50 per cent of European and US pharmaceutical manufacturing companies believe AI can help bring new drugs to market more rapidly and securely, according to new research.

But 96 per cent of pharmaceuticals face challenges using technology to derive value from their data, a report from Aspen Technology has found.

The study surveyed 300 pharmaceutical executives in the UK, US, Germany, France, Spain, and Sweden.

Nearly half of all respondents said their company has no overarching strategy for AI, while almost a third said they lack consistent data structures that make implementation easier or have high levels of unstructured data that are more complex to handle.

43 per cent of those surveyed think that if companies in their industry fail to learn the lessons of AI and ML adoption from other sectors, they will be in severe financial trouble within two years.

“Our research shows pharma companies need to act now to tackle their data challenges and implement AI,” said David Leitham, senior vice president and general manager pharma, AspenTech. “Advances in AI will relieve the growing pressures on them, built on the ability to break down the barriers between systems and types of data within production processes and supply chains. Organisations must reimagine their digital culture and think more holistically about what data will add across all aspects of drug manufacture.”

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