Application of Artificial Intelligence in Drug R&D

The drug R&D process is lengthy and expensive. The average cost of drug development is 2.6 billion USD and typically takes 10- 12 years, and can be broadly divided into four major stages:

  1. Target selection and validation.
  2. Compound screening and lead optimization.
  3. Preclinical studies.
  4. Clinical trials. 

Majority of pharmaceutical companies face challenges in their drug development programs because of increased costs and reduced effectiveness of their research laboratories. Many discovery efforts go down the drain because 9 out of 10 candidate therapies fail between phase I trials and commercial/regulatory approval.

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Blockchain Technology in the Biotech & Pharma

The application of blockchain technology in the biotech and pharma industry can increase collaboration, trust, traceability, and auditability in clinical trials by improving the processes’ consistency. Using a “network of networks” (blockchains vs. blockchain) could allow distinct sectors like life-science to use a single, interdependent system. Due to early promise, many companies started to assess the potential uses of blockchain technologies to help with counterfeit drugs, licensing, and technical knowledge sharing. However, the implementation of blockchain technologies in the life science sector is still in its infancy.

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