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article imageNew group to explore AI benefits for discovering new medicines

By Tim Sandle     Sep 13, 2018 in Science
Artificial intelligence has great potential for the development of new medicines, from screening molecules to develop new drugs to pinpointing process efficiencies. A new group aims to explore these potentials more fully.
According to a review undertaken by Insilico Medicine, pharmaceutical research and development efficiency has declined in recent years, as measured by clinical trial failure rates for new drug development show.
Insilico Medicine is an artificial intelligence company located at the Emerging Technology Centers at the Johns Hopkins University Montgomery County campus in Rockville. The company develops drug discovery programs in areas like cancer and dermatological diseases. This year, Frost & Sullivan recognized Insilico Medicine with the 2018 North American Technology Innovation Award.
Attempting to bring new drugs to market represents over 90 percent of pharmaceutical costs. I real terms, this means the costs involved in taking a new small molecule concept to a medicine on the market are over $2.5 billion.
The review goes on to state that advances in artificial intelligence for research and development presents the potential to lower development costs. It is estimate there are in excess of 100 startup companies that are utilizing artificial intelligence to produce biomedical products, with the new entrants appearing since 2014. This trend is leading to investment in machine learning within larger, more established pharmaceutical firms.
According to Brandon Allgood, CTO and Founder of Numerate Inc.: “We are on the cusp of major breakthroughs in the application of machine learning, computational science, and artificial intelligence, which carry the potential to dramatically improve the quality and affordability of healthcare globally.”
Allgood is one of the founders of a new industry effort to promote healthcare artificial intelligence. The newly formed body is called the Alliance for Artificial Intelligence in Healthcare. The inaugural meeting of the group took place at the Boston Biotech Week during September 2018. The group officially launches in January 2019, at the JP Morgan Healthcare Conference in San Francisco.
Alliance for Artificial Intelligence in Healthcare aims to become the industry advocate, helping to develop public policy, shape regulation, and promote market access for medicines developed by the artificial intelligence. Areas covered by the new organization include biomedical discovery, clinical research, and personalized medicines.
More about Medicine, Healthcare, Artificial intelligence, drug discovery