The future seems to already be written: life science and healthcare companies are leveraging artificial intelligence (AI) to gain a competitive edge and accelerate their research processes, development, and business operations. The extensive, efficient capabilities of AI offer companies across the industry the ability to analyze large volumes of data, make predictions, optimize processes, and discover new insights in ways that were previously impossible—ultimately, automating processes that were once manual and laborious.
While some ahead of the curve have adopted iterations of AI (i.e., genAI) into their operations and have realized ROI, those who have been apprehensive about embracing this technology are already falling behind. So how do healthcare companies wield AI to take the lead across pharma and biotech, medtech, and healthcare consulting?
Below, we dive into real world use cases and explore how professionals improve their research processes with the help of AI.
Overcoming Information Overload
In today’s rapidly evolving healthcare landscape, unearthing insights can be costly and time-consuming without proper help. Information resources are filled with useless noise—research and data that provides no fruitful findings—which emphasizes the importance of a tool that accelerates your speed to insights by cutting out the excess noise. Based on research from the World Economic Forum, it’s estimated that by 2025, 463 exabytes of data will be created each day globally. Help, today, for most life science and healthcare professionals takes form in a market intelligence (MI) platform like AlphaSense.
Unlike most market intelligence platforms promising solutions, AlphaSense drives confidence and speed in critical investment decisions for leading life sciences corporations. Jay Campbell, the managing director of the Clinical Accelerator and Venture Fund at Cancer Research Institute (CRI), has trialed his fair share of solutions and come to rely on AlphaSense.
“I have used many different tools to do my research, but AlphaSense has stood out to me since they first reached out to me in February of 2019,” says Campbell. “With other tools, I am usually able to get the information I need, but sometimes it’s buried and it takes a long time to dig it up.”
Campbell is responsible for managing oncology clinical trials supported by CRI as well as venture investments, so he needed a platform that provided more content specific to his needs and that would save him time and energy when researching. With AlphaSense, he can monitor developments in cancer research and clinical trials, while staying abreast of information pertaining to corporate partners.
“AlphaSense allows me to research specific companies and monitor their activities in real-time.” Campbell says. “I use the platform to find company financials, sell-side research, press releases, and company presentations.”
Staying On Top of Opportunities
There’s potentially no other industry outside of healthcare that understands the cost of overlooking important developments. Whether it’s intel on your competitors or progress made on a clinical trial, keeping tabs on every market movement can mean the difference between raking in investments and losing your industry footing.
According to McKinsey, “healthcare profit pools will grow at a 7% CAGR, from $583 billion in 2022 to $819 billion in 2027. Profit pools continued under pressure in 2023 due to high inflation rates and labor shortages; however, we expect a recovery beginning in 2024, spurred by margin and cost optimization and reimbursement-rate increases.” Ultimately, there’s no shortage of market opportunities for life science professionals to take advantage of.
That’s why professionals need a tool that can help them stay in the know without a demanding money and time commitment. Aruna Rajan, founder of Arogyam, was using well-known market intelligence tools to obtain insights but noticed they weren’t user-friendly. For example, Rajan had trouble locating specific information on a private company’s number of employees, finding only siloed and inconsistent revenue information with various platforms she was using. Additionally, other platforms proved to be quite expensive and time-consuming due to their disorganized interfaces, Aruna says. “I found it very challenging to find relevant information from these reports because they lacked a proper search algorithm,” she says.
Shortly after founding her company, Rajan discovered AlphaSense, a market intelligence tool that helps find information on companies, data, and themes from within millions of research documents in seconds with one simple search. “With AlphaSense, I was able to run a comprehensive and fruitful search, even though the company I was investigating wasn’t public,” Aruna says.
Saving Time and Making Money
With the influx of information being produced daily and the potential to miss out on big opportunities, there’s a growing industry need to save time and money in the research process. Before finding AlphaSense, Aaron Chan, Founder & Managing Partner, Recurve Capital, had to manually sift through irrelevant information that wasted time—a reality most life science and healthcare professionals face today.
“In the thousands of stocks I could be researching, there are many rabbit holes,” Chan says. “How I allocate my scarcest resource—time—is the primary factor determining how well I will do over an extended period.”
Aaron needed a platform that combined searchability with intuitiveness and top-notch language processing to cut down on the time he spent digging for relevant topics. He found that in AlphaSense, a market intelligence solution that drives confidence and speed in critical investment decisions.
“AlphaSense has the best and most accurate language processing when I’m searching across filings, transcripts, and other resources,” he says. “The searchability with AlphaSense is second to none.”
AlphaSense’s Smart Synonyms™ feature highlights keyword searches and generates similar words so Chan doesn’t have to sift through hundreds of documents to find what he’s looking for. Additionally, with Stream in AlphaSense, a comprehensive library of more than 30,000 expert transcripts, he has an unparalleled look inside the firms he’s considering.
“Stream is a great resource to talk to former employees of my portfolio companies. I’m able to do competitor checks, former employee checks, and learn about how the company works. It’s such a cleaner way to sort through information from multiple sources,” he says.
Are You Ready to Take the Lead?
As new clinical trial pipelines, evolving markets, disease areas, and BD&L emerge, having access to timely insights is only part of the equation. You need AI search technology to help you speed up your ability to uncover patterns and key trends so you can better inform your decision-making.
AlphaSense offers an extensive universe of company filings, earnings transcripts, expert interview transcripts, news, trade journals, and equity research—paired with proprietary AI-based search technology—to pinpoint valuable insights in seconds.
Start your free trial with AlphaSense today.
Content Marketing Specialist
Formerly a writer for publications and startups, Tim Hafke is a Content Marketing Specialist at AlphaSense. His prior experience includes developing content for healthcare companies serving marginalized communities.
Read all posts written by Tim Hafke
