Fox News Flash top headlines are here. Check out what's clicking on Foxnews.com. The life sciences industry is right to be optimistic about the potential of generative AI. Biotech startups are already testing AI-generated drugs in clinical trials with human patients. Researchers have estimated that AI-powered drug discovery could drive as much as $50 billion in economic value over the next decade.

Professionals knee-deep in drug discovery and development usually have a wealth of data at their fingertips. The question of how to make the most effective and efficient use of the available data is another matter entirely. Outsourcing-Pharma recently connected with Ajay Khanna, CEO and founder of Tellius, to discuss how advanced analytical tools like artificial intelligence (AI) can be put to work, to help make the best use possible of data. OSP: Could you please share the'elevator presentation' description of Tellius? AK: Tellius is an AI-powered analytics and decision intelligence platform that enables anyone, regardless of analytical skills, to quickly ask and answer'what', 'why', and'how'-type questions of their granular enterprise data in order to make better, faster decisions.

Today, the life sciences industry is at a critical inflection point. Its public profile has elevated due to its success at quickly developing vaccines to combat the COVID-19 pandemic. It has also built up a lot of trust. Despite the persistent issue of vaccine hesitancy, health -- including life sciences -- rose up in the rankings to become the second most trusted sector after technology, according to the 2021 Edelman Trust Barometer.[1] While the life sciences industry rightly has the approval and trust of its stakeholders -- including heath companies, insurers, clinicians and patients -- such approbation gives rise to an important challenge going forward.

The AI Council has published a "roadmap" of advice for government in respect of developing a UK state strategy for artificial intelligence (AI). Eye-catchingly, it advocates what it calls "moonshots" that "could tackle fundamental challenges such as creating'explainable AI' and developing smart materials for energy storage". The council is a non-statutory body chaired by Tabitha Goldstaub, consisting of 20 people from academia and industry, including Wendy Hall, professor of computer science at the University of Southampton, Marc Warner, the CEO of AI consultancy firm Faculty, and Adrian Smith, chief executive of The Alan Turing Institute. The council was launched in 2018, on the back of the government's response to a House of Lords AI report that recommended the UK pick ethics as a realistic niche in the related fields of artificial intelligence and machine learning. It was bolstered in 2019 with recruits from online retailer Ocado and the Independent Commission on Freedom of Information.

The COVID-19 pandemic has increased the focus on the use of artificial intelligence (AI) across the life sciences organization, from R&D to manufacturing, supply chain, and commercial functions. During the pandemic, company leadership and management realized that they could run many aspects of their business remotely and with digital solutions. This experience has transformed mindsets; leaders are more likely to lean into a future that lies in digital investments, data, and AI because of this experience. At present, the life sciences industry has only begun to scratch the surface of AI's potential, primarily applying it to automate existing processes. By melding AI with rigorous medical and scientific knowledge, companies can do even more to leverage this technology to transform processes and achieve a competitive edge. AI has the potential to identify and validate genetic targets for drug development, design novel compounds, expedite drug development, make supply chains smarter and more responsive, and help launch and market products. We will highlight a number of these use cases in this report.

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.

The life sciences industry can optimize data insights to improve pharmacovigilance processes using AI, ML, and Natural Language Processing. Clinical trials are necessary to bring new treatments to patients. Well-crafted trials are key to ensuring the safety of patients and the ultimate viability of new drugs. Contrary to what many might assume, the drug development cycle does not end once a product has been approved and brought to market. Life science organizations are constantly monitoring the efficacy and safety of a drug once it is being used by patients – this practice is commonly known in the life science industry as pharmacovigilance (PV).

Artificial intelligence (AI) is not new to the life sciences industry but its use in drug development is rapidly growing, as life sciences companies increasingly recognize the benefits of using AI at all stages of the drug development lifecycle. Artificial intelligence (AI) is not new to the life sciences industry but its use in drug development is rapidly growing, as life sciences companies increasingly recognize the benefits of using AI at all stages of the drug development lifecycle. In this complimentary webinar being held on 19 November, the members of our London life sciences team will help you understand what you need to know when using AI tools in drug development, in order to best protect your invention from an IP perspective, and avoid falling foul of EU and UK data protection laws. In a 45-minute long Q&A, our in-house scientists Marion Palmer and Rachel Gribben will discuss the way in which AI is currently being used by the life sciences industry. Imogen Ireland will answer questions on the intellectual property issues arising from using AI in the drug design phase to identify novel compounds for therapeutic uses, such as whether an AI-derived invention can be patented.

Montreal-based My Intelligent Machines (MIMS), which is developing a platform to help life sciences companies maximize their R&D and production activities, has closed a $2.6 million seed round. "MIMS will contribute to life sciences companies that are ready to welcome the artificial intelligence era." The round saw participation from Anges Québec, Anges Québec Capital, Consortium MedTeq, Desjardins Capital, Real Ventures, and StandUp Ventures. With this funding, MIMS intends to develop solutions that allow life scientists to stratify human, animal, and plant populations through artificial intelligence and big data, without needing expertise in data science or bioinformatics. "MIMS sets itself apart from other AI startups, because of our ability to leverage what we call'fat data' using AI, which is very difficult to do," said Sarah Jenna, co-founder and CEO of MIMS.

As the hard date for Brexit approaches, the U.K. government announced it would invest £100 million ($130 million) to attract 1,000 new Ph.D. placements at universities across the country focused on artificial intelligence development, including for the life sciences industry. During his visit to the World Economic Forum in Davos, Switzerland, the head of Her Majesty's Treasury, Chancellor of the Exchequer Philip Hammond, described the move as a way to help futureproof the U.K. economy going forward. The money is part of the country's Industrial Strategy and will fund research into technology for NHS hospitals, among other areas of the wider economy. According to the U.K. government, the country's digital sector has topped £130 billion and 2 million people, with the number of jobs growing at twice the rate of other segments. And, according to the Association for the British Pharmaceutical Industry, the U.K. serves as the third-largest life sciences R&D center, after the East and West coasts of the U.S. RELATED: Study says U.K. pipeline of advanced therapy research and products gaining strength "Today's investment will help our members get the talent they need to discover the treatments of the future," the ABPI's chief scientific officer, Carole Longson, said in a statement.