The 4th International Conference on Pharmaceuticals and Medical Devices organized by the Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India jointly with the Federation of Indian Chambers of Commerce & Industry (FICCI). Drug regulators from over 30 countries including Russia, Kenya, the UK, Malaysia, Indonesia, Saudi Arabia and Uzbekistan participated in the event. The event also saw participation of drug regulators from 15 states across India. A FICCI-KPMG Knowledge Paper 'Evolution to revolution: by use of Artificial Intelligence and Advanced Analytics in pharma' was also released at the event.
Link of the Knowledge Paper:
Highlights of FICCI-KPMG Knowledge Paper 'Evolution to revolution: by use of Artificial Intelligence and Advanced Analytics in pharma'
Catalyzed by an exciting range of new, disruptive technologies, the pharmaceutical industry needs to reimagine its future. And the need to reimagine is being driven by shifts which are disturbing the industry's status quo - pressure to reduce costs and demonstrate greater value, swing from treatment to prevention, and personalized treatments. These shifts are challenging the overall business model of the pharmaceutical companies
Emerging technologies, AI and advanced analytics are being increasingly adopted by the pharmaceutical industry in many diverse and interesting ways
The value of technologies comes from their ability to process large amounts of complex, both structured and unstructured data, at a rapid pace to generate actionable insights and thereby reduce costs, improve time to market and gain competitive strength in the marketplace
While a lot of interesting applications are in areas related to drug discovery, applications in other areas such as drug dosage and safety, manufacturing and supply chain and commercialization is being further explored
As far as technologies are concerned, pharmaceutical companies are choosing their fields of play and also who they play with, with a growing emphasis on collaboration and partnership. Accordingly, the industry is witnessing many such partnerships and quite often with technology start-ups