According to an analysis done by Pharmaceutical Technology, the Artificial Intelligence Hiring levels dropped in October 2022. 39.8 percent of companies were hiring at least one artificial intelligence position in September 2022 and 39.8 percent of companies hired an AI position in 2021. But if the figures are compared to the same month last year i-e October 2021, the job listing in AI has increased by 3.3 percent.
AI Market Growth Forecast 2022-2027:
According to in-depth market analysis, artificial intelligence in the pharmaceutical industry is expected to grow by 29.46 percent per year till 2027. The growth of the market suggests that there will be more jobs and positions related to artificial intelligence in the next few years.
The driving factors that seem to induce artificial intelligence-related positions and jobs in the pharmaceutical industry are as follows:
Role of AI in the Drug Discovery Market:
The pharmaceutical courier, manufacturing, packaging, and other niches increase the use of artificial intelligence, but none more than the drug discovery niche.
Artificial intelligence mimics the way the human brain reacts and solves problems. AI has proved useful in understanding relationships between the structural and chemical properties of compounds and their subsequent biological function. The understanding helps in drug discovery and makes it possible for scientists to predict the action of a particular drug inside the body.
Role of AI in Research:
Research and development (R&D) is a niche of the pharmaceutical industry that can be cumbersome. It is due to the vast amount of data collected during the research. The analysis and characterization of data is yet another time-taking process. Artificial intelligence has helped the scientists in collection and analysis of data, reducing time consumption. As a result, scientists are more focused on researching than managing the data.
The trend of personalized medicine has also increased in the past few years. Artificial intelligence uses advanced computation and inference to generate insights, enable the system to learn, and make scientific designs like precision medicines.
Artificial intelligence provides great value in repurposing already-developed drugs. Many budget-pressed pharmaceutical companies prefer drug repurposing towards new therapeutic areas because of the known dosage, toxicity, side effects, and cost-effectiveness. Drug repurposing saves the cost of new human trials and the budget spent on development.
The Future of Jobs in Artificial Intelligence:
There is no doubt that artificial intelligence is the future of almost all fields of science. There is debate about whether using artificial intelligence reduces the need for human work and hence, decreases the jobs that are already present. According to a survey, by 2030, artificial intelligence will replace 400 to 800 million jobs– it is a devastating figure. The bright side is that new jobs are being created based on the artificial intelligence industry and the positions required in other companies to integrate the AI system. The final effects of artificial intelligence will be unfolded in a few years, until then, the growth of industry gives a relatively safe area to opt for a career.