Artificial intelligence (AI) has transformed the life sciences industry in ways that we could never have imagined. Recognising the potential benefits, industry leaders across the world have increased investment in AI, with the global AI healthcare market expected to grow from US$4.9 billion in 2020 to US$45.2 billion by 2026. The COVID-19 pandemic has further intensified focus on the application of AI across the entire value chain. While companies from all industries adapted to the "new normal" of daily remote collaboration and AI technologies, life science companies also leaned more heavily into the use of AI in their mainstay work of drug and medicine development and marketing. The development and bringing to market of COVID-19 vaccines in less than a year is testament to the power of AI, as well as the remarkable collaboration of industry stakeholders. Post-pandemic, there is no doubt that the industry is primed to harness new ways of working with new technologies.

Deloitte today announced the launch of its ConvergeHEALTH CognitiveSpark for Marketing artificial intelligence (AI) precision engagement solution, a module of the CognitiveSpark suite. CognitiveSpark for Marketing harnesses the power of AI to boost digital marketing return on investment (ROI) for life sciences companies, helping marketers make AI-powered decisions at scale and with speed. CognitiveSpark for Marketing harnesses the power of AI to boost digital marketing ROI for life sciences companies. A recent Deloitte survey of biopharma executives found that digital innovation is now a burning priority, with 77% of those surveyed saying their organization considers "digital innovation as a competitive differentiator." And in the same survey, 86% of commercial leaders pointed to "health care provider (HCP)/patient engagement as the top use case likely to be impacted by digital innovation."

Key quote "The life sciences industry has only begun to scratch the surface of AI's potential but the good news is biopharma and life sciences leaders see the potential and are willing to make the investments necessary to realize what's possible. They should be cautious, though, and carefully plan and strategize so those investments are used wisely and result in the desired outcomes. By spending time on a solid strategy, putting the building blocks in place for success and leveraging relationships with relevant partners, AI can help transform the life sciences industry as we know it and get the necessary products to market more quickly." Why this matters From R&D to manufacturing, supply chain to commercial functions, AI is beginning to have an impact on increasing efficiencies across the biopharma value chain, especially as a result of the COVID-19 pandemic. In addition, increased remote work environments helped life sciences leaders realize how effective digital solutions can be in helping their businesses run smoothly, transforming mindsets and enabling executives to lean into a future grounded in digitization, data and AI.