According to Markets and Markets, the AI in drug discovery market is projected to grow at a CAGR of 40.8% in the coming years. This growth is driven by the need to connect and analyze new data sets, control drug development and discovery costs, reduce the overall development cycle, address the high failure rates, manage the impending patent expiration of many blockbuster drugs and exploit the growing number of cross-industry collaborations.
To tap into this need, we are partnering with Informa Pharma Intelligence, the global business intelligence provider for the biopharma industry, to create a joint offering that helps life sciences companies to identify new opportunities, mitigate investment risks and accelerate the drug development process. The combined solution leverages Skai’s AI-engines with Informa Pharma Intelligence’s industry leading R&D and commercial intelligence services to provide customers with timely, relevant and complete insights.
“The ability of AI to fuel drug development for complex conditions and rare diseases and drive commercial success makes platforms like Skai critical for managing business lifecycle decisions,” said Ramsey Hashem, Chief Commercial Officer, Informa Pharma Intelligence. “Due to the high cost and long development cycles, creating new drugs of any kind is a long and expensive process filled with uncertainty. It’s essential that stakeholders have access to timely, accurate and relevant novel insights in order to not just mitigate risk but also significantly reduce costs and time-to-market. While Informa Pharma Intelligence is able to provide the high quality of information needed to make these decisions, Skai will help harmonize our data in order to provide users with a truly advanced analytics solution.”
Advanced Analytics Powered-Apps Accelerate Drug Discovery
Informa Pharma Intelligence powers a full suite of analysis products to deliver the data needed by the pharmaceutical and biomedical industry to make decisions and create real-world opportunities for growth. They will utilize their best-in-class content and Skai’s powerful deep learning technology approach to launch three new Apps focused on supporting earlier stage evaluation and prioritization. The Apps created will provide life sciences companies with a 360-degree market view, configured with smart contextual engines to drive actionable business decisions.
Target Prioritization App
Using Pharma Intelligence databases such as Pharmaprojects, Trialtrove and Biomedtracker as well as public forums, the App will evaluate molecular development by stage, therapeutic potential and the competitive landscape. In turn, users will have access to a comprehensive library of insights that evaluate the commercial success and risk factors of an asset.
Target Prioritization App: Evaluate the commercial success and risk factors of an asset
Modality Innovation App
Utilizing a harmonized and comprehensive combination of public sources and Pharma Intelligence’s leading databases, this App provides an analysis from the perspective of the individual modality and provides a maturity score. In turn, users can establish which modalities should be prioritized when investigating trending technology solutions.
Modality Innovation App: Assess the potential success of a technology
Competitive Benchmarking App
Key insights are derived here around how organizations benchmark against one another relative to drugs, trials, events, patents and more. In turn, users can gain an overview of competitor’s medical condition pipeline, which target molecules, and what modalities they are working on.
Competitive Benchmarking App: Benchmark your company against your competitors
Ability to Connect and Harmonize Vast Data Sets Means Faster Time to Insight
Skai is a configurable advanced analytics platform that extracts context from uncorrelated external data sources to uncover trends and predictive insights. For the pharmaceutical industry, Skai’s data lake connects voice of the patient, drug information, business developments and sources related to innovation – research papers, grants, clinical trials, patents, conferences, and more to provide a holistic view of the life sciences landscape.
“Connecting such a vast array of external data sources and extracting meaningful and actionable insights is a significant engineering feat,” said Chris Venezia, Chief Revenue Officer. “Our capabilities in this area and the fact that we allow our customers to configure the platform to meet their needs, means solution providers like Informa Pharma Intelligence can deliver tailor-made solutions to the market that combine their intelligence capabilities with next generation AI in a way that is meaningful to a specific customer. Together we are answering the demand that is coming from drug manufacturers and biotech firms looking for ways to cut market research costs, increase effectiveness and ultimately drive business growth with minimal risk.”
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*This blog post originally appeared on Signals-Analytics.com. Kenshoo acquired Signals-Analytics in December 2020. Read the press release.
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