mueller & Alexander Fleiss
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3: Ibid