CRITICAL STUDY ON APPLICATION OF AI IN PHARMACEUTICAL MANAGEMENT FOR DIGITALIZATION OF BUSINESS PROCESS

Abstract

A dramatic shift inside the pharmaceutical sector is ready to arise, and it's being fueled by the incorporation of Artificial Intelligence (AI) into its key processes. The study begins with a vital examination of the ways that AI is changing pharmaceutical management, significantly through the digitization of essential business approaches. We rely on an intensive series of secondary data amassed from official assets like academic journals and commercial enterprise reports. The study provides a complete picture by combining rigorous statistical techniques with qualitative analysis. Our data reveal a substantial interchange occurring within the pharmaceutical sector. Thankfully, 84% of pharmaceutical firms have made investments in this generation that is transitioning, and this investment is having an impact on many facets of their business as AI use increases. Clinical trials, drug studies, manufacturing, sales, advertising, and regulatory affairs are all impacted by AI. With a startling CAGR of 37.3%, the AI in pharmacy market is predicted to soar from USD 2.1 billion in 2023 to USD 10.0 billion with the aid of 2030. Additionally, AI-pushed efficiencies are producing observable benefits, which include price savings, advanced first-class products, expedited medication development, and improved patient care. Our correlation and regression analysis verify that the adoption of AI has the potential to provide transformational effects. Notably, we find strong links between the usage of AI, the income boom, and particular enterprise consequences. For instance, an exciting 0.50% boost in earnings and sure commercial enterprise outcomes is carried out with the simplest 1% growth in AI use. In conclusion, the adoption of AI in pharmaceutical control marks the start of a hopeful digital age. Our evaluation highlights the critical role AI has played in determining the future of the pharmaceutical industry by providing beneficial knowledge about how it is continuously converting. It acts as a take-heed call for pharmaceutical businesses, asking them to deliberately embrace AI and invest in the fundamental components required to absolutely understand its disruptive promise.

Keywords: Pharmaceutical Management, Artificial Intelligence (AI), Digitalization, Investment, Clinical trials and Efficiency.