Higher research and development costs are driving a need for pharmaceutical companies to leverage AI to optimize the drug discovery process––and some companies are doing so better than others.
That’s according to Frost & Sullivan’s report, Frost Radar: Artificial Intelligence for Drug Discovery in the Pharmaceutical Industry, 2020, which named some of the top companies demonstrating growth and innovation in this field.
Frost & Sullivan found a need to lower research and development costs for drug discovery and that AI is stepping in to help. Pharma companies are facing more challenges when it comes to drug discovery, including declining success rates with new molecules and a shrinking rate of return––16% in 2011 to 11% in 2018.
By reducing the time of drug discovery, improving productivity and helping pharmaceutical companies address research and development challenges, AI is driving huge growth in the drug discovery market, including helping find a vaccine and treatment for COVID-19.
Here are the top 16 companies identified by Frost & Sullivan:
- AcuraStem Inc.
- AI Therapeutics
- Atomwise
- BenevolentAI
- BERG
- Biovista Inc.
- Cotinga Pharmaceuticals Inc.
- Evaxion Biotech
- Exscientia Ltd.
- Gritstone Oncology Inc.
- Healx Ltd
- Insilico Medicine
- Lantern Pharma Inc.
- Pharnext
- Recursion Pharmaceuticals
- TwoXAR
Frost & Sullivan vetted the companies based on: in-house AI products and capability; ability to deliver solutions and ongoing partnerships and collaborations; active pipeline of compounds and participation in clinical development; publication, patent portfolio and thought leadership; leadership team and market performance.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."