Jul 19, 2021

Aspen Technology: Could AI Bring Drugs to Market Quicker?

AI
pharmaceutical
Technology
Manufacturing
Aspen Technology reveals that 50% of European and US pharmaceuticals manufacturers believe AI will help bring new drugs to market quicker 

Commissioned by Aspen Technology, the global leader in asset optimisation software surveyed 300 pharmaceutical industry decision makers in the UK, US, Germany, France, Spain, and Sweden. 

“Our research shows pharma companies need to act now to tackle their data challenges and implement AI,” said David Leitham, Senior Vice President and General Manager Pharma, AspenTech. 

“Advances in AI will relieve the growing pressures on them, built on the ability to break down the barriers between systems and types of data within production processes and supply chains. Organisations must reimagine their digital culture and think more holistically about what data will add across all aspects of drug manufacture.”

Key Findings From the Survey

  • 50% of European and US pharmaceutical manufacturing companies believe AI will help bring new drugs to market, rapidly and securely
  • 96% face challenges when using leading-edge technology to gain value from their data
  • 49% of executives surveyed stated that their company has no overarching strategy for AI 
  • 31% lack consistent data structures to make implementation easier, or have high levels of unstructured data
  • 43% believe that if companies fail to learn lessons from AI and ML adoption from other sectors, will be in severe financial trouble in two years 
  • 30% of executives report their companies struggle with data that is held in separate, siloed systems
  • 28% suffer from a lack of digital skills or a risk-averse culture that doesn’t foster innovation (even the more advanced, data-driven companies have a problem with risk-averse culture (43%)

“There is no shortage of smarter, better ways for pharma companies to use technology. Best of all, these solutions are available now, they are being adopted, and they are helping companies get ahead,” added Leitham.

Who is Aspen Technology?

Founded in 1981, Aspen Technology is embedded in the world of artificial intelligence (AI) throughout industrial manufacturing. Its leading edge software helps  those in oil and gas, chemical, and engineering achieve their safety, sustainability and operational performance goals. 

“We are accelerating the digital transformation of industry by optimising assets to run safer, greener, longer and faster” - Aspen Technology.

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