WASHINGTON, DC, Sept 13th, 2018 - Pharmaceutical R&D efficiency has declined to a stall, as clinical trial failure rates for new drug IND's top out over 90%, and the cost to bring one new small molecule drug to market now exceeds $2.5 billion. In parallel, healthcare costs in developed countries are steadily increasing as a result of rapidly aging populations and multiple inefficiencies in the healthcare system. Recent advances in artificial intelligence research and development hold the potential to resolve these ominous trends. As a sign of the growing interest in AI based healthcare solutions, over 100 startup companies utilizing AI to develop biomedical products have emerged since 2014, with almost all existing large cap companies initiating AI development programs in order to keep up.
"We are on the cusp of major breakthroughs in the application of machine learning, computational science, and artificial intelligence, which carry the potential to dramatically improve the quality and affordability of healthcare globally and look forward to participation in AAIH as a mechanism to foster continued growth," says Brandon Allgood, CTO and Founder of Numerate Inc.
To accelerate the adoption of AI in healthcare, improve transparency and promote collaboration, leading members of the AI community have come together to collaborate and establish the Alliance for Artificial Intelligence in Healthcare (AAIH), an industry-wide research collaboration platform. The founding members of the Alliance for Artificial Intelligence in Healthcare (AAIH) met on September 6th during Boston Biotech Week (Boston, MA), and are meeting on September 13th during the Basel Life Congress (Basel, Switzerland) to finalize plans for the activities for the first 12 months of AAIH operations. The AAIH will officially launch in January 2019 during the week of the JP Morgan Healthcare Conference in San Francisco. The AAIH will foster research collaborations, improve data sharing, and promote key research results to accelerate biomedical research while implementing and adhering to high standards.
The potential of Artificial Intelligence to positively impact all aspects of healthcare has become an international discussion. The AAIH will be a key industry advocate, driving public policy, appropriate regulation, and market access for the products developed by the AI in healthcare industry. "If we are to build upon our recent industry success, and realize the true potential of AI, it is crucial that the sector organize immediately to enact policies and practices that will enable efficient adoption, integration, and commercialization," said Alex Zhavoronkov, CEO of Insilico Medicine.
The membership of AAIH includes the following areas of AI infrastructure and applications in healthcare: Biomedical discovery, Clinical Research, Diagnostics and Devices, and Precision Medicine. "It is the privilege of AAIH to unify and amplify the voice of companies and organizations from all sectors utilizing AI in healthcare," said Annastasiah Mhaka from Adjuvant Partners.
The list of AAIH Founding Members include:
- AI Infrastructure developer (to be announced)
- Benevolent AI
- BlackThorn Therapeutics
- The Buck Institute for Research on Aging
- BioPharma 1 (to be announced)
- GE Healthcare
- Insilico Medicine
- BioPharma 2 (to be announced)
- University of Pittsburgh
Opus Biotech Communications
Opus Biotech Communications
About Insilico Medicine, Inc
Insilico Medicine, Inc. is an artificial intelligence company headquartered at the Emerging Technology Centers at the Johns Hopkins University Montgomery County campus in Rockville, with R&D and management resources in Belgium, Hong Kong, Ukraine, Russia, UK, Taiwan, and Korea sourced through hackathons and competitions. The company and its scientists are dedicated to extending human productive longevity and transforming every step of the drug discovery and drug development process through excellence in biomarker discovery, drug development, digital medicine, and aging research.
Insilico pioneered the applications of the generative adversarial networks (GANs) and reinforcement learning for generation of novel molecular structures for the diseases with a known target and with no known targets. In addition to working collaborations with the large pharmaceutical companies, the company is pursuing internal drug discovery programs in cancer, dermatological diseases, fibrosis, Parkinson's Disease, Alzheimer's Disease, ALS, diabetes, sarcopenia, and aging. Through a partnership with LifeExtension.com, the company launched a range of nutraceutical products compounded using the advanced bioinformatics techniques and deep learning approaches. It also provides a range of consumer-facing applications including Young.AI.
In 2017, NVIDIA selected Insilico Medicine as one of the Top 5 AI companies in its potential for social impact. In 2018, the company was named one of the global top 100 AI companies by CB Insights. In 2018 it received the Frost & Sullivan 2018 North American Artificial Intelligence for Aging Research and Drug Development Award accompanied with the industry brief. Brief company video: https://www.youtube.com/watch?v=l62jlwgL3v8.