During an appearance on CNBC's 'Mad Money,' AstraZeneca CEO Pascal Soriot discussed how artificial intelligence is revolutionizing the pharmaceutical industry by enabling faster and smarter drug development. He emphasized that AI is already being utilized in various stages of drug discovery, from identifying new targets to optimizing drug design and minimizing potential side effects.
Soriot pointed out that through a partnership with Tempus AI, AstraZeneca is leveraging AI models to analyze clinical and laboratory data, which aids in predicting the success probabilities of Phase 3 trials.
He noted that the financial implications are substantial, as the company invests between $300 million and $500 million on a single trial, and increasing the likelihood of success could lead to significant productivity gains. This insight comes at a time when investors are scrutinizing the returns on substantial investments in AI across the healthcare sector