Obstacles to AI Deployment in New Product Development

While excitement about generative AI is high, some questions persist as to how much value is being delivered. AI has been used by leading firms such as Amazon and Netflix to improve shopping recommendations, but examples of significant applications to improve overall business performance are not abundant. One area where AI has considerable potential is new product development (NPD). The NPD process has not changed much in most organizations for decades with fewer than 30% of new product projects becoming commercial successes. Yet only 13% of firms are using AI in NPD.

Andrew SpanyiAndrew SpanyiAugust 31, 2024AI, product development, new product development, clinical trials, AI in clinical trials

AI and the Oncology Clinical Trial Process

While randomized controlled trials (RCTs) have traditionally been considered the gold standard for drug development, it is widely recognized that RCTs are expensive, lengthy, and burdensome on patients. According to some estimates, it takes more than a billion dollars in funding and a decade of work to bring one new medication to market. Despite exciting advances in genomics, patient-centric awareness, decentralized clinical trials, and the application of artificial intelligence (AI), there is a lack of compelling evidence to date that these trends have had a significant impact on the time and cost of the typical oncology clinical trial.

Andrew SpanyiAndrew SpanyiMay 29, 2024oncology, biopharma, clinical trials, ai in clinical trials, ai in oncology clinical trials

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