Revolutionizing Healthcare with AI and Machine Learning
In a groundbreaking partnership, chipmaker Nvidia is teaming up with US biopharmaceutical giant Pfizer and Singaporean organizations to revolutionize the global healthcare industry, particularly in South-east Asia. This two-year collaboration is set to transform the landscape of healthcare by leveraging artificial intelligence (AI) and machine-learning tools to accelerate the development of new drugs and therapies.
Benefits of AI and Machine Learning in Healthcare
- Shortening development periods for new drugs
- Analyzing large amounts of raw data efficiently
- Providing quicker insights for emerging businesses
By harnessing the power of AI, these tools aim to enhance patient care, services, and advance precision medicine. Moreover, the programme seeks to facilitate collaborations between various stakeholders such as governments, universities, and accelerators in the region, promoting innovation and growth in the healthcare sector.
The Ignition AI Accelerator Programme
Under the Ignition AI Accelerator programme, a joint initiative between Nvidia, Singapore-backed start-up accelerator Tribe, and Digital Industry Singapore (DISG), several key activities will be carried out to drive advancements in the industry. DISG, a collaborative effort between the Economic Development Board, Enterprise Singapore, and the Infocomm Media Development Authority, aims to strengthen both consumer technology and enterprise technology segments in the sector, fostering innovation and growth.
Pfizer’s Role in the Initiative
By participating in this groundbreaking partnership, Pfizer aims to leverage AI and machine learning to expedite the drug discovery process, enabling new medicines to reach the market faster. A prime example of this is Pfizer’s Covid-19 oral treatment, which was developed and brought to market in just four months with the aid of supercomputing and AI-driven simulations. This approach significantly reduced computational time, allowing researchers to screen millions of compounds rapidly and optimize them for efficacy. Additionally, AI facilitated faster clinical trial processes and analysis of patient data compared to traditional methods.
Future Growth Potential
Pfizer’s estimates project significant growth in the AI-driven drug discovery market, with an expected rise from US$3.54 billion in 2023 to US$7.94 billion by 2030, representing a compound annual growth rate of 12.2%. This exponential growth underscores the immense potential of AI and machine learning in revolutionizing healthcare and pharmaceutical industries.