Pharmaceutical R&D efficiency has declined to a stall, as clinical trial failure rates for new drug IND’s top out over 90%, and the cost to bring one new small molecule drug to market now exceeds $2.5 billion. In parallel, healthcare costs in developed countries are steadily increasing as a result of rapidly aging populations and multiple inefficiencies in the healthcare system.
Recent advances in artificial intelligence research and development hold the potential to resolve these ominous trends. As a sign of the growing interest in AI based healthcare solutions, over 100 startup companies utilizing AI to develop biomedical products have emerged since 2014, with almost all existing large cap companies initiating AI development programs in order to keep up.
“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 and look forward to participation in AAIH as a mechanism to foster continued growth,” says Brandon Allgood, CTO and Founder of Numerate Inc.
To accelerate the adoption of AI in healthcare, improve transparency and promote collaboration, leading members of the AI community have come together to collaborate and establish the Alliance for Artificial Intelligence in Healthcare (AAIH), an industry-wide research collaboration platform. The founding members of the Alliance for Artificial Intelligence in Healthcare (AAIH) met on September 6th during Boston Biotech Week (Boston, MA), and are meeting on September 13th during the Basel Life Congress (Basel, Switzerland) to finalize plans for the activities for the first 12 months of AAIH operations. The potential of Artificial Intelligence to positively impact all aspects of healthcare has become an international discussion.
The membership of AAIH includes the following areas of AI infrastructure and applications in healthcare: Biomedical discovery, Clinical Research, Diagnostics and Devices, and Precision Medicine. “It is the privilege of AAIH to unify and amplify the voice of companies and organizations from all sectors utilizing AI in healthcare,” said Annastasiah Mhaka from Adjuvant Partners.