Pharma AI Readiness Index: How prepared is your company?

The implementation of artificial intelligence (AI) and related technologies in the pharmaceutical industry has the potential to revolutionize the field in many ways. Processes pertaining to drug discovery and development, manufacturing, and regulatory submissions are just a few to name.

In these domains, AI can help improve efficiency and output, reduce costs, and achieve other positive outcomes. However, there are many important questions to answer, such as “How ready are pharmaceutical companies to adopt AI?“, “Is there a way to measure this readiness?”, and many other questions.

In this article, we will explore the factors that determine the readiness of pharmaceutical companies to adopt AI, and we will discuss major players in the game as well as other companies that need to invest more time and effort to successfully ride the AI wave. Pharma AI Readiness Index: How prepared is your company?

About the index

CB Insights, a market intelligence platform, has launched the Pharma AI Readiness Index to better understand which pharmaceutical company is better suited to take advantage of AI and related technologies. Currently, the index lists the largest 50 pharmaceutical firms in the Americas and Europe by market cap.

The index is a scoring system that is based on each company’s ability to recruit top AI talent, implement AI projects, and invest in research and development, as well as their overall commitment to innovation. The index score is calculated based on multiple inputs related to product launches, patent applications, partnership and licensing agreements, and key people, among other factors.

The three main pillars of the index: Talent, execution, and innovation

The Pharma AI Readiness Index takes into consideration three main factors to determine the score that highlights where pharmaceutical companies fall within the AI readiness domain. These factors include talent, execution, and innovation, collectively used to determine readiness scores.

• The talent score evaluates a pharmaceutical company’s ability to recruit and retain experts in various AI fields. This score is based on data from CB insights, such as the number of employees and key hires in the AI field.
• The execution score determines the company’s ability to develop and market AI-driven products and services in addition to implementing AI solutions within the internal environment of the pharmaceutical company. This score is based on data from CB Insights related to business partnerships, media mentions of product launches, and other factors.
• The third factor, innovation, is a score that measures a pharmaceutical company’s ability to develop or acquire new AI capabilities. It is based on CB Insights’ dataset involving patents, deal-making activities, and other related activities.

Exploring the results

Based on CB Insights index factors and scoring system, Roche and Bayer secured the top two spots with scores of 77.48 and 70.16, respectively. From there, scores start to drop gradually until reaching the tenth position with a score below 50 for Bristol Myers Squibb. The gap between the first and 19th rank is more than double the score, standing at 77.48 and 38.57, respectively. After the 19th spot, pharmaceutical companies performed poorer in execution and innovation, and past the 24th mark, firms’ performance across all domains saw lower scores. It is important to note that some companies had missing execution or innovation factors. In this regard, the absence of scoring means there is no sufficient or publicly available data to assess and provide results.

CB Insights reported that 25 out of the 50 largest pharmaceutical and biotech companies entered into partnership or licensing agreements with AI-driven companies. They provided an example of Merck’s group partnership with Insilico Medicine, among other examples. Regarding innovation, the analysis revealed that only 3 out of the 50 assessed companies had made an AI acquisition, with Bayer being the top investor in AI startups among these firms.

Where does Narrativa fit

Deep experience with generative AI and partnerships with many industry leaders across different domains, including Life Sciences, has positioned Narrativa at the very top among the myriad of players in regulatory automation. Narrativa’s solutions, like the anonymization and redaction tool, automation of patient narratives, Tables, Listings & Figures (TLFs), and other parts of clinical study reports (CSRs), among other growing solutions that help in pharmacovigilance and safety reporting make it the perfect partner to drive your company’s AI innovation.

Our solutions help you get your life-saving products to the market in a faster manner by significantly improving the efficiency, quality, and speed of regulatory document generation through the use of our platform. Narrativa’s solutions help you generate entire documents in a few clicks and just a few minutes. Our business partners, like the Leukemia & Lymphoma Society (LLS), come to us to develop new solutions that help them overcome the gap in the Life Sciences industry using generative AI and related technologies.

If you need an innovation partner that can help you navigate automation with generative AI technologies and leap over the gaps with advanced solutions, Narrativa is the perfect partner for you!

About us

Narrativa is an internationally recognized generative AI content company that believes people and artificial intelligence are better together. Through its proprietary content automation platform, teams of all types and sizes are empowered to build and deploy smart composition, business intelligence reporting, and process optimization content solutions for internal and external audiences alike. 

Its tech stack, consisting of data extraction, data analysis, natural language processing (NLP), and natural language generation (NLG) tools, all seamlessly work together to produce content quickly and at scale. In this way, Narrativa supports the growth of businesses across a variety of industries, while also saving them both time and money. Accelerate the potential with Narrativa.

Contact us to learn more about our solutions!