In order to achieve the vision of “becoming the best healthcare company in the world”, Merck must look at the following opportunities in the third horizon. patient-centric, personalized drugs with the use of artificial intelligence and deep learning: Digitization and Personalization are the 2 major trends that the pharmaceutical industry is starting to witness. Digitization, through the development of a healthcare platform is an apt opportunity for Merck to pursue in Horizon 2 and has been discussed in the previous section. Technology for such a platform exists, but needs to be modified and offered to customers. In Horizon 3, Merck should venture into technologies that are still not commercial; Personalization in the form of personalized healthcare
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Much of this is to do with the efficacy and the side effects of a potential drug. Investing in artificial intelligence and deep learning are some significant steps which pharmaceutical companies can utilize to shorten this time period and remove the side effects during it. Data collected to build MOOMs in Horizon-2 can be used to study effects of medicines and treatments on a large number of patients, and reduce the number of insignificant drug explorations conducted in the industry right now. Combining genomic knowledge with this could potentially eliminate the long clinical trials by selecting individuals who might be best suited for each application. This would also decrease the overall cost of trials. The use of artificial intelligence will also pave way for deregulations in the drug discovery process, making it shorter, less expensive and more effective. Startups like BenevolentBio are already doing research in this field to decrease the potential number of explorations in the drug discovery process with the use of AI – Merck Ventures should invest in such startups. The decrease in the R&D costs combined with the digitized and inexpensive 3-D printed medicines of future would in due course lead to truly personalized medicine …show more content…
Merck Ventures should make strategic investment decisions to become a leader in healthcare. Pathway Genomics is one such startup which is combining genomic study with artificial intelligence to develop a blood test kit in the field of oncology which can potentially help in early detection of certain type of cancer by studying individuals who are at a higher risk. Merck’s investment in Pathway genomics would not only help in its pursuit to potentially shape the oncology sector of the pharmaceutical industry - a sector with great potential - but also would help in its long-term goal of developing personalized
Much of this is to do with the efficacy and the side effects of a potential drug. Investing in artificial intelligence and deep learning are some significant steps which pharmaceutical companies can utilize to shorten this time period and remove the side effects during it. Data collected to build MOOMs in Horizon-2 can be used to study effects of medicines and treatments on a large number of patients, and reduce the number of insignificant drug explorations conducted in the industry right now. Combining genomic knowledge with this could potentially eliminate the long clinical trials by selecting individuals who might be best suited for each application. This would also decrease the overall cost of trials. The use of artificial intelligence will also pave way for deregulations in the drug discovery process, making it shorter, less expensive and more effective. Startups like BenevolentBio are already doing research in this field to decrease the potential number of explorations in the drug discovery process with the use of AI – Merck Ventures should invest in such startups. The decrease in the R&D costs combined with the digitized and inexpensive 3-D printed medicines of future would in due course lead to truly personalized medicine …show more content…
Merck Ventures should make strategic investment decisions to become a leader in healthcare. Pathway Genomics is one such startup which is combining genomic study with artificial intelligence to develop a blood test kit in the field of oncology which can potentially help in early detection of certain type of cancer by studying individuals who are at a higher risk. Merck’s investment in Pathway genomics would not only help in its pursuit to potentially shape the oncology sector of the pharmaceutical industry - a sector with great potential - but also would help in its long-term goal of developing personalized