Biotech’s Secret to Surviving Economic Challenges? It’s All in the Data & AI

Contributed Commentary by Dr. Jia Chen, Medidata AI

Data has always been crucial in the life sciences industry, but in today’s fiercely competitive landscape, its significance has skyrocketed. Amidst dwindling funding and mounting market pressures, biopharmaceutical companies need to better harness the power of information to design and accelerate clinical trials and timelines. Success is measured by the tangible difference these therapies make in patients’ lives. However, while the average cost of developing a new drug has surged, hovering around $2.3 billion, the success rate for these drugs reaching patients is still only around 10.8%. Behind these statistics lie countless stories of patients waiting for life-saving treatments, hoping for a breakthrough that could alleviate their suffering.

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