Digital transformation made possible by artificial intelligence (AI) is impacting nearly every part of the value chain and is pushing the frontiers of patient care and treatment.
To provide a sense of scale, AI in healthcare was valued at $10.4 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 38.4% from 2022 to 2030.* Using AI for data analysis, information extraction, and decision-making is enabling early detection of diseases, more efficient clinical trials, the accuracy of diagnoses, improved treatments, and more. Companies that are considering adopting AI will need to assess critical factors such as the value that AI will provide, tools that would be required, training resources available, and overall company readiness. Hosting global meetings among stakeholders with the assistance of Creative Group can help your organization take the first step.
Another recent trend is that companies are creating new partnerships to fuel innovation. Collaborations between life sciences companies and academia, non-profits, and government entities for clinical studies, research, and big data offer big advantages such as pooling resources, materials, and expertise. A great example is how Boehringer Ingelheim recently made headlines as the first pharmaceutical company worldwide to join forces with Google in quantum computing. This partnership, formed in 2021, focuses on researching and implementing cutting-edge use cases for quantum computing in pharmaceutical R&D. Although creating collaborations can be complex, global group incentive travel through Creative Group can successfully drive behavior and reward individuals or teams with once-in-a-lifetime experiences for their contributions and commitment.
Ripple effects from the pandemic are still being felt. Ongoing shortages of products plus raw materials are impeding the manufacturing of everything from pharmaceuticals to medical devices. When shortages arise, providers compete against each other for limited supplies. These ongoing supply chain disruptions are challenging life sciences leaders to create more resilient supply chains with increased visibility among partners.