GenAI has potential to address high cost, poor patient experience issues in pharma and healthcare, says GlobalData

The implementation of generative artificial intelligence (genAI) in pharma and healthcare has the potential to address the issues of high costs and poor patient experiences while enhancing efficiency and patient outcomes. With a growing focus on data-driven healthcare, genAI is poised to significantly transform the industry, says GlobalData, a leading data and analytics company.

Kiran Raj, Practice Head of Disruptive Tech at GlobalData,  comments: “GenAI is fundamentally revolutionizing the healthcare scene, powering a transformative shift across the value chain. Its ability to customize multi-format content, serving everyone from pharmaceuticals to patients, bestows precisely targeted communication. However, adhering to responsible AI is pivotal in building trust and managing risks within the industry.”

Saurabh Daga, Associate Project Manager of Disruptive Tech at GlobalData, adds: “GenAI can streamline personalized care and guided diagnosis by synthesizing key data points from patients' medical history, family history, and lifestyle. The technology can help physicians provide more effective care at lower costs, leading to better patient outcomes.”

GlobalData’s latest Innovation Radar report, “New prescription: generative AI meets healthcare,” provides a comprehensive view of how genAI is being implemented across the pharma value chain for applications ranging from research & development, imaging & diagnostics to patient care and support.

GenAI is set to revolutionize drug discovery by generating novel drug candidates based on researcher-provided criteria and constraints. Predicting the efficacy and safety of new drug candidates and personalizing drug therapy are additional capabilities that are poised to improve patient outcomes.

While drug discovery startups such as Huma.AI, Insilico Medicine, and Absci are developing generative models capable of fast-tracking drug development, companies like Google and NVIDIA through MedPalm 2 and BioNeMo Cloud are providing the necessary infrastructure for genAI-powered drug discovery.    

Daga concludes: “While the genAI landscape is not without risks, especially in regulated industries like pharma and healthcare, there is potential for significant advancements and benefits. Challenges such as bias, discrimination, and privacy need to be mitigated through governance. It is crucial to partner with organizations that offer industry perspective and technology expertise at the intersection of responsible AI to fully leverage the potential of recent technological breakthroughs.”