We used the CB Insights database to identify companies that are using AI to expedite various stages of the clinical trial process, from drug formulation to patient recruitment.
Bringing a new drug to market is a long and drawn-out process. A study published by the US Department of Health and Human Services identifies several reasons why, including the difficulty of recruiting the right pool of patients, high costs ($161M – $2B per drug), and lengthy study times (averaging 7.5 years).
In fact, the high cost of R&D is a frequently-cited reason for the often controversially high price of prescription drugs.
With AI applications touching every industry, healthcare has been among the quickest to adopt and explore the potential uses of AI, from diagnostics and drug discovery to remote patient monitoring and risk analytics. We used the CB Insights database to identify and map AI-focused companies with the potential to expedite various stages of the clinical trial process.