The life sciences industry is currently in the midst of a steep financial incline according to industry forecasters when looking at the progress AI Technology is making within the sector. Spending on AI amongst healthcare companies is predicted to jump from $2.1 billion to $36.1 billion by 2025 according to ReportLinker, with an annual growth compound of over 50%.
As the industry grows rapidly, AI is set to influence many factors in the life sciences industry from cutting down the time for research and development to providing many cost-effective benefits. Therefore, AI is predicted to be at the forefront of agendas for existing, and up-and-coming pharmaceutical, biotech and technological companies as they continue forward.
AI is no longer a futuristic concept; it’s being used and developed in the Healthcare industry. Experts no longer have to speculate with Artificial Intelligence, they are able to implement it and in biotech it has experienced many changes and developments.
Machine learning is set to be used to proactively prevent disease on subjects, rather than the current method of reacting to symptoms. The introduction of timely and personalised treatments is likely to increase survival rates and prevent the patient from future complications according to Medial EarlySign CEO Ori Geva.
Consumers will also have exclusive access to their own health bios more than ever before. This is currently seeing a small surge through products like FitBit and Woop straps which provide in-time data via ‘mobile electronic medical records’ and health wearables. As the technology progresses, Dr Gidi Stein of MedAware informs that ‘AI will facilitate turning this mountain of data into actionable health related insights’ which will empower respective patients to keep a track of their own health.
Other future uses could include genealogical predictive analytical technology, vast improvements to clinical trials for R&D and the propulsion of new therapies specifically targeted through clinical development.
AI expertise is hard to find
While AI is fast becoming a key element for many companies in the pharmaceutical industry, the sector is having a difficult time sourcing the right staff. A research article by Indeed informed that posts regarding AI related roles doubled since 2015, and searches including ‘machine learning’ increased by 182% on the platform.
The most challenging roles to fill include Computer Scientists, Algorithm Engineers, Principal Scientists, Computer Vision Engineers and Machine Learning Engineers. Of these occupations, over 40% remain unfilled after 60 days, with some rising to 64% still looking for candidates.
The demand for professionals in the market far exceeds the supply, which is an open invitation for someone who can match their technical brilliance with a commercial outlook – creativity, adaptability and interpersonal skills will be at the forefront of employers mind when looking to fill vacancies.
If you’re a professional looking for a new opportunity in life sciences or have any questions about the market, then please don’t hesitate to get in touch by emailing firstname.lastname@example.org or visiting our jobs page.