# Moving at the speed of light: How new technology is acting as a catalyst for rapid drug discovery Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-07-13 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: How AI, Machine Learning, and Blockchain are Revolutionizing Life Sciences Meta Description: Discover how innovative technologies are transforming drug development in the life sciences sector, with insights from Patsnap's Ray Chohan. Learn more URL: https://financedigest.com/moving-at-the-speed-of-light-how-new-technology-is-acting-as-a-catalyst-for-rapid-drug-discoveryhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/technology-in-the-hand-of-businessmen-2-1736838186529-compressed.jpg) ![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/ray-chohan-450x584-1736838186490-compressed.jpg) _By **Ray Chohan,** Co-Founder and VP new ventures at innovation intelligence expert Patsnap, discusses why the widespread adoption of machine learning, artificial intelligence (AI) and blockchain is transforming the life sciences sector._ The past 12 months have seen a monumental global effort to fast-track the development of a suite of market-ready COVID-19 vaccinations. With numerous organisations from across the healthcare [supply chain](https://www.financedigest.com/mcdonalds-milkshakes-off-the-british-menu-after-supply-chain-issues-2.html "McDonald’s milkshakes off the British menu after supply chain issues") involved, the pace and scale of this achievement has surprised and excited many industry observers. Clearly, the concept of rapid drug development and personalised medicine is not new. However, the [global pharma industry’s](https://www.financedigest.com/grinding-machines-market-global-industry-analysis-and-forecast-till-2031.html "Grinding Machines Market Global Industry Analysis and Forecast Till 2031") ability to sequence the DNA of the Coronavirus in just three days was astonishing – and marks a defining watershed for the life sciences sector. The dream to create effective [therapeutics and vaccines to combat a wide range of other diseases](https://www.financedigest.com/the-addisons-disease-therapeutics-market-to-be-thematically-digital.html "The Addisons Disease Therapeutics Market to be thematically digital") could soon become a reality. We’ve proven beyond doubt that what used to take [years to deliver](https://www.financedigest.com/over-150-new-business-jets-could-be-delivered-to-europe-this-year-worth-an-estimated-5-billion.html "Over 150 New Business Jets Could Be Delivered To Europe This Year Worth An Estimated $ 5 Billion"), in terms of drug efficacy and trials, can now be done in under a tenth of that time. Granted, the political will to find effective vaccines to combat the global pandemic was unprecedented, but the adoption of novel [technologies and practices to ‘telescope’ previously time](https://www.financedigest.com/why-its-time-to-centralise-public-sector-technology.html "Why it’s time to centralise public sector technology") and cost consuming processes along the drug development path should not be underrated. From our own experience working with global pharma businesses involved in the successful development of COVID vaccines, the adoption of AI and [machine learning](https://www.financedigest.com/machine-learning-engineer-jobs.html "Machine learning engineer jobs") can be clearly measured. Take, for example, the previously labour-intensive area of [early stage](https://www.financedigest.com/valuing-your-early-stage-startup.html "Valuing your Early Stage Startup") drug discovery. Just a couple of years ago, this phase of molecular investigation would entail many hours of research, sifting through published data, field trials and research documents looking for relevant information. Unearthing a clinical study that supported your initial findings was like finding a [needle in a haystack](https://www.financedigest.com/needles-haystacks-and-how-to-attract-early-stage-investment.html "Needles, haystacks and how to attract early stage investment"). What used to take anywhere between six and nine months can now be done in just 20 minutes, using our proprietary [software that collates data from thousands of sources and presents it as usable management](https://www.financedigest.com/reckon-software-goes-from-strength-to-strength-with-appointment-of-new-partner-development-manager.html "Reckon Software goes from strength to strength with appointment of new Partner Development Manager") information. It’s this scale of [automation that is the prime driving force behind](https://www.financedigest.com/accounts-payable-departments-lag-behind-in-ai-automation.html "Accounts Payable departments lag behind in AI automation") the new revolution in drug development. While the pharma sector is now largely on board with the adoption of this type of catalytic technology, it has only been in the past year or so – since the outbreak of COVID-19 – that the medium cap and large corporations have all put technology [investment at the top](https://www.financedigest.com/5-top-tips-in-investing-on-diamonds.html "5 Top tips in Investing on Diamonds") of their budget lists. A recent survey\* by Pistoia Alliance (which represents most big pharma companies on the east coast of the USA) points to the fact that AI, machine [learning and Blockchain will be the prime areas for investment](https://www.financedigest.com/3-investing-lessons-you-can-learn-from-still-evolving-pandemic.html "3 Investing lessons you can learn from still-evolving pandemic") over the next 12 months. Moreover, this market sentiment is echoed in the fact that Patsnap recently raised $300m for [future development of its AI-driven R&D and IP analytics](https://www.financedigest.com/the-future-of-fintech-robo-advisers-analytics-and-diy-finance.html "The Future of Fintech: Robo-advisers, Analytics and DIY Finance") capability. The [next decade](https://www.financedigest.com/isostearyl-alcohol-market-is-projected-to-expand-at-a-cagr-of-4-5-over-the-next-decade-expanding-1-6x-by-2030.html "Isostearyl Alcohol Market is projected to expand at a CAGR of 4.5% over the next decade, expanding 1.6X by 2030") is all about open collaboration. In our work with pharma businesses, we have seen how our platform has created a [bridge between the ‘drug development’](https://www.financedigest.com/bridging-finance-for-property-development.html "Bridging Finance for Property Development") and ‘business development’ departments. What was often previously a chasm has now been filled – using valuable [information to create a shared](https://www.financedigest.com/privacy-vs-security-is-the-cybersecurity-information-sharing-act-beneficial.html "PRIVACY VS SECURITY: IS THE CYBERSECURITY INFORMATION SHARING ACT BENEFICIAL?") dialogue. In our experience, poor internal communication has been one of the significant brakes on faster drug development – and it is hugely encouraging to see new technologies like ours enabling genuine collaboration between bench-level folks, [marketing folks and c-suite managers](https://www.financedigest.com/event-management-software-market-to-rise-steadily-at-a-cagr-of-14-1.html "Event Management Software Market to rise steadily at a CAGR of 14.1%"). Looking ahead to 2030, I foresee pharma and biotech companies becoming much more like [software](https://www.financedigest.com/retail-pricing-software-company-bolsters-leadership-team.html "Retail pricing software company bolsters leadership team") companies. In fact, we’re already seeing that shift, which is incredibly exciting. Indeed, [major pharma corporations are assessing the benefits of the ‘Apple’ effect](https://www.financedigest.com/technology-preventing-minor-regulation-causing-major-problems-the-butterfly-effect.html "Technology Preventing Minor Regulation Causing Major Problems: The Butterfly effect"), which drove so much software development back in the 90s. Then the Corporation (under Steve Jobs) opened up its IP, allowing smaller [businesses to use their apps to develop and deliver their products](https://www.financedigest.com/sme-productivity-programme-re-purposed-to-help-businesses-prepare-for-covid-19-economic-recovery.html "SME productivity programme re-purposed to help businesses prepare for Covid-19 economic recovery"). Granted, they took a cut of the income, but this [‘open access’ strategy enabled countless businesses](https://www.financedigest.com/iran-open-for-business-but-caution-remains-the-watchword.html "Iran: ‘open for business’ – but caution remains the watchword") to thrive. The same model will emerge in biotech and pharma in the [coming years](https://www.financedigest.com/the-non-invasive-prenatal-testing-nipt-market-is-estimated-to-witness-stupendous-growth-in-the-years-to-come.html "The Non Invasive Prenatal Testing Nipt Market is estimated to witness stupendous growth in the years to come"). We are standing at the edge of an era, the like of which we have never previously seen. Coronavirus has been one of the world’s most serious pandemics – however it has acted as a catalyst to change that will finally bring about tailored drugs, personalised medicine and reduced side effects to people [across the globe](https://www.financedigest.com/sales-of-medical-beds-across-the-globe-are-estimated-to-exceed-us-3000-mn-in-revenues-by-2022-end.html "Sales of Medical Beds Across the Globe are Estimated to Exceed US$ 3,000 Mn in Revenues by 2022-end"). _Patsnap is a [London based business](https://www.financedigest.com/tokyo-based-business-launches-in-london.html "Tokyo-based business launches in London") that specialises in the development of AI-driven R&D and IP analytics. It specialises in the [global life sciences sector](https://www.financedigest.com/the-importance-of-global-collaboration-in-the-edtech-sector.html "The importance of global collaboration in the EdTech sector") and counts GW Pharmaceutical, Arbor Biotechnologies and Erytech Parma among its clients._ --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---