A Bain & Company survey signals a significant transformation in the pharmaceutical sector's engagement with generative artificial intelligence (AI), moving beyond experimentation to widespread implementation. The study discloses that 40% of pharmaceutical executives are now factoring anticipated savings into their 2024 budgets, while 60% have set specific targets for cost savings or productivity improvements. Furthermore, nearly 60% of industry leaders report progressing from ideation to actively building out use cases, with more than half expecting multiple proof-of-concept or minimum viable product builds by the close of 2023.
Generative AI, once primarily employed in drug discovery, is broadening its applications across the pharmaceutical value chain. Biomedical literature review and preclinical research remain leading use cases, with 60% of executives having proof of concept in development, and 10% already deploying tools. The survey underscores that 75% of pharmaceutical companies now prioritize generative AI at the C-suite and board levels. As organizations transition to scaling AI initiatives, strategic communication to investors becomes crucial. The recommended three-tiered approach involves establishing a strategic posture, fostering internal leadership, and building foundational support. The shift towards scalable generative AI signifies a pivotal moment for the pharmaceutical industry, emphasizing the need for preparedness to unlock the full potential of this transformative technology.
