As previously discussed in this blog post, Artificial Intelligence has made leaps and bounds in its capabilities over the past decade, to the point that this once novel technology has become an integral part of any biotechnology company. With differentiation in AI itself dwindling, industries are being rebuilt around the application of AI. One such prominent space is biotechnology, which today is amongst the largest global industries at an estimated value of $753B. It is expected to grow to nearly $2.5T by 2028.
To keep up with this growth, new AI companies and products are being created to uncover the most relevant data points from this enormous data haystack. Many of these start-ups focus around the areas of drug discovery and the commercialization process. On its own, the global AI in drug discovery market is forecasted to be valued at over $230M by the end of 2021 and is predicted to grow nearly twentyfold within the next decade to nearly $4B by 2031. Other start-ups are centering themselves around providing AI-based research tools, focusing more so on delivering R&D teams the means necessary to connect the millions of disparate data points that surround patents, clinical research, and regulatory approval. The ultimate purpose of these tools is to spur innovation by aiding Intellectual Property (IP) strategy and management professionals in setting foundations for clinical trials and commercial product launches.
The challenge is making sense of the deluge of scientific data that exists around each and every facet of clinical, regulatory, and experimental information. The constantly intersecting and continuously changing web of data complicates the effort that companies have to manage regarding irrelevant or outdated information. What’s more, much of this information exists in unstructured and multi-formatted documents by the tens of millions. Put simply, companies are having to find ways to extract, clean, analyze, and quantify textual based data on a scale never seen in the industry before. The benefits of grasping this data are already apparent in improved patient outcomes and novel technology discovery. This is not a task that can be done manually, and overcoming this challenge is where new AI products become crucial.
Similar to how AI has grown in prevalence within asset management firms, disrupting the ways in which these teams manage their portfolios, conduct trading, and eventually assess risk, we are now seeing a similar ideology permeate in biotechnology. This industry is particularly impacted due to the large intellectual property portfolios that many of these companies manage on a daily basis in order to maintain a competitive edge in the market and ensure future success. Therefore, a strong IP portfolio is one of the factors that differentiates a successful biotechnology startup from those that fail, as these protections are vital to constructing barriers against competition while validating future revenue opportunities. Perhaps more notable, this collection of IP is what sets the perceived value of a biotechnology company. It is for this reason that there is growing interest in leveraging sophisticated tools to help assess the value of this IP and its future potential for commercialization or licensing.
Rather than wasting time and money searching for a needle in a haystack, the future of IP research and drug development is centered around the proper utilization of AI technologies. As more and more companies integrate AI into their research and development methodology, it becomes a crucial aspect of any biotechnology team’s toolkit. With the amount of data available increasing exponentially, the need for these AI products becomes more and more urgent. Luckily, start-ups like Resultid have developed AI solutions to fill this need. Resultid has launched a platform powered by Artificial Intelligence, allowing biotechnology teams and industry professionals to filter through the clutter and obtain the information they truly need. With semantic search results ranging from IP data to scientific papers to similar technologies, and more, Resultid is excited to take on the challenge of providing biotechnology companies with the most accurate and up to date information on the market.