AI can speed up the procedures of gathering and accessing information, cutting medication development time in half and keeping the cost of new medicines in check. This is becoming increasingly important as the cost of identifying and developing medications rises. How much does it cost to produce a new drug? According to a 2020 study, the typical research and development expenditure for a new therapy was $985 million. The high trial failure rate contributed significantly to this expense.

While there is nearly universal agreement that artificial intelligence offers the promise of revolutionary benefits, recent survey findings from Gartner reveal almost 60 percent of organizations surveyed have yet to take advantage of the benefits of AI. Perhaps even more surprisingly, only a little more than 10 percent of surveyed businesses have deployed or implemented any AI solution at all. Based on the survey, there appears to be a gap between AI's promise and the ability for an enterprise to implement it. A further confirmation of that point is the finding that close to half of the surveyed organizations state they prefer to buy pre-packaged AI solutions or use AI capabilities already embedded in their applications. This shouldn't be a surprise as end-user organizations are looking to use AI to help better solve business problems.