Technology and innovation have significantly impacted the pharmaceutical industry, particularly in the utilization of artificial intelligence (AI) to transform the process of drug development. At the 2024 BIO CEO & Investor Conference in New York, esteemed industry leaders highlighted the crucial role of AI in the advancement of therapies and the enhancement of existing treatment options.
Abe Heifets, CEO of Atomwise, emphasized the value of AI in biopharma lies in its ability to drive the development of groundbreaking therapies. Liz Schwarzbach, chief business officer of BigHat Biosciences, emphasized AI’s role as a toolkit to expand the industry’s capabilities, providing new avenues for innovation and improvement.
Similarly, Zachary Carpenter, CEO of VantAI, described AI as an enabler that extends the industry’s capabilities, as evidenced by VantAI’s recent drug discovery deal with BMS worth $674 million. This showcases the growing importance of AI in pharmaceutical research and development.
While the speed of AI in bringing drugs to the clinic is impressive, Heifets raised an important question about the meaningful differentiation of investigational drugs during clinical trials – a challenge that Atomwise is addressing through its proprietary AI technology.
The conference also highlighted the concept of “techbio” companies, emphasizing the critical role of technology in propelling drug discovery. Petrina Kamya, VP and global head of AI platforms at Insilico Medicine, emphasized the value of robust data in enhancing the drug discovery process, underscoring the significance of a techbio structure, which leverages deep learning algorithms and generative AI to design novel targets and prioritize indications.
Zachary Carpenter further elaborated on the fundamental differences between techbios and biotechs, emphasizing the transformative nature of the former as a continuous loop of value creation. Unlike traditional biotechs, techbios are focused on maximizing the value of every byte of data, leading to more sustainable and impactful innovation in drug development.
In a post-panel discussion, Heifets reiterated the industry’s need to focus on continuous improvement rather than simply accelerating the drug development process. By embracing techbios, the pharmaceutical industry can unlock new opportunities for generating long-term value and delivering innovative treatments.
The strategic integration of AI and technology-first approaches is poised to reshape the landscape of pharma research and development, driving meaningful advancements in drug discovery and revolutionizing patient care. As the industry continues to evolve, embracing innovation and leveraging cutting-edge technologies will be paramount in driving the next wave of breakthrough therapies.
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