Biocon adopts AI to accelerate drug development and procurement
Business
Biocon is stepping up its game by using artificial intelligence (AI) to make drug development and procurement faster and more cost-effective.
The company's CTO, Mandar Ghatnekar, shared that this move should help speed things up across research, manufacturing, and sourcing, though he kept investment details under wraps.
Biocon AI committee sees early wins
A specialized steering committee is leading Biocon's AI push, already seeing early wins in supplier diversity and pricing.
Analysts expect these changes could boost revenue or save costs by 3% to 5% over the next few years.
With big players like Samsung also entering biopharma, Biocon's Chairperson Kiran Mazumdar-Shaw says their merger opens up even more opportunities for growth in the insulin market.