AI-enabled business intelligence

An insurance policy for the life sciences sector

Mitigating risk in the R&D lifecycle

With over 450 000 clinical trials currently in process, the volume of data in play is far too large for error-free human monitoring. In a sector that shifts at a phenomenal rate, without the correct business, competitor and innovation intelligence solution, life science organizations open themselves up to significant risk in a number of critical areas.

Patent thickets, research waste, sunk costs, IP risk, dead ends, trial redundancy, reputational and financial risk, as well as the risk of unnecessarily compromising the health of duplicative trial participants are all immediate dangers without a clear, moment-to-moment view of emerging data within the field.

To avoid throwing precious resources at a dead-end and to retain ethical fidelity, many life sciences organizations are investing in AI-enabled business intelligence solutions as a type of insurance policy to help mitigate these risks. 

Here’s why the right AI-enabled business intelligence solution is critical for R&D teams in the life sciences sector, protecting both organizations and patients from major risk.  

The Ethics of duplicative trials

A 2021 cross-sectional study of clinical trials in mainland China evaluating statins in patients with coronary artery disease investigated the effects of redundant trials on patients. The study revealed that, among 2577 eligible trials conducted, 79.4% of them were considered redundant. In these redundant trials, over 100 000 patients were treated in control groups without statins, resulting in an extra 3000 Major Adverse Cardiovascular Events (MACEs), and nearly 600 deaths.

Avoiding redundancy in clinical trials is a question of ethics, and while most pharmaceutical R&D organizations make sincere efforts to get this right, sufficient monitoring of all ongoing trials is next to impossible without the assistance of an AI-enabled business intelligence solution.

Staying ahead when competition is fierce

Setting up and executing a clinical trial is enormously resource- and time-intensive, and R&D teams face a constant threat of being beaten to the punch by a competitor muscling in on their targets. To mitigate these risks, extensive, granular competitive intelligence is crucial. With an AI-enabled BI solution, researchers have access to moment-to-moment updates on all news, publications, press releases and other relevant information to help them keep tabs on competitor activity, identify viable opportunities before others do, identify threats and risks before they become a problem, and forecast expenses more accurately for better planning and budgeting.

Avoiding IP risk

AI-enabled business intelligence solutions provide insurance against IP risk by providing a comprehensive view of existing patents and prior art findings – a mammoth and high-stakes task with traditional manual search methods alone.

By expediting the FTO analysis and allowing for comprehensive proactive data monitoring, AI-enabled business intelligence solutions keep R&D organizations ahead of both existing and emerging IP risks.

Mitigate risk with the right BI solution

In order to mitigate risk in every step of the R&D process, life sciences organizations need to invest in a comprehensive BI solution for competitor, innovation and business intelligence. An AI-enabled BI solution like Similari allows you to monitor millions of existing and emerging data points in your chosen arena, delivering critical insights which will help you protect your operation from dire financial, innovation and reputational risk, while streamlining your research processes and offloading up to 80% of manual data monitoring time. 

Get in touch with our team today to find out how Similari stands as the insurance you need against redundancy, dead ends, sunk costs, IP risks and more. 

 

What is insight management software, and why is it important to the life sciences sector?

You don’t know what you don’t know 

The life sciences IP and patent landscape shifts constantly and rapidly, and to keep up, research teams have historically dedicated enormous amounts of time and valuable resources to manually monitoring emerging developments in the field. The stakes are high – missing a patent thicket, failing to identify potential research duplication or losing track of competitor activity can render costly trials and R&D efforts instantly redundant, no matter how far along they are, or how much money has been sunk into them to date. 

To mitigate these risks, and to help apprehend the staggering amount of data emerging every day in their arenas of enquiry, researchers are turning to AI-enabled insight management software to augment their research efforts. 

Here’s why the right insight management software is mission-critical in the life sciences sector.

What is insight management software?

AI-enabled insight management software is able to monitor millions of disparate data points, many of which are invisible to traditional search engines, moment-to-moment, as the data emerges. Where traditional search analytics platforms leave it to the researcher to curate results, decide what is and isn’t relevant, and manage multiple disparate data sources, insights management software does this heavy lifting for you, extracting and interpreting data to deliver actionable insights.

In short, where traditional search methods favor the broad view, insight management software goes deep, learning from the user over time and adapting to suit their needs. 

With the right insights management platform, research-related processes which historically take weeks or months are now completed in minutes and seconds.

What problems do insight management software platforms solve?

AI-enabled insights management software platforms address a number of key challenges in the life sciences arena.

Big data is only getting bigger

By 2025, the amount of data created, captured, copied and consumed globally is forecast to reach 180 zettabytes. A zettabyte is equal to one trillion gigabytes.

The life sciences sector is responsible for a good portion of that data. Quite simply, the sheer volume of data life sciences researchers need to monitor is far too big for human researchers to apprehend without AI assistance.

Finding the gap

According to Deloitte, 91% of life sciences organizations plan to invest heavily in R&D in 2023, which means the sector is set to experience a significant amount of movement in the near future. The search for true white spaces in the midst of a flurry of R&D activity is a top challenge for researchers. By analyzing trial data, patents, publications, press releases and other emerging data in real-time, insight management software can equip R&D teams with the information they need to make informed strategic decisions around viable targets and resource allocation.

Relieving the skills shortage

Talent availability is currently not keeping pace with growth in the life sciences industry. According to recent research by Randstad, it takes an average of 105 days to fill a position in the US life sciences industry, with only 12 available candidates for every open position. A shortage of data talent in particular is hitting the sector hard. Through the efficiencies insight management software delivers, researchers are freed up to apply their time and skills to more important areas of focus, and fewer data experts are required to cover data monitoring requirements. 

Reap the benefits of AI-enabled insights management with Similari

With a powerful AI-enabled insights management platform like Similari, you can offload up to 80% of your data monitoring time, while gaining access to the competitor and IP intelligence you need to drive effective strategic planning and maximize research performance. 

Similari not only monitors millions of emerging and dynamic data points in the arena of your choice, it also analyzes and presents them to you as actionable insights in seconds via the intuitive Similari dashboard.

Find out how Similari can drastically augment your research and competitor intelligence capabilities by booking a free demo with our team today. We’ll take you through the platform and show you just how much value it can add to your day-to-day operations.

 

The 2023 Global Life Sciences Outlook

Shaping the terrain of the life sciences field

Deloitte’s recently released 2023 Global Life Sciences Outlook highlights some top trends expected to shape the life sciences industry this year. In this article, we’ll take a look at three key takeaways from the report, and how they’re expected to impact the terrain of the life sciences field in the immediate future.

R&D is firmly on the agenda

According to Deloitte’s recent survey of C-suite executives in the life sciences industry, research and development is top of the agenda this year. 

95% of respondents indicated that their organizations would be focusing on the development of innovative products, with 91% planning to invest heavily in R&D innovation and 87% indicating that they will be investing in digital innovation.

This focus can be understood as a response to the increasing pressures to deliver sustainable ROI amidst financial challenges and significant shifts in the market, reimbursement practices and regulation. 

AI is playing an increasing role in drug development 

AI is being deployed into drug development processes to expedite target searches, delivering new candidate medicines in months, not years. The report predicts that AI’s ability to monitor, mine and analyze vast tracts of data too big to be handled by human researchers is going to transform R&D at every level.

Already, researchers are using AI rapidly identify new compounds for development, and analyze data from patient monitoring, previous trial results and patient histories to drastically reduce R&D time and time to market. It is also being used to collect and interpret increasingly important RWE data and reduce research waste and duplication by identifying innovation white spaces. 

Deloitte projects that AI will be used to reshape clinical trials. Phase 3 trials came in at an average of 3.5 years in 2022. AI-enabled “intelligent trials” have the potential to drastically improve trial and regulatory evaluation times by analyzing more data, more quickly, while minimizing the risk of human error. Deloitte predicts that, by 2030, life sciences organizations in collaboration with the academic community will be using AI-controlled simulations for drug discovery much more, leading to cheaper drug discovery processes, more affordable studies, and better quality medicines. 

Digital transformation is picking up steam

Historically, the life sciences sector has lagged when it comes to digital transformation. But the COVID-19 pandemic changed that, forcing organizations to digitize their operations almost overnight. 

49% of surveyed biopharma professionals reported using Cloud AI daily, with a third reporting daily use of AI in their work. 

Many life sciences companies are using Software as a Service (SaaS) platforms to optimize important operations, such as tracking clinical trial participants and data monitoring. Analytics and insight management software is being leveraged to optimize resource allocation and improve decision-making during the R&D phase.

That said, research shows only 20% of biopharma companies are “digitally maturing”, according to Deloitte, indicating a long road ahead, and a need for digital transformation to shift to top priority if life sciences companies hope to remain competitive and included in the sector’s new wave of advancement.

Everything, everywhere, as it emerges

It’s an evolving and dynamic moment for the reinvigorated life sciences sector. Competition is fierce, and innovation is unfolding at an astonishing rate. To remain competitive, life sciences organizations are looking for every opportunity to capture value in their drug development pipelines. One way they can achieve this is through better insight management.

With an insights management platform like Similari, R&D teams can augment their innovation capabilities like never before. By monitoring millions of deep data points as they emerge, Similari is able to equip human researchers with a comprehensive, moment-to-moment picture of the field, including all the latest data from publications, press releases, clinical trials and more, allowing them to forecast and plan more accurately, and giving them access to data invisible to traditional search methods. 

With the actional insights Similari extracts, R&D teams are equipped to make better decisions around resource allocation, trial design, and viable target identification, while avoiding duplication, trial waste and patent thickets.

Find out how Similari can help you transform your R&D processes and offload 80% of your manual data monitoring time by booking a quick demo with our team today.