Adding Value in Pharma Through Data & AI Transformation

WebinarFebruary 2024

To stay ahead of competitors in a data-driven world, you need to continuously overhaul your processes and technologies. A data and AI transformation program is needed, but often there are so many stakeholders and so many possible paths that many organizations don't know where to begin.

In this session three pharmaceutical executives, with experience as Chief Data Officers and strategic consultants, discuss techniques to improve your digital capabilities. You'll get practicable advice on implementing a data and AI transformation program, from determining the people who need to be involved, to improving processes and successfully adopting new tools.

Key Takeaways:

Learn how to implement a data and AI transformation program.
Learn about common mistakes companies make when transforming their businesses - and how to avoid them.
Learn where pharmaceutical and life science businesses can gain the biggest benefits from data and AI transformation.

Additional Resources:

Summary

In the pharmaceutical sector, data and AI transformation initiatives are vital for staying competitive. Industry specialists, including Tracy Ring from Accenture, Christian Bourne-Durhouse from Durhouse Consulting, and Gabriel Eichler from Oak Health Partners, highlighted the strategic importance of AI in enhancing commercial research, development, and supply chain procedures. They underscored the significance of a well-outlined strategy that aligns with wider enterprise objectives, and the necessity for data comprehension across organizations. The conversation also touched on the hurdles of expanding AI initiatives, the subtleties of regulatory compliance, and the potential of synthetic data. Success experiences from firms like Novartis demonstrated the transformative effect of utilizing AI to unlock business value while managing complex regulatory requirements.

Key Takeaways:

AI and data changes should be in line with enterprise strategies for maximum effect.
Successful transformation initiatives often focus more on individuals and procedures than on technology.
Data understanding and AI knowledge across organizations are vital for effective transformation.
Regulatory compliance, especially the European AI Act, presents significant challenges for AI deployment.
Synthetic data can be an effective tool in addressing regulatory challenges and enhancing AI capabilities.

Deep Dives

Strategic Alignment with Enterprise Goals

Tracy Ring from Accenture stresses that any data and AI transformation initiative must start with a transparent strategy that is closely related to the wider objectiv ...
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es of the enterprise. This multi-dimensional method involves talent, technology, and process reinvention, ensuring that AI initiatives are not seen as isolated technology projects but are integrated into the business's core objectives. "We're building muscles and the technological infrastructure to support transformation," she notes. This strategic alignment ensures that AI efforts are sustainable and can deliver long-term value.

People and Processes Over Technology

Christian Bourne-Durhouse and Gabriel Eichler highlight that while technology is a critical component of transformation, the real challenges often lie in people and processes. Bourne-Durhouse mentions that transformation initiatives should not be viewed purely as technology initiatives but require significant changes in business processes and culture. Eichler adds that "radiologists who use AI will replace those who don't," highlighting the importance of integrating AI into existing workflows rather than replacing human roles. This method not only enhances efficiency but also ensures that AI adoption is smooth and sustainable.

Regulatory Challenges and Compliance

The pharmaceutical industry's stringent regulatory environment presents unique challenges for AI deployment. Eichler discusses the complexities of regulatory compliance, particularly with the upcoming European AI Act, which will require extensive documentation and transparency for AI systems. The Act's global implications mean that companies must prepare to meet these standards, or face significant fines. As Christian Bourne-Durhouse notes, "Pharma needs to have capabilities themselves, not only rely on partners," emphasizing the need for organizations to build in-house expertise in managing these regulatory requirements.

The Role of Synthetic Data

Synthetic data is emerging as a critical tool in overcoming regulatory hurdles and expanding AI capabilities. Tracy Ring highlights its importance, especially in areas with limited data availability, such as rare diseases. By creating non-human copies of data, synthetic data allows organizations to test and validate AI models without violating privacy regulations. This method not only aids in compliance but also accelerates innovation by providing a safe environment for experimentation. As Eichler notes, the use of synthetic data "can be a powerful alternative to having the actual data," offering a way to utilize AI's full potential while adhering to regulatory requirements.