EY Parthenon and BioAsia Report Unveils AI’s Transformative Role in Indian Pharma

The report highlights GenAI’s potential to revolutionize Indian pharma by enhancing drug discovery, R&D and supply chain efficiencies.

EY Parthenon, in collaboration with BioAsia, has unveiled a pivotal report at BioAsia 2024, titled “From volume to value: Indian pharma’s transformation with data and AI”. This report highlights the transformative power of generative AI (GenAI) in revolutionizing drug discovery, research and development (R&D) and enhancing good manufacturing practices (GMP), alongside strengthening supply chains in the Indian pharmaceutical industry.

The document highlights the convergence of data and artificial intelligence (AI) as a significant shift in the Indian pharmaceutical landscape. It suggests that India is on the brink of becoming a global leader in pharma innovation, leveraging these technologies to drive forward a resilient and innovative industry ecosystem.

The economic impact of GenAI

Suresh Subramanian, Partner & National Life Sciences Leader at EY Parthenon India, points to the substantial economic contribution GenAI could make to the Indian pharma sector, projecting an addition of US$4-5 billion to the gross value added (GVA) by 2030. 

“In the realm of patient care, it is significantly impacting the patient journey by empowering patients to better manage their conditions, help in making decisions and overall, a seamless patient-doctor interface. Larger gains are to be witnessed in areas such as R&D, manufacturing and supply chain management, where both artificial intelligence (AI) and GenAi are poised to deliver substantial operational efficiencies,” he remarked. Subramanian also stressed the critical importance of data governance and privacy compliance amidst these technological advancements.

Shakthi Nagappan, Director of Life Sciences, Government of Telangana, and CEO of BioAsia, echoes the sentiment of entering a new era marked by the integration of data and AI in healthcare and life sciences. He acknowledges the comprehensive impact of GenAI across the life sciences sector, from drug discovery and clinical trials to healthcare operations.

“Against this backdrop, we’re pleased to collaborate with EY Parthenon as our knowledge partners for the 21st BioAsia edition, dedicated to the theme of ‘Data and AI: Redefining Possibilities’,” he said.

Revolutionizing drug discovery with GenAI

The report emphasizes the role of AI, especially GenAI, as a potent alternative in drug development processes. It highlights how Indian pharmaceutical companies are increasingly exploring large language models (LLMs) and GenAI applications in R&D, aiming at more targeted therapies and operational efficiencies.

Enhancing R&D and supply chains with AI

By adopting GenAI, the pharmaceutical industry is set to build a more robust innovation pipeline, save costs in early-stage development and facilitate early detection of failures. GenAI’s potential in drug target identification, interaction predictions, compound generation and safety monitoring is poised to significantly alter the drug development landscape. Moreover, the report discusses the importance of building resilient supply chains and the necessity of digital upgrades in manufacturing to ensure quality, compliance and efficiency.

Towards a digitally upgraded pharma industry

In conclusion, the report suggests that for India to meet its 2030 pharma industry targets, it must focus on establishing large-scale plants for APIs and formulations, minimizing human intervention in processes to enhance quality and efficiency. The embrace of Industry 4.0 technologies and innovation is deemed essential for improving manufacturing standards and positioning India as a leader in the global pharmaceutical landscape.

Also read: 

Header Image from Freepik

Press release link:

https://www.ey.com/en_in/news/2024/02/ey-parthenon-bio-asia-s-latest-report-reveals-gen-ai-s-impact-on-drug-development-operational-efficiency-and-more

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