AstraZeneca's Healthcare Revolution: Merging with Digital in a New Era
AstraZeneca Launches Evinova
Pharmaceutical giant AstraZeneca revealed its venture into the realm of digital health with the creation of Evinova, a newly spun-off company set to operate independently within the AstraZeneca ecosystem.
AstraZeneca CEO Pascal Soriot highlighted the potential of digital solutions in accelerating medicine development.
"The future of medicine development can be accelerated with digital solutions. We believe Evinova’s combination of scientific expertise and track record in developing AI-enabled digital technologies at scale, provides a real opportunity to fundamentally improve patient care, drive healthcare transformation and reduce carbon emissions."
Digital Health Medicine
AstraZeneca emphasised the significance of digital health technologies, including wearables, remote care, telemedicine, smartphone applications, and virtual or augmented reality, in enhancing healthcare delivery and patient outcomes.
The company sees the digital health market, projected to reach $900 billion by 2032, as crucial in reducing healthcare costs.
Evinova's initial focus will be on designing and running clinical trials, with support from clinical research organisations Parexel and Fortrea.
AI's Role in Clinical Trials
AstraZeneca acknowledged the challenges of clinical trials, with nearly 80% facing failure due to time and cost constraints.
Evinova aims to leverage artificial intelligence to streamline the trial process.
AI's potential to expedite decision-making processes aligns with the broader integration of AI in various industries, with tech giants like Microsoft, Google, Amazon, and Meta making investments.
Evinova joins a landscape where AI extends beyond clinical trials, with Microsoft's GPT-4 providing valuable guidance in managing health issues.
Recent studies suggest AI's potential in diagnosing and treating central nervous system tumors, showcasing the multifaceted applications of AI in healthcare.
Evinova's President, Cristina Duran said:
"We are excited to bring the portfolio of globally-scaled digital solutions developed to serve AstraZeneca’s drug development pipeline to the wider life sciences community. We believe this will help propel the sector forward in digital health, as we know healthcare professionals and regulators need digital solutions that work across pharma and support patients broadly. Coming from within the sector and with proven experience, Evinova will be uniquely placed to deliver science-based, evidence-led and human experience-driven solutions with the aim of improving patient experience and outcomes."