With rapid digitalization and increased research in the sector, the pharmaceutical industry has experienced a remarkable development in the last three years, opening doors for innovative routes of therapy for humankind. The pharmaceutical industry is expected to be worth $1.5 trillion by 2023, according toestimates.

According to a research published in the Clinical Pharmacology and Therapeutics Journal, AI/ML approaches are being used in multiple areas to support drug development and regulatory submissions as well as facilitating in review and research.

Pharmacovigilance is an essential component of the drug development cycle that ensures pharmaceutical products meet the required safety profile before they are approved for market. It is vital to do post-marketing safety and efficacy studies for most products.

With organizations seeking to optimize their spend through the entire drug life cycle, experts are looking at the use of AI/ML to make the Pharmacovigilance process more effective and efficient.

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