GenAI can turbocharge lifesciences growth if choices are selective, deliberate: HFS Research, ET HealthWorld
Bangalore: HFS Research has released a report in collaboration with Indegene, elaborating how Generative AI (GenAI) can turbocharge lifesciences growth if choices are selective and deliberate. The report offers a comprehensive analysis and an executive playbook for lifesciences leaders aiming to harness the transformative potential of GenAI to drive growth and innovation in a competitive landscape.
The report is based on insights from multiple interviews of global lifesciences leaders about their GenAI journey, primary research from HFS Pulse, and lifesciences HFS Horizon, and Indegene’s experience and practitioner perspective developing, deploying, and scaling GenAI in lifesciences. The report emphasises the transformative impact of GenAI on decision-making processes. By harnessing the power of advanced analytics, lifesciences companies can make more informed, data-driven decisions. This capability is crucial in navigating the complex regulatory landscape, managing risks, and ensuring compliance, ultimately driving business success.
GenAI’s ability to rapidly analyse vast datasets can reduce the time and cost associated with drug discovery and clinical trials. GenAI can enable pharmaceutical companies to predict molecular behaviour, optimise clinical trial designs, and accelerate the development of new therapies, which will help in bringing drugs to market faster. GenAI can revolutionise commercial strategies within lifesciences. It will enable companies to gain deeper insights into customer needs, personalise marketing efforts, and predict market trends with better accuracy. This can lead to more effective engagement with doctors and patients, resulting in better sales performance and higher market share for pharma companies.The industry can move towards a more patient-centric approach using GenAI. It will enable the development of tailored treatment plans and personalised healthcare solutions by analysing patient data and predicting responses to specific treatments. It can also contribute to better adherence and reduced healthcare costs. There are multiple routes by which GenAI can streamline operations within lifesciences companies. From automating routine tasks to optimising supply chain management, GenAI helps reduce operational costs and improve overall efficiency. This will allow organisations to reallocate resources to higher-value activities, fostering innovation and growth.The report emphasises the transformative impact of GenAI on decision-making processes. By harnessing the power of advanced analytics, lifesciences companies can make more informed, data-driven decisions. This capability is crucial in navigating the complex regulatory landscape, managing risks, and ensuring compliance, ultimately driving business success.
While GenAI offers immense opportunities, its adoption must be strategic and well-managed. Robust data governance frameworks, ethical considerations, and ongoing collaboration between technology providers, regulators, and lifesciences companies can together help maximise the benefits of GenAI.
Indegene is working with multiple clients in real-world use cases that are already at an advanced pilot stage. Boehringer Ingelheim for instance, has partnered with Indegene to streamline its content approval process. “Our collaboration with Indegene on the GenAI-powered content generation initiative has marked a significant milestone in streamlining our operations and enhancing efficiency,” said Dr Michael Kurr, Global Head of Human Pharma Services, Boehringer Ingelheim.
“By integrating advanced generative AI technologies, we’ve been able to significantly reduce the time and resources required for content approval processes. This not only accelerates our go-to-market strategies but also reinforces our commitment to compliance and quality in every aspect of our work. It’s transformative to witness how GenAI can supercharge productivity, allowing our teams to focus more on strategic initiatives and less on administrative tasks,” added Dr Kurr.
