AI-enabled business intelligence

AI-enabled business intelligence: an insurance policy for the life sciences sector

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. 


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