Realizing the value of artificial intelligence in life sciences

Transformative AI in action

In R&D, AI is reshaping the landscape. By streamlining drug identification and accelerating development processes, AI not only can help cut costs but also boosts revenue by hastening market entry. This area alone account for 30-40% of the potential value, showcasing the important role could play in the industry’s artificial intelligence journey.

Following closely is the commercial sector, which could capture 25-35% of artificial intelligence’s total value. Here, AI refines marketing strategies and enhances script utilization, optimizing expenses and improving service delivery to drive revenue growth.

Manufacturing, supply chains supported by enabling functions like IT, HR, and Finance, primarily benefit though operational efficiencies and cost reductions. These areas are important for foundational cost savings and sustainable AI integration. We estimate a 5-year timeline for an enterprise to capture peak value from use of AI. The value accretion schedule also differs by functional area due to each area’s inherent characteristics.

Can GenAI in pharma and life sciences live up to its predicted value potential?

Anecdotal success stories and endless media attention have generated hype around the utility of GenAI. Deloitte has spent the last year not only thinking critically about the value of GenAI, but also implementing the technology, driving its adoption, and monitoring its value. This includes scaling dozens of AI and GenAI use cases for our life sciences clients and launching our own GenAI platform for our internal colleagues.

Our experience suggests that there is realizable value from GenAI. But it’s critical for companies to separate hype from reality to best understand the true impact GenAI could deliver.

What are the GenAI ‘no regret bets?’

Initiating GenAI projects with ‘no regret bets’ offers organizations a prudent path to harnessing AI’s potential swiftly and effectively. Actions like automating scientific literature summarization and optimizing contract performance can deliver immediate benefits and pave the way for broader, strategic integration.

Download our report to explore the potential value for key ‘no regret bets’ across R&D, supply chain and manufacturing, commercial, and enabling areas.

The time to act is now

The life sciences industry is at an inflection point—and harnessing AI and GenAI as a catalyst for transformation is vital. Winning tomorrow requires organizations to take the right steps toward embracing this technology today.

Here are top 5 actions that you could take in order to initiate momentum on your AI and GenAI value journey:

1. Establish a leadership mandate: Empower a leader(s) with a mandate to won and drive an enterprise AI + GenAI agenda
2. Align on a strategic blueprint: Prioritize 2-3 strategic opportunity areas to serve as enterprise north stars
3. Identify no regret bets: Activate business united and IT/Digital to identify initial  "no regret bets" that align to priority areas
4. Create minimum viable governance: Establish a governance function that can manage AI + GenAI risks, investments, ethical use, and progress while encouraging innovation
5. Launch pilot solutions: Deliver solutions that can demonstrate tangible value and prove out adoption

Successfully driving large-scale AI transformation programs requires organizational evolution. If you’d like to learn more about how you can tap value from GenAI in pharma and the life sciences industry, let’s set up a conversation.

Get in touch