Gen AI and the Future of Life Sciences

Drug development is a complex, time-consuming, and expensive process. The average cost to develop a new drug has increased from US$1.3 million in 2013 to US$2.3 billion in 2022. This cost increase poses a significant challenge for life sciences enterprises, especially considering that the Food and Drug Administration approves only about 12% of drugs entering clinical trials. The current scenario is not ideal, and life sciences enterprises must prioritize making their drug development processes sustainable in the long term.

As the industry faces rising development costs and shrinking research and development returns, gen AI-led digital transformation has become a top priority.

Gen AI is revolutionizing the life sciences value chain with use cases in drug development, clinical development, manufacturing, and sales and marketing. In this viewpoint, we share insights and our perspective on gen AI’s impact on the life sciences industry.