Leveraging the transformative power of AI: surge, segue or distraction?

The biotech industry is a highly competitive landscape, with numerous stakeholders vying for attention and resources. As emerging companies gear up to introduce their therapies to the market, they face many hurdles in their efforts to distinguish themselves amid the vast array of competition.

With limited resources at their disposal, it becomes crucial for these companies to make informed decisions and avoid pursuing unproductive paths. One technology that has been making huge waves and can help emerging biotech companies cut through the noise is artificial intelligence (AI).

AI as a transformative power across society

AI has found applications across multiple industries. For instance, a fast-food chain in the U.S. recently implemented a chatbot based on GPT technology, substituting human workers at drive-through windows. Despite the fact that AI’s transformative power appears to be changing many sectors, including pharmaceuticals, biotech has been relatively slow to embrace these innovations.

This surge in interest holds promise for the advancement of healthcare, with benefits to society as a whole. However, businesses must carefully evaluate what is relevant to their organization as opposed to the broader field and consider the specific areas important to them, such as optimizing the launch process and delivering more value to a growing number of patients within the biotech sector.   It’s also important to remember that these outcomes — although highly desirable — are not guaranteed and require active participation and guidance.

Changing biotech landscapes present the perfect opportunity for AI use

The inability to keep up with the rapidly evolving biotech landscape — often leading to a need for external assistance — is an ongoing challenge for organizations. An illustrative case for this within the industry is when development programs center around a novel molecule standing alongside existing options across various areas of interest, be it heart failure, COVID-19, COPD, HIV, or any other field. This scenario highlights a recurring challenge in therapeutic spaces, namely the overwhelming abundance of information that is expanding at a rapid pace. The sheer volume of available data makes it exceedingly difficult for individuals, regardless of their roles within biotech, to maintain up-to-date knowledge on a consistent basis.

To address this issue, AI-powered solutions are now in play. They utilize a comprehensive corpus of diverse content, including peer-reviewed literature, abstracts, social media data and news articles, consolidate the information and apply tagging and auto-summarization techniques. The systems can also identify the most pertinent articles, eliminating the need for individuals to manually assess their significance. These AI systems generate concise scientific summaries, providing readers with a quick overview of the content.

AI-powered “intelligent literature monitoring”

Within Inizio, we refer to the solution outlined above as “intelligent literature monitoring”. Built collaboratively with Sorcero, a company dedicated to delivering AI-powered medical analytics solutions to enable better and faster decision-making, our system streamlines and enhances processes that were previously performed by individuals.

By automating the process of finding and summarizing relevant articles, individuals are no longer burdened with the task of manually sifting through vast amounts of information, potentially missing critical points or targeting the wrong audience. Through Inizio’s platform, teams have experienced substantial workflow improvements, resulting in an estimated 88% to 90% reduction in time spent on these tasks.

This system has a profound impact in combination with human expertise. Inizio’s team includes a strategist who interprets AI’s answers within the context of the organization’s objectives. This allows users to leverage the summarized information for various purposes, such as guiding publication activities, facilitating discussions with experts or supporting internal research initiatives.

This efficiency gain translates into accelerated time to market for medical advancements and saves valuable resources for other important considerations. Consequently, the benefits of the Inizio solution extend beyond conceptual advantages, as users witness tangible time and resource savings that contribute to overall productivity and success.

Conclusion

As biotechs seek to commercialize their products in the current dynamic and challenging landscape, they need to leverage every opportunity to take advantage of white spaces left by competitors and create efficiency within their operations. AI-enabled tools and systems hold particular promise in this environment but they must be diligently developed and applied with particular use cases in mind.

By leveraging specialized resources and expertise available from Inizio, biotechs can gain insight and competitive advantage to help navigate the complexities of the market.

Discover how Inizio Biotech can support you by speaking with one of our experts today: https://inizio.health/contact/