This Week in Consulting
Wednesday,April 24th, 2019
AI in Life Sciences: The Formula for Pharma Success Across the Drug Lifecycle
THIS WEEK’S MUST READ
“AI has wider potential to cut the costs of the industry’s research and development (R&D) spend, which for the largest 10 pharmaceutical companies is $67 billion (equivalent to 40% of the sector’s total R&D bill).”
Artificial intelligence (AI) has the potential to transform the pharmaceutical industry. Each of the major pharma players is investing in the technology at some level, and there are a growing number of applications that address target and drug discovery, preclinical and clinical development, and post-approval activities. With AI comes the potential to improve drug approval rates, reduce development costs, get medications to patients faster and help patients comply with their treatments..
This Week’s Must Read features an executive insights from L.E.K. reviews the opportunities that artificial intelligence can bring for pharma companies and four key factors that players should address when developing their AI strategy.
Read on to Find out More: “AI in Life Sciences: The Formula for Pharma Success Across the Drug Lifecycle“, Clay Heskett, Ben Faircloth and Stephen Roper, L.E.K. Consulting.
THIS WEEK’S VIDEO:
The fourth industrial revolution is upon us: machines infused with intelligence. This transformation will transform how manufacturing works today, making it 30% faster and 25% cheaper because a machine will know when it makes a mistake and will correct itself.
INDUSTRY NEWS & INSIGHTS
- Deloitte and Google Cloud Announce Plans to Collaborate on Transformative Solutions for the Health Care, Finance and Retail Sectors: Accounting and consulting firm Deloitte will work with Google Cloud to create an array of solutions for the life sciences and healthcare, financial services, and retail sectors. The announcement was made at the annual Google Cloud Next conference in San Francisco. | Deloitte
- Deloitte will be Developing its Consulting Solutions on the VeChain Blockchain: Deloitte, an international network of consulting and audit companies, announced its intention to develop blockchain solutions at VeChain Thor. This was stated by Blockchain Global Deloitte Technical Director Antonio Senatore during the VeChain Summit 2019 in San Francisco. | Lucy Tanadzhy, The Coin Shark
- PwC: Macroeconomic, labor force, and environmental challenges ahead -The world is facing risks from a host of factors: climate change is set to create long-term issues if not dealt with in a timely manner, while aging populations will impact 40 of the world’s larger economies going forward, resulting in economic and social strains. Trade disputes between the US and other economies continue, while the US also continues to borrow heavily. | Consulting.us
- Brexit will have major impact on UK-EU electricity flows: Brexit could have a major impact on the consumer price of electricity in the UK, according to an analysis by Sia Partners. The total costs for UK society could swell to €600 million annually due to less efficient flows of electricity. |Consultancy.uk
On the same theme,here is a selection of conferences that you might find useful
Pharma AI & IOT 2019: Pharma AI & IoT provides networking opportunities in the telecom, infrastructure and pharmaceutical industry
AI Applications in Biopharma Summit: A new kind of collaborative experience where the industry’s top science minds, AI technology experts and strategy leaders share detailed use cases to help each other build out the adoption of AI technology to improve patients’ lives.
- How to Get Pharma Leaders to Wrap Their Minds—and Their Arms—Around Advanced Analytics :The business of pharma is becoming more data-driven—from R&D to commercial—yet many pharma companies still struggle to garner leaders’ buy-in to build and operate the analytics programs that they need to fuel their success. They face tough challenges, including overcoming skepticism, proving the program’s value and scalability, finding the right talent and ensuring organizational collaboration. | Shreyas Murthi, ZS Associates
- Biopharma’s New Growth Machine: Three signs indicate biopharma is facing compressive disruption that could threaten traditional approaches. Biopharma companies that embrace New Science are driving exceptional growth and mitigating the disruptive forces of compression. Find out how leaders in New Science are using digital, data and genomics to reshape the biopharma landscape and patient care. | Stuart Henderson, Accenture
- How can automation improve outpatient care while reducing costs? Healthcare often sees automation as a luxury—very few healthcare organisations are exploiting the benefits that automation has to offer. But as it has the potential to reduce staffing costs and improve quality and efficiency, more organisations should see it as a valuable opportunity during this time of financial challenges. | Francesca MacVean and Gareth Fitzgerald, PA Consulting
- Artificial Intelligence in Pharma: Set Your Expectations Appropriately -The question of the progress with applying artificial intelligence in pharma is not solely a digital transformation issue. It’s also a broader innovation issue. Innovation is the result of disciplined experimentation and in most use cases pharmaceutical manufacturers are experimenting with emerging technologies. | Paul Schrimpf and Tony Fross, Prophet
Consulting Quest wishes to organize a series of webinars with experts, if you are interrested and / or if you wish to make your contribution, please contact us by clicking below. Thank you !
- Driving Customer Success Sets Your Consulting Firm Apart From The Others: We want to become indispensable by forging partnerships and helping them transform their businesses successfully and drive awareness and growth. | Parna Sarkar-Basu, Brand and Buzz Marketing
- Top 6 Articles About Agile to Read Today: Take some time to brush up on the basics of Agile and how you can use it to improve your dev cycles. | Christie Lindstrom, Basis Technologies
- The Rules of the Consulting Resume: Once you’ve set your sights on consulting as a career path—and figured out what type of firm you would like to work for—the next step is to get your resume ready. | Alexandra Nuth, Brightside
- The Best Places to Work in Consulting and Professional Services: Fortune research partner Great Place to Work is back with this year’s list of the best places to work in consulting and professional services. | Fortune
- Are you a Consultant with Supply Chain background or prior experience working in Retail/CPG? This may be the opportunity you have been long for. A Client of Consulting Quest – an Asia-based small Global Consulting Firm – is seeking to hire an Engagement Manager to join their newly established office in New York City. Learn More
Consulting Quest is a global, performance-driven consulting platform founded in 2014 by former members of top 10 consulting firms with the objective of reinventing consultancy performance. With a worldwide presence and a range of proprietary performance measurement tools, we help companies navigate the consulting maze. We work with Consulting Clients to increase their performance through consulting and Consulting Providers to help them acquire new clients and to improve their performance.
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Hélène Laffitte is the CEO of Consulting Quest, a Global Performance-Driven Consulting Platform and author of “Smart Consulting Sourcing”, a step by step guide to getting the best ROI from your consulting. With a blend of experience in Procurement and Consulting, Hélène is passionate about helping Companies create more value through Consulting.