Biotech, pharma, and VCs invest in new technologies to drive future growth

A feature analyzing the recent investment activity in digital technologies and AI.

As healthcare systems undergo a digital transformation, the biopharma industry has begun to harness the power of new technologies such as artificial intelligence (AI) and digital tools, to improve research and development (R&D) and processes, and enhance stakeholder engagement to drive product adoption and revenue generation. Market researchers forecast that the pharma industry will spend up to $4.5 billion investing in the digital transformation of pharmaceutical manufacturing facilities by 2030 and spending on AI alone could exceed $3 billion by 2025 as companies use this technology to personalize treatment, facilitate data handling and analytics to generate actionable insights and drive outcome-based care.

According to Deloitte, some digital technologies such as the cloud (49%), AI (38%), data lakes (33%), and wearables (33%) have been widely adopted by the industry in day-to-day operations whereas others such as quantum computing and digital twins have yet to gain traction. Increasingly, biopharma views digital innovation as a competitive differentiator and it has the potential to transform activities across the whole of the biopharma supply chain to deliver patient-centered and seamless drug development and commercialization.