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The pharmaceutical industry is at a crossroads. After a century of rapid progress in the development of new medications, the discovery of new drugs has slowed down significantly and the process of developing new pharmaceuticals has become more expensive. At the same time, the regulatory environment has become more challenging, demanding far more extensive testing before drugs can go to market.
There is major incentive for drug companies to reduce R&D spending, both to free up funds for additional ventures as well as to be able to offer lower prices for their products. There are a number of ways in which sophisticated data science can help researchers save money and time in R&D, supply chain management, and manufacturing.