TechDogs-"AstraZeneca And Absci Are Bringing AI To Healthcare!"

Emerging Technology

AstraZeneca And Absci Are Bringing AI To Healthcare!

By TD NewsDesk

TD NewsDesk

Updated on Wed, Dec 6, 2023

Overall Rating
Right from personalizing treatment plans by mining patient data to predicting individual responses to cutting-edge treatments – Artificial Intelligence (AI) has revolutionized the healthcare industry. In fact, the global AI in the healthcare market is anticipated to grow at a CAGR of 40.2% reaching 173.55 billion by 2029.

So, given the hype of AI in healthcare, one of the leading names in the industry AstraZeneca has joined forces with Absci in a $247 million pact aiming to revolutionize cancer treatment. Absci, renowned for its AI prowess in biologics, is on board to collaborate with AstraZeneca to craft an antibody utilizing their cutting-edge generative AI model.

TechDogs-"A Screengrab Showing The AstraZeneca Logo."
The reports suggest this dynamic partnership targets the creation of novel antibody therapeutics, a game-changer in combating cancer. While the specific cancer type remains undisclosed, Absci's AI algorithms focus on precision, optimizing drug candidates based on crucial factors like safety, manufacturability and target affinity. Now that’s one solid way to inject some serious innovation into the fight against diseases!

Absci's CEO, Sean McClain, expressed pride in leveraging their AI to pioneer innovative oncology treatments, highlighting the potential impact on patient care. "We're proud to work closely with AstraZeneca to leverage our AI to bring novel treatments to oncology patients," Absci CEO Sean McClain said.

Despite AstraZeneca's silence on the deal, a report disclosed its components: an upfront fee, R&D funding, milestone payments and royalties from product sales. This strategic alliance aligns with the soaring growth of AI in healthcare, a market projected to balloon from $16.3 billion in 2022 to a staggering $173.55 billion by 2029, attesting to the sector's robustness.

Besides, a lot of prominent healthcare leaders are leveraging AI in AI-ding healthcare!

According to Adam Birnbaum, executive director and dealmaker at GP Bullhound, an investment banking company, “Using AI, they can be smarter about datasets.” Birnbaum foresees AI's immense potential in pharmaceuticals, streamlining drug development processes and clinical trial participant identification. The technology's ability to discern promising treatments within extensive datasets could alleviate the soaring $2.2 billion average cost of drug commercialization, ultimately enhancing patient access.

Also, describing AI's impact as transcending mere intelligence augmentation, Birnbaum envisions generative AI revolutionizing drug repurposing, supply chain optimization and treatment availability assessment. Moreover, he anticipates substantial efficiency gains through AI's intervention in back-office operations and billing, aiming to mitigate the hefty medical expenses triggered by error-ridden payment systems.

As AstraZeneca and Absci are spearheading a transformative move that is anticipated to lead to groundbreaking breakthroughs in the fight against cancer, will the convergence of AI and healthcare promise a huge shift in patient care? Can more HealthTech businesses leverage AI to improve efficiency?

Feel free to drop your thoughts in the comments section below!

First published on Wed, Dec 6, 2023

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Tags:

AstaZeneca Absci Artificial Intelligence (AI) Healthcare Therapeutics

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