Initial data from the CPHI Annual Report 2023, which provides insight from 250 global pharmaceutical companies, reveals that AI (artificial intelligence) is expected to transform every area of the industry, from drug discovery through to drug development, within the next 24-months.
Data predicted that in 2030, more than half of US Food and Drug Administration (FDA)-approved drugs will involve AI in their development and/or manufacturing. However, significantly, even before that, the report predicted that over 40 percent of drugs that were discovered by AI technology will FDA-approved within the next two to five years.
According to the report, while 62 percent of companies forecast that the first fully AI drug discovered and developed therapy will be approved by the FDA within the next five years, 20 percent thought this can be achieved within two years. Looking further ahead, by 2030, over half (52 percent) of new drugs approved will be discovered or developed using AI.
Poolbeg Pharma plc (LON:POLB) is a clinical stage infectious disease pharmaceutical company, with a novel capital light clinical model which enables us to develop multiple products faster and more cost effectively than the traditional biotech model.