"Agentic AI Breaks Barrier in Commercial Pharma with Groundbreaking Algorithm"

Pharmaceutical Industry Faces Dual Challenge: Soaring Costs and Patent Expirations The pharmaceutical industry is grappling with a dual challenge, as soaring costs and patent expirations threaten to disrupt the market. According to estimates, around $300 billion in potential sales could be lost by 2030 due to generic alternatives entering the market, while the cost of developing new drugs is increasing exponentially. A recent study by McKinsey found that the cost per launch is growing at an alarming rate of 8% each year, reaching an estimated $4 billion per launch in 2022. This trend is attributed to the rising cost of raw materials and supply chain disruptions, which are squeezing margins for pharmaceutical companies. As a result, countries like the US are exerting pressure on pharma companies to control drug costs. The patent cliff, where exclusive rights to sell branded drugs expire, is also contributing to the industry's woes. By 2030, around 300 billion in potential lost sales could be due to generic and biosimilar alternatives entering the market. This has left pharmaceutical companies scrambling to find new ways to stay ahead of the competition. Globant, a leading technology company, is at the forefront of this revolution with its agentic AI algorithm. According to Globant, their breakthrough algorithm is transforming commercial pharma by enabling companies to make data-driven decisions and optimize their operations. "Our agentic AI is not just a tool, but a strategic partner that helps pharmaceutical companies navigate the complexities of the market," said a spokesperson for Globant. The industry's reliance on traditional methods of developing new drugs is also being questioned. Patients and healthcare providers are demanding more personalized services, which requires a shift towards more innovative approaches. "The current system is not equipped to handle the complexity of modern medicine," said an expert in the field. "We need to adopt more agile and adaptable strategies that can keep pace with the evolving needs of patients." As the industry grapples with these challenges, it remains to be seen how pharmaceutical companies will adapt to the changing landscape. However, one thing is clear: the future of commercial pharma will require a fundamental shift in approach, driven by technological innovation and data-driven decision-making. In conclusion, the pharmaceutical industry is facing a dual challenge that requires immediate attention. With soaring costs and patent expirations threatening to disrupt the market, companies must find new ways to stay ahead of the competition. As Globant's agentic AI algorithm demonstrates, technology can be a powerful tool in navigating these challenges. This story was compiled from reports by MIT Technology Review and MIT Technology Review.