RESEARCH REPORT
Reinventing R&D in the age of AI
How intelligent technologies are transforming the Biopharma Industry
5-MINUTE READ
June 27, 2024
In brief
- Our research identifies the factors diminishing organizational competitiveness and offers solutions to drive progress in R&D.
- Strategic integration of intelligent technologies in R&D processes boosts clinical success rates, and enhances enterprise value.
- AI-driven R&D significantly reduces drug discovery times, and costs associated with bringing new therapies to market.
R&D’s opportunity to reinvent
The biopharmaceutical industry is at a pivotal juncture. Companies using intelligent technologies like AI and machine learning to create life-changing treatments are positioning themselves as pioneers. These advancements are not just enhancing existing processes but are creating new pathways for drug discovery and development. By integrating these technologies, companies can significantly reduce the time and cost associated with bringing new therapies to market, while also increasing the accuracy and efficacy of their research.
The findings from our report highlight that companies outperforming their peers in terms of relative cycle times and probability of technical and regulatory success (PTRS) rates generally experienced larger growth in enterprise values. However, these improved success rates and cycle times are no longer sufficient to generate future commercial value.
Creating value with intelligent tech in biopharma R&D
Building blocks to reinvent
This includes security, a modern data platform, and a commitment to responsible AI to streamline operations, and become nimble and move faster.
Implementation of a comprehensive change management program paired with an AI/digital talent strategy to upskill staff can drive innovation.
Continuous adoption of capabilities and technology plus investment in people, is crucial to maintaining a competitive advantage.
The question is whether companies are ready for this shift.
Accenture report "Reinventing R&D in the age of AI" shares insights into the immense potential that the biopharma industry holds.
The meticulous research and findings provide a deep dive into R&D opportunities available to companies that can lead them to achieve new competitive heights.
Explore ways to reinvent your R&D business by reading our full report.