Unveiling the Impact of AI Initiatives in Life Sciences

Artificial Intelligence (AI) is experiencing industry-wide adoption, with technology-intensive and customer-facing industries at the forefront of the adoption wave. Its adoption is at a relatively nascent stage in the life sciences industry, with digitalization accelerating life sciences enterprises’ interest in AI. This interest is driven by the enormous amounts of health data that lies unexplored, high drug development costs coupled with low success rates, and growth in consumerism. Simultaneously, CEOs and CIOs are acknowledging AI’s transformative power across the value chain – to improve customer experience, achieve operational efficiency, enhance employee productivity, cut costs, accelerate speed-to-market, and develop more personalized products. To maintain a competitive edge, life sciences enterprises are rapidly building appropriate AI strategies and investing in AI to unlock its value for them.

In this report, Everest Group analyzes 20 leading life sciences enterprises in terms of their AI competency vis-à-vis roadmap, people, AI domain adoption across the value chain, and its associated impact, in order to identify the industry leaders.

We also outline key takeaways for enterprises in the early stages of adopting next-generation AI and provide an overview of the AI supplier ecosystem and the outlook for AI in life sciences.